Perlas Energija to continue operating until August 31

155
2
Perlas Energija to continue operating until August 31

The company will provide electricity until August 31 while customers will have to choose a new supplier by September 28th. The company will continue operating until it sells its assets, pays compensations to customers and settles with creditors and partners. Once the company is closed, the shareholders of the company will not receive any Perlas Energija assets or payment.

Perlas Energija CEO Vilius Juraitis said the decision to cease operations was affected by the totality of factors.

Customers are actively terminating agreements. As of now, approximately 20,000 customers have terminated agreements, and the rate at which this was happening suggested that more would do so, which would have made it impossible for the company to provide electricity to remaining customers.

Thirdly, creditors who financed the company's activities now refuse to do so.

The company decided to stop operations now, without waiting for its financial situation to deteriorate.

The CEO said that the company is working on preparing a compensation mechanism for its customers and that it is in talks with the Ministry of Energy and the National Energy Regulatory Council VERT. The company is going to compensate for the difference between its fixed-price plans for electricity and the price offered by new suppliers. This applies to customers who had concluded fixed-price plan agreements and if they choose a different supplier by August 28th or if they return to the public electricity supply.

The CEO said that if funds are left after the sale of assets, settles with creditors and partners and after payment of compensations, these funds will be donated in support of Ukraine.

The company is in talks with other independent electricity suppliers to ease the transfer of its customers.

As reported, 180,000 households had chosen Perlas Energija as their independent electricity supplier.

The company was second in terms of agreements concluded with customers when the second stage of the liberalization of the retail electricity supply market ended in July 2022. Approximately 15% of households consuming 1,000 -- 5,000 kWh of electricity per year had chosen Perlas Energija as their independent electricity supplier.