The Dutch consumer authority ACM has withdrawn the licence for energy firm Hollandse Energie Maatschappij, now known as HollandsStroom, saying the company is no longer in a position to ensure a reliable supply.

HEM’s 13,500 customers will be transferred to other providers by the ACM and will continue to receive gas and electricity, the agency said on Monday.

The company has had a licence to provide energy since 2020 but was placed in special measures last year after it began charging extremely high prices. The ACM ordered it to refund customers but many are still waiting for their money.

The company was also given a €1.1 million for its aggressive sales techniques.