Electricity companies question customer transfer from rival facing bankruptcy

Around 30,000 customers of the financially troubled electricity company Velkommen are set to be transferred to Energidrift A/S this Saturday. The deal will bring Velkommen 16.7 million kroner, intended to benefit its many creditors.

However, questions are being raised about the thoroughness of the process to find a buyer for Velkommen's customer base. DR and Politiken reported that Flemming Jensen, the lawyer overseeing Velkommen's reconstruction, may not have diligently searched for potential buyers. Both media outlets contacted 23 electricity companies, all of whom stated they were not offered the chance to bid on Velkommen's customers.

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One should expect that he has contacted at least the ten largest electricity companies to hear if they are interested.

This lack of broad outreach has surprised several companies and legal experts. Troels Michael Lilja, a professor of corporate law at the University of Southern Denmark, expressed astonishment, stating that at least the ten largest electricity companies should have been contacted. He noted that even in a fast-track sale, a quick email inquiry is feasible.

Flemming Jensen, in an email, asserted that he had contacted a major market player and received inquiries from two other companies that did not submit concrete offers. The urgency to sell the customer portfolio stems from an upcoming court meeting on Tuesday, where Velkommen risks being declared bankrupt.

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Even though it is a fast track sale, which as the name suggests should happen quickly, such an inquiry can be made relatively quickly by email.