A decision to approve designs for Britain’s next generation of nuclear plants has been delayed for a safety review The workers at the nuclear power plant in Fukushima are still fighting to contain radiation after the earthquake and tsunami destabilised its reactors, designed with withstanding natural disasters in mind. In an attempt to incorporate any lessons learned from the crisis … Read More
The Energy Secretary yesterday met with the major oil companies to discuss the new taxes on oil and gas extraction in the North Sea Executives from the big oil companies are said to have had “Full and Frank discussions” with Chris Huhne, in a bid to get their concerns over last week’s budget recognised. They have warned that tens of … Read More
Are the new rules laid down in the energy regulator’s latest review really as tough as they seem? The latest Ofgem review has lead them to announce various new measures designed to clean up the domestic and commercial energy markets. The review was announced in November 2010, when it was deemed that the energy suppliers were making too much profit.
Suppliers must now warn customers before raising prices, following Ofgem’s review of the energy industry. Last week Ofgem announced their completion of a review of the energy industry and promised some changes to the way suppliers operate. Following the announcements last week, Ofgem has published a review today requiring domestic energy suppliers to give a 30 day warning before raising … Read More
The Chancellor, George Osborne announced yet another ‘carbon tax’ in yesterday’s budget, dubbed the ‘2011 budget for growth’. This means businesses and consumers can expect higher electricity bills, as carbon-emitting coal and gas-fired plants are taxed £3.2 billion over the next 5 years. Nuclear and renewable companies should see increased profits, as the tax is applied to the oil and … Read More
Energy industry regulator Ofgem has told energy firms to simplify their prices to avoid confusing their customers. The Office of Gas and Electricity Markets (Ofgem), the regulator for the energy industry, has told suppliers that their tariff structures are unnecessarily complex, which leave their customers “bamboozled”. The investigation came after suspicions that the big six UK energy suppliers (British Gas, … Read More
RWE E.ON has agreed to sell its UK electricity distribution company, Central Networks, to US firm PPL. The German-owned energy giant E.ON is selling Central Networks, the second largest distributor of electricity in the UK, to Pennsylvania Power and Light for £4bn. Central Networks operates an 80,000 mile power grid that delivers electricity to over 5 million customers in the … Read More
Parent company Centrica has announced British Gas profits have risen by 24% to a record £742m Centrica’s operating profit rose 29% to £2.3bn, whilst Britain’s largest energy supplier made £742m last year. In 2010, British Gas added 267,000 customers to a grand total of 16m accounts.
Energy Minister Charles Hendry has spoken out on issues surrounding renewable energy and wind power. The UK Energy minister has spoken about government plans for the nation’s energy mix, with some possible changes to its approach on wind power. Speaking at Westminster Hall last week Hendry stated his support of the offshore wind power and nuclear energy initiatives already put … Read More
Scottish Hydro Electric and 2 other power grid firms have been fined by Ofgem. The three companies include two major players: Scottish Hydro-Electric Power Distribution (owned by SSE), Central Networks (owned by E.ON) and a third smaller firm, Electricity North West. The fines are for failure to connect customers to the national energy grid within the compulsory 3 month deadline.