Public Announcement to the Power Club Limited Members

As of the 11th of July 2022, Power Club Limited Board determined that Powerclub (the retail electricity business that provides you electricity) will immediately proceed to be wound-up.

The final process is to be determined and there will be either a Liquidator or an Administrator to be appointed. The Final decision may involve a general meeting of members which will require two months’ notice.

It is unfortunate but we have exhausted the benevolent investors who have supported the operational shortfall in Powerclub over the last few years and we are not able to stand on our own feet, especially during the current wholesale energy market crisis.

What does this mean for you as a customer?

Firstly, we want to ensure you that your supply will not be affected, going forward Powerclub will no longer be your electricity retailer.

As an essential service, there is an established process administered by the Essential Services Commission (ESC) and the Australian Energy Regulator (AER) to transfer all customers to another retailer in these circumstances. The retailer you will be transferred to will be determined by the jurisdictional allocation process.

Your supply will be transferred from 12 July 2022, and while it might take a few days for this to be sorted, your new retailer will then make themselves known to you.

Please be aware that if you do not wish to transfer to the retailer identified by the AER or the ESC, you always have the right to change your retailer without penalty – this has always been the case while a Powerclub Member.

If you would like to consider your options of alternative retailers, please go to the relevant Government’s website to identify the best offer for you.

If you reside in Victoria – Vic Compare https://compare.energy.vic.gov.au/

If you reside in any other state of Australia – Energy Made Easy https://www.energymadeeasy.gov.au/

What about my Powerbank?

I appreciate you will have questions about your Powerclub account, and the return of your Powerbank balance. Not all information is available right now, but we will continue to communicate to you once we have answers.

What I can advise, is that the understanding of the Directors, is any money remaining in your Powerbank may be returned to you. We are in the process of confirming this for you and the timing of any refund. We expect to have answers within the next few days.

I can let you know that you will receive a final invoice from Powerclub for electricity supply and usage up to the date of transfer. Powerbank is expected to be refunded after the settlement of your final bill with us.

If you wish the Powerbank to be utilised to pay fyour final electricity bill with us, please email our Member Advocate Team at info@powerclub.com.au

How can you support Powerclub?

There are liabilities that Powerclub needs to settle as part of the administration process including shareholders, lenders and supplier partners that have been fundamental to Powerclub’s journey. To assist with this, we ask that you please pay any current and final bills as they become due using the BPay details on your bill.

An incredibly difficult part of this process is the effect on our entire team. The great majority of our team is based here in Melbourne and, unexpectedly and through no fault of their own, find themselves now looking for the next step in their working life. We have been lucky to have a highly capable, committed, and friendly team.

I appreciate this news will bring great disappointment to many of you. To our Members, shareholders, and third party vendors and team, I would like to personally thank you for having the belief in Powerclub’s vision and supporting us over the last four years. I hope that you will continue to champion the need for a rapid transition to a much-needed distributed renewable electricity model in Australia.

I wish you all the very best and thank you so much for supporting Powerclub over the years.

With a sad and heavy heart, I say goodbye for now.

Kind Regards

Stuart McPherson

Founder & Chief Executive Officer

Power Club Limited