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Ofgem announces TPI Code of Practice

Energy consultants and brokers are to be regulated with a new Code of Practice, enforced by the energy regulator later this year.

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Ofgem is implementing a code of practice for brokers and consultants, also known as third-party intermediaries.

As part of the ongoing Retail Market Review, Ofgem is placing a license obligation on suppliers to only deal with Third-party intermediaries (TPIs) that are accredited to an industry-governed code of practice.

The regulator was granted new powers to deal with TPIs in November 2013 under the Business Protection from Misleading Marketing Regulations 2008 (BPMMRs).

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British Gas defends large profit margins

Amid comments from the Energy Secretary Ed Davey, the energy giant owned by Centrica has hit back, claiming it “does more than any other organisation to secure gas and power for British consumers”.

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British Gas says it has invested £13.7bn in the last six years in UK gas supply.

The company was responding to a letter written by Mr Davey to regulators yesterday, in which he suggested the possibility of British Gas being “broken up” due to the size and power of their gas supply business.

In it he notes that for the 85% of households connected to the gas grid, it is gas that makes up the bulk of their energy spend, not electricity.

British Gas have had in place large profit margins on their sizeable chunk of the gas market, driving their profits as high as 11.2 per cent.

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E.ON to raise energy prices by 3.7%

German-owned energy giant is the last of the Big Six to raise prices this winter.

E.ON Logo

E.ON’s price rise is the smallest of the Big Six.

The rise of 3.7% on electricity, and 4.6% on gas equates to around £48 on the average annual bill, and will take effect from January 18.

The increase is less than expected, following a reduction on green and social levies by the government which equates to around £50 on the average annual bill.

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Data centres get Climate Change Agreement

It is the first industry that does not manufacture physical products to get a CCA, meaning exemption from the Climate Change Levy.

Server

Getting a CCA: Data centres are the first non-manufacturing industry to get a Climate Change Agreement and CCL exemption

Climate Change Agreements (CCAs) allow the 50 most energy intensive industries in the UK partial exemption from the Climate Change Levy, in return for meeting energy saving targets.

Currently there are around 50 industries that have CCAs in place. They have traditionally received a discount of 65% on the Climate Change Levy for electricity, but this rose to 90% in April 2013.

The scheme was administered by DECC until April 2013. From 2013 – 2023 the scheme will be administered by the Environment Agency, with the discount being raised to 90 per cent.

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Big Six lose 150,000 customers

Thousands have switched away from the big six energy companies due to recent price rises.

First:Utility

First:Utility says it has gained over 100,000 customers since the start of October

The BBC has reported that domestic customers are moving to smaller suppliers in large numbers.

It estimates that 150,000 households have switched to smaller energy companies in recent weeks, even though smaller companies still only account for 3% of the market.

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Shale gas extraction to begin in South England

The Energy Minister says fracking will begin “right across the south”.

Shale Gas

A study will soon be published, declaring that fracking for shale gas poses no danger of contaminating water in the UK, the Energy Minister Michael Fallon has said.

Places such as Wiltshire, Hampshire, Surrey and Sussex could become bases for shale gas extraction sites.

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EDF announce smallest price rise of Big Six

The french-owned energy giant is only raising prices by an average of 3.9%, less than half that of other major suppliers.

EDF Energy Logo

EDF will only raise its prices by 3.9%

The increase will come into force from January 3, and looks like a serious attempt by the firm to actually compete with rivals.

The move will affect 2.4 million households, but EDF has warned that green levies must be reduced as promised, or it will re-assess its prices in early 2014.

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Energy bosses questioned over profits

Representatives from the Big Six were recently called before a panel of MPs, being asked to justify their recent round of price rises.

Big Six

British Gas, Npower, Scottish Power and Scottish & Southern have already announced price rises this winter.

On the 29th October, bosses from all of the largest energy suppliers were questioned on why they have raised their prices for the third successive winter.

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ScottishPower becomes fourth to raise prices

The energy giant is the fourth of the ‘Big Six’ energy providers to announce a price rise this winter.

ScottishPower Logo

ScottishPower was fined £8.5 million for mis-selling. Days later it raised its prices by 8.6%.

It follows the announcements already made in recent weeks by by Scottish & Southern (SSE) and British Gas and Npower.

ScottishPower is to raise its domestic energy prices on December 6, with an average increase of 8.6%.

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Nuclear strike price agreed

Government and EDF Energy finally agree rate of £92.50 per megawatt-hour.

Nuclear

The agreed rate is more than double the going rate for wholesale electricity, meaning the energy generated from the new plant will be extremely expensive compared to other nuclear power plants.

The new Hinkley nuclear reactor in Somerset will be built, and should be operational within 10 years.

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