Tim Yeo, the chairman of the energy select committee says the upcoming investigation should be extended to cover the gas sector as well. The Competition & Markets Authority is currently investigating into possible tacit co-ordination between the big six energy suppliers in relation to their price changes. The last 3 years have seen all of the major suppliers raise prices … Read More
British Gas profits down due to mild weather
Energy giant Centrica reports operating profits drop of 35% for the first half of 2014. Centrica, owner of British Gas has reported a group-wide drop in profits to £1.03 billion. Profits at the residential arm of British Gas fell by over a quarter to £265 million in the same period.
Energy complaints reach all-time high
The number of complaints dealt with by the energy ombudsman in the first six months of this year was more than the total for the whole of 2013. It was revealed that serious complaints about energy companies have soared, more than doubling in the first half of 2014 compared to the same period last year. In total there were 22,671 … Read More
British Gas to pay £1 million for mis-selling
The largest energy supplier in the UK has made £1 million available to compensate customers it ripped off during sales schemes at the Westfield shopping centre and Sainsbury’s stores. “Looking after your world”, or perhaps not. British Gas has had to put aside £1 million to compensate customers it mislead. Ofgem said it welcomed the package which is made up … Read More
Gas prices could rise due to Russian embargo
Ukraine has had its gas supplies from Russia cut off due to the ongoing dispute between the two nations, which could lead to a Europe-wide shortage in the coming months. Gazprom is Russia’s government-owned gas giant, and has now informed Ukraine that it needs to settle its debt and pay for any future gas supplies upfront. All supplies passing through … Read More
Iraq conflict could push energy prices up
Concerns regarding security of supply have driven Brent crude prices up 3% and US crude up 2% in the wake of recent developments. Crude oil prices have risen sharply due to the uncertainty in Iraq. Prices for Brent crude futures have risen to over $113 per barrel, the highest price for almost a year. Iraq is the second-largest oil producing … Read More
SSE announce annual profits rise of 9.6%
Scottish & Southern Energy announce pre-tax profits of £1.55bn for the year to 31 March. In a time when customer bills are being constantly increased, the energy giant and member of the Big Six announced a significant increase in profits during what it called a “challenging” time for the sector. Earlier in the year, the company announced the longest energy … Read More
Scottish Power fined £750k for price variations
Ofgem has fined the energy giant for charging an unfair amount to many of its customers, simply because they paid using a different method. Energy company Scottish Power is the latest of the Big Six to be fined by Ofgem, following an investigation by the industry regulator. Utility companies can charge different amounts to customers depending on their payment method, … Read More
E.ON fined record amount for mis-selling
The energy giant has been handed a £12m fine after an investigation by the industry regulator found it guilty of misleading customers over a sustained period of time. Energy industry regulator Ofgem has handed down a record fine of £12m to E.ON for what it called “extensive poor sales practices” over a period of three-and-a-half years between June 2010 and … Read More