People's Energy (Supply) Limited (09844617): administration
- Status
- Administration ended
- Administration began
- 2021-09-24
- Administrators
- Paul Berkovi, Jonathan Charles Marston, Robert Andrew Croxen
- Administrators' firm
- Alvarez & Marsal
- Formerly
- Monument Energy Limited
- Incorporated
- 2015-10-27
- Location
- Brighton
- Industry
- 35140 Trade of electricity
Why it went into administration
- Regulatory change or action
- Cash flow / liquidity pressure
- Energy costs
- COVID-19
- Competition / price pressure
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 27 October 2015 with the name Monument Energy Limited and changed its name to People’s Energy (Supply) Limited on 20 March 2017. The Company is wholly owned by PEC which was headquartered in Shawfair, Scotland.
The Company was a retail energy supplier, providing gas and electricity supplies to approximately 350,000 domestic customers and around 350 small and medium enterprises. The Company had no energy generating capacity of its own. As a result, it purchased all electricity and gas needed for consumption by its customers from BP pursuant to a market access agreement (“MAA”) with BP dated 17 August 2017. BP was the Company’s wholesale energy provider and main trading partner. The Company was licensed by Ofgem to supply gas and electricity to domestic premises.
As a result of the operational and administrative support provided to the Company by PEC, the Company cannot operate its business independently of PEC. PEC is also completely reliant on the Company for funding to pay for its business infrastructure costs.
Administrators' statement of proposals (2021-11-24) · Companies House register