Australia’s dedicated retailer of renewable energy, Jackgreen, announced that it has placed itself into voluntary administration following its alleged inability to pay its unpaid bill of over $800,000.
This means that Jackgreen are no longer able to supply electricity services to customers in Queensland, New South Wales, Victoria or South Australia.
The money was supposedly used to purchase higher-priced on-the-spot energy during NSW's heat wave in November. Jackgreen provides for the energy requirements of approximately 70,000 residential consumers who will be moved to competing retailers.
Jackgreen has tried to secure recapitalisation of about $3-5 million, although it apparently failed to do so before the court decided in favour of a request for wind-up action.
The company has already raised $2.8 million earlier this month, but Greg Martin, its chairman at that time said that Jackgreen needed more because of the unpredictable wholesale electricity market.
In its latest financial results, the company reported a loss of $7.1 million for the six-month period up to end of June 2009. A loss of $3.3 million for the six-month period up to December 2008 was also reported.
The company has also recently made changes in its top management as it searched for a chief executive to replace Andrew Randall who has left his position as managing director to become the company adviser.
On December 18, the Australian Energy Market Operator temporarily stopped Jackgreen’s National Energy Market trading participation. Trading of Jackgreen shares have been suspended, with the last one going at 3.8c.
So, from December 19, the automatic transfer of Jackgreen customers to other electricity retailers based on their State’s Retailer of Last Resort Schemes will be implemented as follows:
QUEENSLAND CUSTOMERS: You will be transferred to either; Origin, AGL or Country Energy. Please see the Queensland Competition Authority here for more information.
NEW SOUTH WALES CUSTOMERS: You will be transferred to either; Energy Australia, Integral or Country Energy. Please see the Energy and Water Ombudsman’s website here for more information.
VICTORIAN CUSTROMERS: You will be transferred to either; Origin, AGL or TRU Energy. Please see the Essential Services Commission website here for more information.
SOUTH AUSTRALIAN CUSTOMERS: You will be transferred to a company called SAROLR – South Australian Retailer of Last Resort for a period of three months, thus providing you with enough time to choose a new retailer. Please see the Essential Services Commission website here for more information.
Switchselect.com.au strongly urges Jackgreen customers to wait until they have received notification from both Jackgreen and your retailer of last resort before taking action to change your supplier. This is expected within 10 business days.
Once you have received this notification please contact us and our team will be able to assist you with all our your energy requirements.