Re Ofgem's supplier licencing review

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."

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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.