Energy industry regulator Ofgem has told energy firms to simplify their prices to avoid confusing their customers. The Office of Gas and Electricity Markets (Ofgem), the regulator for the energy industry, has told suppliers that their tariff structures are unnecessarily complex, which leave their customers “bamboozled”. The investigation came after suspicions that the big six UK energy suppliers (British Gas, … Read More
E.ON sells Central Networks to US firm
RWE E.ON has agreed to sell its UK electricity distribution company, Central Networks, to US firm PPL. The German-owned energy giant E.ON is selling Central Networks, the second largest distributor of electricity in the UK, to Pennsylvania Power and Light for £4bn. Central Networks operates an 80,000 mile power grid that delivers electricity to over 5 million customers in the … Read More
British Gas profits up 24 percent
Parent company Centrica has announced British Gas profits have risen by 24% to a record £742m Centrica’s operating profit rose 29% to £2.3bn, whilst Britain’s largest energy supplier made £742m last year. In 2010, British Gas added 267,000 customers to a grand total of 16m accounts.
Centrica in £2billion Qatar gas deal
Parent company of British Gas has landed a £2billion liquefied natural gas deal with Qatargas. Centrica have signed a new 3 year deal with Qatargas for the supply of 2.4 million tonnes per annum of liquefied natural gas (LNG), equivalent to 10% of annual UK domestic demand. Centrica have displayed some strategic ability as the deal has been struck at … Read More
Suppliers fined in new Ofgem action
Scottish Hydro Electric and 2 other power grid firms have been fined by Ofgem. The three companies include two major players: Scottish Hydro-Electric Power Distribution (owned by SSE), Central Networks (owned by E.ON) and a third smaller firm, Electricity North West. The fines are for failure to connect customers to the national energy grid within the compulsory 3 month deadline.
E.ON raises domestic prices
German owned supplier E.ON UK has raised its domestic energy tariffs. The new price tariffs are expected to affect around 4 million people, and will come into effect from 4 February. RWE E.ON announced that its domestic customers will see a 9% increase in electricity prices, and a 3% rise in gas prices.
Big six facing Ofgem review
Energy industry regulator Ofgem is to launch an enquiry sparked by suppliers’ rising profit margins The big six UK energy suppliers could be faced with the prospect of multi-million pound fines if they are found guilty of misconduct by the office of gas and electricity markets (Ofgem). The enquiry takes into account recent energy price rises by the big six … Read More
Further winter price changes from big six
British Gas and ScottishPower up prices, while EDF commit to freezing at current rates this winter. In October, when SSE announced a 9.4% price rise, it was expected that other suppliers would follow suit. British Gas has announced a rise of 7% for domestic electricity and gas tariffs, while ScottishPower have just increased an average increase of 8.9% for electricity … Read More
Gas prices to rise this winter
Scottish and Southern Energy has announced a 9.4% increase in household gas prices. The second largest supplier in the UK, SSE has cited a 25% increase in wholesale gas prices as the reason for the increase. SSE’s announcement comes just a month before the increase in VAT to 20%, with its new higher prices to come in to effect on … Read More
Ofgem to probe four of the big six
Energy regulator Ofgem launching investigation into mis-selling of contracts to customers RWE Npower, Scottish and Southern Energy, Scottish Power and EDF Energy are all to be put under the microscope of energy industry regulator Ofgem. The probe will determine whether these four companies are complying with obligations that were brought in by Ofgem last October regarding the mis-selling of energy … Read More