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
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
BBC survey: energy consumers confused
A survey commissioned by the BBC has found that almost half of domestic energy users don’t know how their bill is calculated. Although Ofgem has simplified tariff structures in recent years, and limited the number of tariffs suppliers can offer, many still find their energy bills confusing, the survey found. The survey discovered: 51% of consumers have not switched energy … Read More
SSE freezes domestic prices until 2016
The freeze will affect 5 million UK households, and will be financed by £100m of cost-cutting measures, including 500 job losses. The UK’s second-largest electricity and gas supplier, Scottish & Southern Energy, has announced the domestic energy sector’s longest ever ‘unconditional price promise’ at 26 months, having last raised its prices in November 2013. The company says the move will … Read More
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. 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 … Read More
Shale gas extraction to begin in South England
The Energy Minister says fracking will begin “right across the south”. 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.
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. 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 … Read More
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. 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 … Read More