On Wednesday, the Australian Energy Market Operator (AEMO) issued two separate notices suspending Mojo Power and QEnergy from all trading in the National Electricity Market, effective midnight on Tuesday night. The reasons for the suspension were not stated. Later that day, AEMO lifted the suspension orders for both retailers.
Mojo Power, which is based in Sydney, is a smart solar and renewables-focused company that aims to challenge market incumbents and offer customers a more solar and green energy-aligned approach to home energy. QEnergy, based in Brisbane, offers one of the cheapest retail deals in the market, mostly servicing small and medium businesses in New South Wales, Victoria and Queensland, as well as residential customers.
Australia’s energy market crisis has claimed a number of smaller retailers including Elysian Energy, Social Energy and Power Club. Ultimately, unless wholesale prices soften further or intervention occurs the market in 12 months have less retailers resulting in less competition and consumer choice.
As energy ministers try to figure out how to address high electricity and gas prices, the suspension of these two retailers is a reminder of the ongoing turmoil in the energy market. It remains to be seen how the situation will develop and what impact it will have on the industry and consumers.
Source: https://reneweconomy.com.au/another-two-retailers-suspended-amid-ongoing-energy-market-turmoil/
