Elysian Energy Going into Voluntary Administration - Anyone Else with Them?

johnwinds on 03/09/2022 - 14:03
Last edited 03/09/2022 - 14:48 by 1 other user

Yesterday I got an email from Elysian saying they are going into voluntary administration. I've been with them since March 2020.

About a month ago I got a bill from them that seemed about double what I normally pay. I phoned them and was advised that they've raised their rates and that "I'm welcome to switch to another provider if I'd like". I also had a closer look at the bill and noticed it had some line items called "Sun Additional Usage" and "Moon Included Usage". What's that all about?

Yesterday I went on the Energy Compare Victoria website and noticed that all the retailers seemed pretty expensive compared to what I remembered from the past (must be the "global energy crisis" Elysian mentioned in their email). I ended up switching to Alinta last night, which didn't have a super-great rate, but seemed to be the best I could find (peak rate is around 30+ cents, I'm on a peak/off-peak plan. I wanted to change to flat rate, but Elysian has been dragging their feet on this for a while).

Their email mentions that "Energy laws in Victoria make provision for you to automatically be assigned to a different retailer under the Retailer of Last Resort (RoLR) scheme in the next few weeks". I wonder what kind of rubbish deal people end up being put on if they go with the default option?

Here is the full text of the email:

Dear Customer,

On 30 August 2022 Elysian Energy was placed in voluntary administration, with Adrian Hunter and Robyn Erskine of Brooke Bird appointed to manage the administration process.

Unfortunately, Elysian Energy has joined a number of other small retailers who were not able to survive the unprecedented surge in wholesale market prices in May and June of this year as a result of global energy crisis brought on by recent events.

What’s next?

As a current Elysian Energy customer, you are not required to take any immediate action. Please be assured that your supply of electricity will continue as usual. We are working with the energy regulators to ensure the energy supply is not disrupted and make this transition as smooth as possible.

Energy laws in Victoria make provision for you to automatically be assigned to a different retailer under the Retailer of Last Resort (RoLR) scheme in the next few weeks. Your electricity will continue to be supplied by another retailer without you having to do anything. However, please be advised that you are under no obligation to remain with their new retailer once they are transferred. For more information please head to Victoria’s Essential Services Commission website to review its customer update

Will I receive a final bill from Elysian Energy?

You still need to pay Elysian Energy for any energy that you consumed while we were your retailer.

You will shortly receive a final bill from Elysian Energy for any energy you used up until you were transferred to your new retailer. Your new retailer will bill you for any energy you use after you were transferred to them. The new retailer’s prices will apply from the date that you become their customer.

If you have any further questions, please contact our friendly support staff through our service line and live chat (Mon - Fri: 9 am – 5 pm AEST) or send us an email anytime to [email protected]

Thanks for being an Elysian Energy customer. We appreciate all your support and understanding

Home & Garden Elysian Energy

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Comments

  • garetz on 03/09/2022 - 14:26
    +2

    https://www.news.com.au/finance/economy/australian-economy/e…

    posted a day or so ago

    • johnwinds on 03/09/2022 - 14:40
      -1

      Thanks!

      The closure comes three months after Elysian urged its customers to find a new provider as rising wholesale costs were forcing them to double prices.

      I don't recall ever being "urged to find a new provider", unless I received an email which I did not thoroughly read (quite likely). I did have the phone call which I described in the OP in which I was told "you're welcome to switch if you'd like".

      • [Deactivated] on 04/09/2022 - 11:17
        +1

        I received one May 27, 2022 and changed providers shortly after.
        edit: title of the email was, "Upcoming Energy Price Changes" from Elysian Energy <[email protected]>

  • oscargamer on 03/09/2022 - 14:52
    +1

    I was about 6 weeks ago, then jumped ship once their prices went crazy

  • Drakesy on 03/09/2022 - 14:54
    +2

    And all this time if was getting moon usage for free!?

  • AndyC1 on 03/09/2022 - 15:45
    +5

    Sounds like Op does not read the paper or watch the news or read OZ bargain very well as there has been allot of info about electricity prices going sky high.

    • johnwinds on 03/09/2022 - 17:20
      +1

      That is quite true about OP

  • ezzaf on 03/09/2022 - 17:50
    +1

    " I also had a closer look at the bill and noticed it had some line items called "Sun Additional Usage" and "Moon Included Usage". What's that all about?"

    Haha that's hilarious. Can you post your bill with identifying info like your NMI and address removed?

    edit: actually it's explained on their website, it's their version of peak and offpeak. The included and additional usage is Elysian's subscription model. Pay x per month and get y amount of power, and then additional usage is what you used on top of that.

    "I wonder what kind of rubbish deal people end up being put on if they go with the default option?"

    Residential customers in that situation are put on the VDO, which is not the cheapest but given how crazy prices are right now it's not too bad either. You can find the VDO for your distribution area here: https://www.esc.vic.gov.au/electricity-and-gas/prices-tariff…

  • Ocker on 03/09/2022 - 18:24

    Will try to not be too technical.
    Reckon this mob have done the same as ReAmped are reported to have done. That is, as is common with any retailer than has committed to supply goods at a fixed price for a period of time they will put in place a price hedge to protect themselves against future price increases on their inputs. Typically this would be an option contract to purchase the goods at a certain price at a future time. The option give the buyer the right, but not the obligation to purchase the goods.
    A case that received little press was that of ReAmped (and another un-named retailer) has taken advantage of the huge escalation in electricity prices and cashed in their hedge (option) contracts for a profit of about $60 million.
    These contracts would have been to purchase electricity at (say) .13c kWh, so they could offer the public rates of 16c kWH with a guaranteed margin.
    When the market price rocketed up to obscene levels, ReAmped seemingly decided to close off their retail operations and cash in their wholesale market contracts.
    Guess they figured $60 million in the hand was better than frittering it away in subsidising their retail pricing.

    • ezzaf on 03/09/2022 - 21:52

      Given they are going into voluntary administration it seems unlikely that they cashed in on the situation.

      "as is common with any retailer than has committed to supply goods at a fixed price for a period of time"

      Have they though? From the energy price fact sheet:

      "No Term Contract, does not expire, no exit fee applicable. Prices may vary at any time. You will be notified of any changes in writing prior to any change in accordance with energy laws."

      Most energy plans are exactly the same. These cheap small retailers aren't setting the prices, they are passing on what rates they can get from the market. When the market skyrockets, it makes complete sense that their rates would too.

  • avoidfullprice on 03/09/2022 - 22:51

    I wonder what kind of rubbish deal people end up being put on if they go with the default option?

    It is not a deal they offer you. It is a mechanism exists so maintain supply of electricity to your house.

    Find a better deal and switch now you know they are going gang bust

  • Mcuser on 02/12/2022 - 12:57

    Anyone had a debt collector called ARMA Group Holdings Pty Ltd chasing them after swapping? disputed last bill with elysian before they closed and I swapped straight away after price increase emails, I was paying $80 up front, only $55, they sent me a email with $0 balance owing which I didn't keep stupidly, now getting emails and texts from this mob lol

    • Seaword on 21/12/2022 - 15:46

      Have you gotten anywhere with this? I asked for evidence and they sent me an email saying click on a link. Looked shady AF.

      • Mcuser on 25/12/2022 - 05:48
        +1

        I did a ombudsmen complaint and sent them the ref no for that, haven’t had a email back yet.

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