Bright Energy, who only began supplying electricity in July 2020, have confirmed they are to leave the Irish energy market. They have blamed rising wholesale as the reason for making the business no longer a viable option. All Bright customers have been transferred to Electric Ireland from 26th January.
A spokesperson for the company said:
The difficult decision was made as a consequence of ongoing market challenges and the relentless rise in wholesale energy prices, which are more than 200% higher than when Bright launched in 2020.
What has happened?
As part of the exit, Bright entered into a process with the Commission for Regulation of Utilities (CRU) called ‘Supplier of Last Resort’ (SOLR) which ensures customers have a seamless transfer to their new supplier which is Electric Ireland. Customers will continue to receive their electricity supply and will not experience any disruption to their service
I’m a Bright customer – what will happen?
Bright customers will be automatically transferred to Electric Ireland on 26th January 2022
Regardless of how a customer pays for electricity, they will automatically transfer to Electric Ireland. This will ensure there is no interruption to your electricity supply. Electric Ireland will contact customers with more information including details on their tariffs and how to set-up a payment method.
What is Supplier of Last Resort (SoLR)
When a supplier leaves the market, there is a regulatory process in place to ensure customers are protected and do not lose supply. This process is called the Supplier of Last Resort, which ensures that no customers are left without supply due to their supplier exiting the market.
In a statement, CRU Commissioner Aoife MacEvily confirmed that existing Bright customers don’t need to take any action right now.
While the decision by Bright Energy to exit the supply market is regrettable, the Supplier of Last Resort process ensures that this will not negatively impact customers.
Will my electricity price change?
All bill pay customers with Bright will be transferred to Electric Ireland’s standard tariff rate effective from 26 January 2022, which is lower than the Bright Energy tariff you were on. If you pay by Direct Debit, you will need to set-up a new Direct Debit with Electric Ireland as Bright have not transferred your bank details to them. Within the welcome pack, you’ll find details on setting up Direct Debit payments and the discount payment schemes that Electric Ireland offer
Once the switch to Electric Ireland is complete Bright will issue your final bill, any credit on your account will be refunded within 14 working days. If there is any outstanding balance due this will be collected by Bright under the terms and conditions of your contract.
Can I switch supplier and leave Electric Ireland?
Yes. However, there is a 20 working day lock-in period for electricity and after that you are free to switch energy suppliers straight away, without incurring any exit fee or other types of fees. The 20 day period is to make sure customers’ supply goes uninterrupted and that the new supplier can effectively manage the supply to new customers and facilitate the issuing of bills.
Looking for a new electricity supplier?
With Bright Energy’s exit, you may be wondering many what other options you have. However, there are still thirteen electricity suppliers and eight gas suppliers to choose from in Ireland with an average saving of €527 to be found by switching deals.
It’s quick and easy to find the cheapest deals on the market with powertoswitch.ie.