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