The company says the 'diabolical' energy crisis affecting Australia's east coast had an 'unbearable' effect on its ability to operate.
Australia's first community owned energy retailer, Enova, has been placed in voluntary administration.energy crisis affecting Australia's east coastThe company focuses on providing energy from renewable sources but said it had not been able to secure fixed pricing after an agreement with Diamond Energy came to an end.
Enova said that would have meant the business became "fully exposed to severely inflated wholesale energy prices" from July 1.Enova advised that its entire team was made redundant as part of the administration process.Cathro & Partners has been appointed to oversee the administration process.Customers have been advised that their electricity will not be disconnected.
Cathro & Partners said the Australian Energy Regulator had the power to appoint new retailers for customers under the Retailer of Last Resort scheme.Any bills issued by Enova before the transfer need to be paid. After the transfer, Enova customers can expect to be contacted by their new retailer to arrange payment arrangements moving forward.