18th Apr 2016 09:31
LONDON (Alliance News) - Independent gas and electricity supplier Yu Group PLC on Monday said it has been released from controlled market entry restrictions by UK industry regulator Gemserve.
These restrictions are a prerequisite for any new entrant intending to supply energy to customers, Yu Group said. As a result of these restrictions the number of new meter points a supplier can take on is limited with an overall cap in place.
Now that the restrictions have been lifted, the company is fully authorised to supply high-usage electricity customers, which allows it to approach large corporates, it said.
"The removal of this final regulatory hurdle combined with the proceeds from our recent placing, to provide the collateral to support our energy hedging policy, has placed us in a strong position to grow our business significantly," said Founder and Chief Executive Officer Bobby Kalar in a statement.
"In a short space of time, we have established a firm foothold in the SME energy market, and I believe we can repeat this success with larger corporate customers in the UK. Our goal is to position the group as a service focused alternative to the Big Six - we welcome the opportunity with open arms, and I look forward to challenging the established corporate energy suppliers," Kalar added.
Shares in Yu Group were up 6.1% at 252.92 pence. The company listed on AIM in March at 185p per share.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Yu Energy