Yu Group PLC Re Ofgem's supplier licencing review
October 23 2019 - 1:00AM
RNS Non-Regulatory
TIDMYU.
Yu Group PLC
23 October 2019
RNS REACH
Yü Group PLC
(the "Group")
Re Ofgem's supplier licencing review
Yü Group PLC (AIM; YU.), the independent supplier of utilities
to the UK corporate sector, welcomes the consultation, launched 22
October 2019, of Ofgem's supplier licencing review.
The Group supports the underlying themes of promoting more
responsible risk management, with enhanced internal governance and
increased oversight. The Board fully embrace these principles and
is confident that the Group is already well positioned to meet
these objectives.
The Group's risk management practices in relation to its
industry obligations are robust and embedded in the organisation.
The Group has continued to meet its ongoing commitments to Ofgem.
Contrary to reports of some suppliers' late payments, the Board is
pleased to confirm that Yü Group made full payment, when due, of
its obligations under the Government's Renewables Obligation
scheme.
Customer service has and will continue to be a core focus of the
Group, and the Group is proud of initiatives such as the three-ring
pick up policy which has demonstrated positive results in customer
satisfaction measures.
Yü Group intends to respond to Ofgem's consultation in due
course.
Bobby Kalar, Group Chief Executive Officer, commented: "Ofgem's
consultation notes the increasing market share achieved by small
and medium suppliers. We agree with Ofgem's assessment that poor
customer service and poor risk management processes are correlated.
Supplier failures create distrust in the market, and leads to costs
of failure being shared across the industry and passed on to
consumers.
"Customer service is at the heart of what we do at Yü Group. I
founded this business back in 2014 when, as a small business owner,
I was fed up of suffering from poor service from the established
players. It is the belief that customers deserve better, coupled
with our experienced team, that convinces me that we continue to
offer something new.
"I welcome Ofgem's consultation and am confident that Yü Group
can continue to bring a fresh approach to what is an enormous
market across Great Britain."
For further information please contact:
Yu Group PLC +44 (0) 115 975 8258
Bobby Kalar
Paul Rawson
Alma PR +44 (0) 203 405 0205
John Coles
Hilary Buchanan
Helena Bogle
Notes to Editors
Yü Group PLC, trading as Yü Energy, is an independent supplier
of gas, electricity and water focused on servicing the business
sector throughout the UK. It has no involvement in the domestic
retail market. The Group was listed on the AIM market of the London
Stock Exchange in March 2016.
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END
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