Regulators will begin moving Iberdrola’s 32,000 customers to Electric Ireland and Bord Gáis Energy next week after the Spanish giant confirmed it was leaving the Irish market.
Iberdrola blamed high wholesale prices for this week’s decision to pull the plug on its Irish electricity and gas supply businesses.
The Commission for Regulation of Utilities said on Friday that it would begin moving Iberdrola’s 32,000 Irish customers to the designated “suppliers of last resort”, ESB subsidiary Electric Ireland and Bord Gáis Energy from Wednesday, June 8th.
Regulators said customers need take no action themselves as they would be transferred automatically to their new suppliers.
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Electric Ireland will take on Iberdrola’s electricity customers while Bord Gáis will inherit its gas clients. Regulators will split dual fuel clients between the two.
Iberdrola has around 32,000 customers in the Republic, mostly households, but also some small businesses.
The commission pointed out that customers who want to move to suppliers other than Electric Ireland or Bord Gáis can do so by Tuesday, June 7th.
Those who opt to transfer automatically can change supplier once a “standstill” period has ended on September 1st.
Standstill periods are part of the supplier of last resort procedure implemented by the commission when energy companies leave the market or go out of business.
The commission explained that waiting until September 1st would allow it to transfer all 32,000 customers.
While Iberdrola plans to stop supplying homes and businesses, it still intends investing in offshore wind farms in the Irish Sea, meaning it will ultimately be a player in the wholesale market whose high prices it partly blames for axing its retail operation.
