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Belfast-based electricity company Bright Energy is in talks with another energy supplier about taking over its business, ³ÉÈË¿ìÊÖ News NI has learned.

The firm, initially a joint venture between Evermore Energy and the Maxol Group, was set up last year and operates on both sides of the border.

It is understood Bright's owners have written to staff to say soaring energy costs meant it was no longer viable.

They said every effort had been made to keep the company afloat.

When launched last July, Bright Energy said it aimed to create 20 full-time posts at its Belfast headquarters.

It is understood the new supplier may potentially take on some of those staff members.

The company has about 1,600 customers in Northern Ireland, but has said none will be left without electricity.

Bright Energy, which is now wholly owned by the Maxol Group, aims to leave the energy market by February 2022.

In a statement to ³ÉÈË¿ìÊÖ News NI, the company said: "Bright can confirm that it has undertaken a strategic review of its business following sustained and persistent price increases in the wholesale energy market that have had a significant impact on its operations.

"Wholesale energy prices are more than 200% higher since Bright launched in July 2020, offering 100% green electricity to households across Ireland.

"Bright is in discussions with another energy supplier to discuss the future of the business. As negotiations are confidential and ongoing, additional information will be provided in due course, first and foremost to our customers, our employees and our stakeholders."

The firm added: "We want to reassure all our customers there is no issue with regard to their power supply."

It is understood Bright is the first company to leave the energy market in Northern Ireland since Open Electric went into administration in 2016.

All of its customers were automatically moved to Power NI.