UK gas and electricity prices up by 29.7 per cent in the past year, compared to the 14 per cent European average. Norway is the only European nation that faced higher price rises in the last year, the Organisation for Economic Cooperation and Development (OECD) revealed. The UK Energy market is under scrutiny this week after the OECD report revealed … Read More
Bizz Energy goes into administration
Another of Britain’s leading independent energy suppliers has gone out of business due to rising wholesale costs in the electricity market. The Worcester based energy supplier has fallen into administrative receivership after struggling to refinance debts. BizzEnergy is the latest victim of rising wholesale energy costs, and is a huge blow to the independent sector, which saw E4B go bust … Read More
Electricity 4 Business goes into administration
Ofgem has announced that British Gas will take on the business electricity supplier’s 40,000 customers. The electricity supplies have been placed on out-of-contract “deemed” rates with immediate effect. Customers can now choose to agree a fixed price with British Gas, or sign a contract with another supplier. British Gas Business (BGB), part of Centrica, took over as “supplier of last … Read More
Winter supply concerns lead to new energy price hike fears
Experts have warned of possible sharp energy price rises as waning reserves lead to growing supply worries. The National Grid has warned that Britain could face more price rises amid concerns that a supply squeeze is on the way. The power grid operator said in an annual report for large energy users planning for winter, that due to the loss … Read More
EDF Energy plan new nuclear plants after British Energy takeover
French energy giant effectively take control of British nuclear power industry following £12.5 billion deal EDF Energy offered 774p a share for the Scottish nuclear power company, snapping up enough shares to gain more than 70% control of the firm, including acceptances from the government and other major investors. EDF has added to it’s already significant stake in Britain’s energy … Read More
Oil price rises by record amount in a single day
The $16 rise takes the price to $120.92 a barrel, the biggest one-day gain on record. This is thought to be due to investors switching to perceived safe havens such as oil, as well as uncertainty about how the government’s financial plan will work. Many think that the US government’s bail-out plan will help the economy, increasing demand for oil. … Read More
Electricity and gas prices unlikely to fall this winter
Industry experts have warned that energy bills are not likely to drop this winter, despite the record-breaking price rises seen so far this year. Prices have been forced up by higher wholesale costs due to the rising price of oil along with the depletion of north sea gas. This means we are increasingly reliant on imported gas from Europe. Cassim … Read More
Npower and ScottishPower complete summer round of price rises
The last two of the “big six” gas and electricity suppliers have raised their prices for the second time this year. The price rises follow announcements in previous weeks from EDF Energy, British Gas, E.ON and Scottish & Southern. Npower is raising its prices by 26% or £162 for gas and 14% or £60 for electricity, while ScottishPower prices for … Read More
E.ON and SSE announce summer rises in electricity and gas prices
Four of the “big six” energy companies have now raised their prices for a second time since the start of the year. Both firms blame soaring wholesale electricity and gas prices for the increase in rates, as did British Gas and EDF Energy when their announced their price increases in recent weeks. E.ON raised their gas prices by 26 per … Read More
Energy suppliers face anger as EDF admits UK power costs more
French-owned firm EDF Energy have been responding to criticism, as energy companies in the UK are hitting their customers with double-digit price rises. A government consumer watchdog has queried the difference in the price paid by French customers for their electricity against that charged to their UK counterparts. The difference in pricing has been estimated in official government figures as … Read More