Concern mounts over energy firm with £15.5m green tax debt
A Coventry energy firm which owes regulator Ofgem millions of pounds in green taxes appears to have drastically scaled back operations.
Economy Energy, which has 250,000 customers, was revealed last week to owe regulator Ofgem £15.5m, more than any other energy firm.
The Mail on Sunday reported that repeated attempts to contact the company were met with silence and customers have flooded the Trustpilot review site with complaints, with some saying they were still owed hundreds of pounds months after leaving.
The firm was set up seven years ago by Lubna Khilji. According to the accounts, its turnover is £134m and it had pre-tax profits of £2.1m in the year to March 30, 2017. It owes creditors £26.8m.
On Friday, Ofgem said that 15 suppliers missed a final deadline for green taxes, totalling £58.6m.
Electricity providers who do not get enough of their energy from renewables are required to pay into the fund, which supports major green energy projects across the UK.
Ofgem said that it has already collected around half of the £103m shortfall it identified at the end of August, but there is still £58.6m missing from the fund.
