The small power supply Watz must stop. Flemish power regulator Frigg decided so. The company itself has applied to court for protection against creditors. At the same time, another power supplier is already targeting the customer base.
Watz is the third energy resource in a short time to throw in the towel. Previously, Energy2Business and Flemish Energy had to file for bankruptcy. Entrepreneur Gert Haubrechts of Watz assures that his company is not in bankruptcy and ensures that customers do not lose their predecessor. “We are choosing the extinction scenario in which we will ensure that final adjustments for electricity and gas consumption are made in an orderly manner.” Haubrechts states that Watz built up sufficient financial reserves from the start in 2012.
The small power supplier had no choice. After all, Flemish energy regulator Vreg decided that from today Watz may not supply electricity and gas to its customers in Flanders. “This occurred after extensive preparatory action and an earlier mediation attempt,” Frij reported in a press release.
More than 22,000 Wattz electric customers and 12,000 gas customers are not without energy. As with the insolvency of the Flemish power supplier, the distribution system operator Fluvius will act as a contingency supplier for a period of sixty days.
Like the Flemish energy supplier, Watz also appears unable to continue dealing with the sharp rise in electricity and gas prices. “The unexpected explosion in energy prices has forced us to file an application for provisional creditor protection in court,” Watts said in a statement. Haubrechts chooses to liquidate his energy company.
A few hours after the news, the same energy supplier made an offer to buy to all Watz customers. The Liege-based energy supplier Mega has entered into an agreement with Watz on this subject. Mega insists its energy offering is “a little more interesting than the current supply contract”. According to Haubrechts, the intention is to offer continuity to Watz customers, on good terms. This way they won’t have to look for another energy supplier during the Christmas period. However, De Vreg advises all Watz customers to know the rates of other energy suppliers.
Watz has been operating as an energy supplier in our country since 2012 and has approximately 22,000 electricity customers and 12,000 gas customers. This makes it one of the small suppliers in the energy market. Mega is much larger and claims to have 370,000 customers, together who are good for 600,000 electricity and gas contracts.
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