Electricity retailer Prime Energy Limited (Prime) has defaulted after failing to fulfill its payment obligations.
The trader default process was initiated on 24 April 2025 after Prime failed to fulfill its prudential security obligations to the clearing manager.
Traders fulfill their prudential obligations by making payments or establishing other security arrangements with the clearing manager. These prudential obligations serve as a guarantee to generators, ensuring that they receive payment for the electricity they have supplied and that has been consumed.
According to industry regulations, Prime will be prohibited from supplying electricity to its customers starting Monday, 12 May 2025, while remaining in default.
Prime serves approximately 320 customers, mainly industrial and commercial, but none will be disconnected. All Prime customers have been requested to switch to a different electricity provider by 5pm on Friday, 9 May 2025.
Any customers who have not switched by then will be assigned to other retailers by the Electricity Authority.
Owned by Michael Skates, who is also the sole director and chief executive of the business, Prime Energy specialises in the supply of electricity and gas to business and commercial customers.
The company commenced operation in 2010.