Energy industry regulator Ofgem is to launch an investigation into how much suppliers are paying for wholesale energy. Ofgem discovered a 27% difference in how much suppliers were paying for electricity and 15% for gas last year. Wholesale prices are the reason quoted for the majority of supplier price rises. Two weeks ago Scottish Power upped prices by up to … Read More
RWE looking at sale of Npower
German utility giant RWE is reportedly assessing the sale of British energy firm Npower RWE, parent company of Npower, is assessing the sale of the UK company in a rethink of strategy. This comes after German parliament last week backed a withdrawal from nuclear power by 2022, following Japan’s nuclear crisis.
Ofgem continue overhaul of energy market
Ofgem is to press on with its overhaul of retail gas and electricity markets, and announces investigation into Scottish Power promotion The Office of Gas and Electricity Markets (Ofgem) is to launch an inquiry into a “potentially misleading” offer that was promoted at the same time as the latest price increase announcements. The industry regulator has stated it is determined … Read More
Energy secretary encourages switching supplier
Energy Secretary Chris Huhne has reminded consumers that they can switch supplier if they are unhappy with price increases Huhne has urged consumers to shop around if they are hit by substantial gas and electricity price increases. The Energy Secretary made the comments to the Observer newspaper following the announcement of ScottishPower’s price increases of up to 19%
ScottishPower announce large price rises
ScottishPower have stirred up the domestic energy market by announcing large price rises The company have announced price rises as high as 19% for gas tariffs, and 10% rises for electricity. These new prices will come into effect on 1 August.
SSE announce profits and predict price rises
Scottish and Southern Energy (SSE) has reported profits for the last financial year SSE, the UK’s second largest energy generator, and one of the largest suppliers, announced a pre-tax profit rise of 1.6% to £1.3bn. The company said that rising wholesale energy costs had hit profits last year.
Centrica warns of price rises
British Gas owner Centrica has released a statement warning of higher energy prices for its customers. Centrica specifies the forward wholesale gas prices for the coming winter, which are 25% higher than the prices from last winter, as the main reason for the probable price rises. Centrica said in the statement that the earthquake and nuclear crisis in Japan, coupled … Read More
Centrica threaten North Sea gas field closure
Centrica has threatened to close one of the UK’s major gas fields over a tax dispute Centrica has closed three gas fields in Morecambe Bay for one month of maintenance, but has claimed it may not re-open one of them due to increased taxes. George Osborne increased the tax on supplementary gas production from 20% to 32% in this year’s … Read More
SSE sells three wind farms
Scottish and Southern Energy has sold three of its wind farms for £173.6 million SSE, the second biggest energy supplier in the UK, has sold the three wind farms to renewable energy company Infinis. The three wind farms have a total capacity of nearly 100MW, and are located in Dumfries and Galloway in Scotland and the third in Northern Ireland.
Price hike warnings will follow Ofgem review
Suppliers must now warn customers before raising prices, following Ofgem’s review of the energy industry. Last week Ofgem announced their completion of a review of the energy industry and promised some changes to the way suppliers operate. Following the announcements last week, Ofgem has published a review today requiring domestic energy suppliers to give a 30 day warning before raising … Read More