The Consumer and Market Supervisory Authority (ACM) is intervening against the energy supplier Hollandse Energie Maatschappij (HEM). The regulator demands that the company quickly put its financial and administrative affairs in order, otherwise the permit may be cancelled.
ACM found, among other things, that many customers who were eligible for refunds received their money too late. These are people who are still entitled to receive money after the preparation of the final or annual return.
Tightened control
Many energy suppliers went bankrupt at the end of 2021, when energy prices were very high. ACM has now checked whether suppliers have purchased enough electricity and gas to provide energy to all consumers for the winter. Last year, ten suppliers, including HEM, were under increased scrutiny.
ACM is now going one step further and changing HEM’s approval. The company needs to quickly pay customers who still owe money. The company must also show that its financial condition is improving and that the company has good financial forecasts.
If this fails, ACM may revoke approval. Without this approval, HEM can no longer provide energy to its customers. This will mean that they will have to immediately find another energy supplier and possibly sign contracts on worse terms.
ACM has previously said it would also like to be given the power to impose a freeze on new customers until suppliers come back into compliance with the rules. This can prevent customers from being victimized, as happened with Welcome Energy. Currently the auditor can only revoke the permit.
Source: NOS
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
