Watz says that it is not bankrupt, but current market conditions (high energy prices) mean that it has been forced to ask the Commercial Court for protection from its creditors. In a statement the company assures customers that they have not lost the money they have already paid as an advance on their annual energy bills.
Watz supplies around 22,000 Flemish households with electricity. The company also supplies gas to around 12,000 households in our region. The company also has customers in Wallonia. The Liège-based energy supply company Mega has offered to take over the supply contracts of Watz’s Walloon customers. Customers will first have to agree to this.
Watz’s CEO Gert Haubrechts blames the “gigantic sums” that the company is having to pay energy production companies for electricity and gas.
Watz is the third energy supply company to run into difficulties in recent weeks. Previously Energy2Business and de Vlaamse Energieleverancier went under. From Tuesday all Watz' customers will be transfered to the grid management company Fluvius. This will ensure continuation of supply while they look for a new supplier.