Outfox the Market ordered to pay £600k in Feed-in Tariffs

Outfox the Market ordered to pay: Ofgem has issued Outfox the Market with a provisional order, compelling the energy supplier to pay more than £600,000 for the Feed-in Tariff (FiT) scheme by tomorrow.

The FiT scheme was designed to promote the uptake of smaller scale renewable and low carbon electricity generation by providing payments to owners of generators, funded through levies on suppliers.

Outfox the Market told Ofgem it will not be able to make its upcoming payment by 12th February and if it fails to comply, it could end up having its licence revoked.

The regulator could also open a formal investigation into the potential non-compliance which could result in the supplier paying a penalty.

The total amount to be paid by the supplier under the FiT scheme is £602,930.

Outfox the Market said it is “extremely disappointed” that Ofgem has issued a public release prior to the payment deadline.

A spokesperson added: “The payment due date for all energy suppliers is the 12th of February 2020.

“For Ofgem to issue a provisional order to Outfox the Market because it ‘believes Outfox the Market is likely to contravene (“SLC”)) 33’ is presumptive and ultimately inaccurate. There is absolutely no regulatory basis for Ofgem making this announcement publicly- potentially causing reputational damage to Outfox the Market for a payment that is not yet due.

“Outfox the Market has never missed any obligatory payments and are fully-committed to satisfying all licencing conditions. Furthermore, the Levelisation Payment will be paid-in-full by the due date of 12th February 2020.”

The post Outfox the Market ordered to pay £600k in Feed-in Tariffs appeared first on Energy Live News.

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