The small energy supplier Watz has to stop. The Flemish energy regulator Vreg has decided that. The company itself has applied to the court for protection against creditors. At the same time, another energy supplier is already targeting the customer base.
Watz is the third energy supplier in a short time to throw in the towel. Previously, Energy2Business and Flemish Energy Supplier had to file for bankruptcy. Top man Gert Haubrechts of Watz emphasizes that his company is not in bankruptcy and guarantees that customers have not lost their advances. ‘We are opting for an extinction scenario in which we will ensure that the final settlements of electricity and gas consumption will be done in an orderly manner.’ Haubrechts states that Watz has built up a sufficient financial buffer since the start in 2012.
The small energy supplier did not have a choice. After all, the Flemish energy regulator Vreg has decided that from today Watz may no longer supply electricity and gas to its customers in Flanders. “That happened after an extensive preliminary procedure and an earlier mediation attempt,” the Vreg reports in a press release.
Watz’s more than 22,000 electricity customers and 12,000 gas customers are not without energy. As with the bankruptcy of the Flemish Energy Supplier, distribution system operator Fluvius will act as an emergency supplier for sixty days.
Like the Flemish energy supplier, Watz is also unable to keep up with the sharp rise in electricity and gas prices. “The unforeseen explosion in energy prices has forced us to file an application for temporary creditor protection in court,” Watz said in a statement. Haubrechts opts for a liquidation of his energy company.
A few hours after the news, an energy supplier presented itself that will make a takeover proposal to all Watz customers. The Liège energy supplier Mega has concluded an agreement with Watz about this. Mega insists that its energy offer is ‘even slightly more interesting than their existing supply contract’. According to Haubrechts, the intention is to offer Watz’s customers continuity, with good conditions. ‘That way they don’t have to look for another energy supplier during this Christmas period.’ De Vreg nevertheless advises all Watz customers to also view the rates of other energy suppliers.
Watz has been active as an energy supplier in our country since 2012 and has approximately 22,000 electricity and 12,000 gas customers. This makes it one of the micro suppliers on the energy market. Mega is much larger and it claims to have 370,000 customers, together good for 600,000 electricity and gas contracts.