Ofgem review of energy market predicts future prices are going only one way. The report, named ‘Project Discovery’, reviews a series of possible energy climate scenarios that the world could experience, and all four of the scenarios see a rise in price over the 10 years. The report claims that £200bn of investment is needed in the UK’s energy market … Read More
Suppliers say no cuts to bills, despite increase in profits
The big six energy suppliers in Britain have warned customers not to expect price cuts, despite their profits increasing. The big six have told Ofgem that customers are unlikely to see a cut in their bills in the coming year. They were responding to a request from Ofgem, the industry regulator, to pass on savings from the drop in price … 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
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
British Gas announces largest ever increase in energy prices
The energy giant will raise its gas prices by 35 per cent and electricity by 9 per cent in order to deal with spiralling wholesale costs. Centrica, the owner of British Gas blames the rises on “soaring wholesale energy prices” of over 90p/therm for gas in comparison with only 48p at the same time last year. It announced at the … Read More
‘Fix your energy prices now’ says well-known financial expert
Following the recent hikes in energy prices, moneysavingexpert.com‘s Martin Lewis has advised consumers to ‘Cap now’ to avoid any further rises in the near future. The self-proclaimed advocate of “consumer revenge” has said that the other suppliers will all follow the lead of EDF Energy, who raised prices by around 20% at the start of last week. According to Mr. … Read More
‘No signs of collusion’ in UK electricity and gas markets
A report published by the Business and Enterprise Select Committee has ruled out price fixing, but insists there are other real problems in the UK’s energy markets. Since the double digit price rises at the start of the year there has been much speculation over how the ‘Big Six’ energy suppliers set their prices. The ‘Big Six’ suppliers are British … Read More