BP, Shell & Statoil suspected of deliberately manipulating markets and exacerbating the recession. Three energy giants may have “colluded in reporting distorted prices to manipulate the published prices for a number of oil and biofuel products”. If these allegations are true, it could have had an impact on not just petrol. Everything is linked to the price of oil somehow … Read More
Tory MP wants competitive utility markets
A senior Conservative MP has this week launched a major policy intervention, suggesting radical changes to the utilities regulators. The document was released on Monday, suggesting that draconian utility regulators like Ofgem and Ofcom should have their responsibilities for the competitive sections of the market taken away. This should be replaced with a more reactive style of regulation, by the … Read More
Ofgem fines SSE £10.5 million for mis-selling
Scottish & Southern Energy (SSE) have been found guilty of the most widespread case of mis-selling in the history of the UK utilities market. The energy giant was found guilty of cultivating an internal culture of lying and misleading customers over the phone and on the doorstep. Ofgem, the energy regulator has called it the most “prolonged and extensive” case … Read More
Michael Fallon appointed Energy Minister
Conservative MP Fallon has been appointed the role as part of a ‘mini reshuffle’ of the cabinet. The old Energy Minister, John Hayes, will now act as a political and parliamentary adviser to the Prime Minister. A mere 6 months after his appointment, John Hayes leaves his post as Minister for Energy, having kicked up a bit of a storm … Read More
Ofgem plans to protect more businesses
The energy regulator will protect 160,000 more businesses from sneaky supplier tactics from this summer. Ofgem are to put extra measures in place to stop electricity and gas companies from treating small and medium size businesses unfairly. Measures include plans for simpler, fairer business tariffs, an enforceable code of conduct for energy suppliers, and more time being given to switch … Read More
2013 budget announces shale gas tax breaks
Tax breaks for shale gas companies, and Climate Change Levy Exemption for ceramics companies were announced in the 2013 budget. The Chancellor George Osborne today unveiled his 2013 budget, which he said would help “those who want to work hard & get on”. But there was no sign of the new, simpler ‘carbon tax’ that we thought might possibly replace … Read More
FiT charges to inflate business electricity bills
Due to the Feed-in Tariff (FiT) costing more than expected, all companies that pay a business electricity bill could face extra charges. Since the 1st April, any household or business that generates their own renewable energy receives a subsidy for every unit of energy they produce. This subsidy is paid for through the bills of those who choose not to … Read More
Drax power station: coal to biomass
The largest carbon emitter Britain is to stop burning coal to comply with EU laws, and will instead burn imported American wood chips. Running on coal, Drax has long been a symbol of Britain’s energy industry, but its move to biomass means it is fast becoming a symbol of our confusing and convoluted present day energy policy. Built right next … Read More
Fracking ‘could be fast tracked’
The Growth and Infrastructure Bill, currently going through the House of Lords could give shale gas the go-ahead faster than expected. Shale Gas is the reason many parts of the U.S. are seeing their economy boom. Energy prices have halved in some areas, as their planning and drilling regulations have allowed shale exploration to progress to commercial extraction and sale … Read More
British Gas announces profit of £606m
The energy giant, owned by Centrica Group Plc, has announced a profits increase of 11% for 2012. British Gas claims that a colder winter compared to 2011 helped to increase profits as customers used more gas. Gas consumption was up 12% on the previous year. This comes as a shock to many, as British Gas raised their electricity and gas … Read More