It seems that the Irish energy market has already lost its spark for Just Energy, which has announced that it’s to pull out of Ireland less than two years after coming here.
Just Energy has announced that it’s pulling the plug on its Irish operations in a move that will affect thousands of energy customers. So what exactly has happened and what should customers do?
Who is Just Energy?
Just Energy is a Canadian company that entered the Irish gas and electricity market in 2017. It has around 10,000 customers in Ireland but had struggled to make a profit since entering the market here.
Why is the company closing?
Just Energy says that its decision to pull out of Ireland is due to ‘strategic’ reasons so that it can focus on its core, much larger businesses in the UK and North America. It will also close its operations in Germany and Japan.
What should I do?
It’s expected that Just Energy will fully cease its operations within a year although it’s unclear at this stage whether the company will be sold to another supplier or fully wound down.
If you’re a customer of Just Energy then the company should contact you in the coming weeks to inform you of your options and the Commission for Regulation of Utilities (CRU) has said that it will "work with the supplier to ensure a smooth transition for its customers''.
However if you’ve been with the company for over a year then you're most likely out of contract so you should look at switching to a new supplier now.
It’s super quick and easy to switch energy supplier and it can all be done online in the space of a few minutes on bonkers.ie with our energy price comparison service. Right now you could save over €400 a year on average on your energy bills just by switching and it’ll save you the hassle of having to do it last minute when the company fully ceases operations.
What next for the Irish energy market?
Since the Irish energy market was fully deregulated several years ago, numerous new players have entered the gas and electricity market.
Including Just Energy, there are now 10 suppliers competing here. But for a market as small as Ireland's there were always going to be some winners and losers. Just Energy is the first player to exit the market since deregulation and time will tell whether more will follow suit.
However there are rumours that more new suppliers could enter Ireland over the coming months and you'll be the first to know about it right here on bonkers.ie if they do. So watch this space!