Electric.ie November/December 2021 Edition

ELECTRIC.IE • The Magazine & Website for the Irish Electrical Industry • 55 ESB acquires majority shareholding in UK energy retailer, So Energy Limited E SB has acquired a leading UK energy supplier, So Energy, to enhance its position in the UK retail market and continue its commitment to delivering clean, secure, and affordable energy to its customers. The merger of So Energy and ESB Energy (ESB’s UK retail brand) will result in a business serving more than 300,000 customers, with the company continuing to trade as So Energy with ESB retaining 75% of the new combined entity. ESB has operated in the UK for nearly 30 years, investing more than €2 billion in generation assets including wind and solar while also providing EV charging infrastructure in London, Coventry and Birmingham. In 2018, the company entered the competitive energy retail market with the launch ‒ Acquisition bolsters ESB’s position in UK energy supply market with more than 300,000 customers. ‒ Company will continue to trade under So Energy brand, with ESB owning 75% of the new combined entity. of ESB Energy and roll-out of green tariffs and focus on customer solutions and offerings. Commenting on the merger, Marguerite Sayers, Executive Director, Customer Solutions at ESB, said: “For nearly 30 years, ESB has successfully operated as a leading independent generator in the UK and built on this with the launch of ESB Energy and ESB EV Solutions in recent years. The merger with So Energy is another signi cant milestone in our UK business, while further enhancing our customer offering and growth potential. So Energy’s customer centricity and commitment to a low- carbon future mirrors our strategy and it is our intention to build on that success. We are really looking forward to integrating with and building a bright future with the So Energy team.” So Energy is an award-winning UK green energy retailer based in Chiswick, London. It was founded in 2015 by Simon Oscroft and Charlie Davies, both former Macquarie energy traders, as a disruptive challenger in the UK’s energy retail market. It has excelled with in-house technology to provide innovative customer solutions associated with the transition to a low- carbon future. Simon Oscroft, Chief Executive of So Energy, said: “This new, supercharged So Energy now has the backing and resources to become the next big green energy supplier in the UK. We wanted a partner that shared our values and vision to scale our business in a sustainable way and develop more industry leading net zero solutions for our customers. The merger is expected to be completed in the coming months. Industry News SEAI welcomes strong climate action focus of Budget 2022 “ The announcement of the National Development Plan represents a whole new level of cross governmental focus on climate action in all aspects of our lives. Today’s Budget starts the process of bringing the NDP to life. It shows how important the climate targets are for this Government and Ireland as a whole and it demonstrates how SEAI’s activities are integral to a complete transformation of our economy and society. This spans home energy upgrades, electric vehicles, community and business supports, and capital investment in public buildings”, ‒ The Sustainable Energy Authority of Ireland (SEAI) has welcomed the very significant focus on sustainable energy and climate action in Budget 2022. said William Walsh, SEAI CEO. “I am particularly pleased to see the allocation of €109 million to our free upgrade services for qualifying energy poor homeowners. These services are funded through carbon tax receipts. This service was very badly impacted by the series of lockdowns during the pandemic and we consider it a priority area in the years ahead that makes a huge difference to lives and homes. It is abundantly clear that dramatic change is needed if we want to meet the climate challenge. Business as usual simply won’t do. Nothing short of a societal movement to ultimately end the use of fossil fuels is now required. With the increased allocations and increased resources provided to SEAI, we look forward to supporting all energy users in their endeavours to reduce their use of fossil fuels. It is vital now that everyone responds – businesses, homeowners, and communities alike.” For more information on Government funded supports and services from SEAI see www.seai.ie om blin