Electricity and especially gas prices have surged in recent months. Power suppliers that do not generate power themselves too faced far higher bills. The Vlaamse Energieleverancier bought its power on the spot market and for months now has been having to pay far higher prices. The company wasn’t able to pass on the cost to its customers to a sufficient extent to remain viable.
The company entered the market as a price breaker in 2019. It’s the first time a major Belgian power company goes bust since Belpower in 2018.
The company points to extreme, atypical, and exceptional price evolutions on the market.
The company’s clients won’t be cut off. Net manager Fluvius acts as an energy supplier of last resort. Fluvius will ask customers to choose a new commercial supplier ASAP.
Customers will be able to come forward as creditors and request repayment of their advance payments, but it’s unlikely they will see much of their money back.