British Gas profits show a 98% rise in first half of 2010 Centrica have announced that British Gas made operating profits of £585 million for the first half of the year. Centrica, parent company of British Gas also released their profit increase of 65% to £1.56 billion Being Britain’s largest domestic energy supplier, supplying power to half of UK households … Read More
EDF profits boosted by nuclear acquisitions
The French energy giant has reported a net income of £3.4bn for the financial year. EDF, who are planning to build a number of next generation nuclear power stations in the UK, saw sales increase by 4pc to €66.3bn. EDF’s growth has been attributed to it’s acquisition of British Energy, the UK nuclear operator for a reported £12.5bn at the … Read More
Ofgem warns suppliers over prices
Industry regulator has again inquired into why suppliers continue to increase energy bills despite falling wholesale energy costs. Ofgem has announced concerns that energy suppliers are making too much money from their customers, with reports suggesting that they are making £85 profit per customer. This is the highest profit level the energy suppliers have made in 5 years, according to … 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
Centrica in British Energy deal
Energy giant Centrica, owner of British Gas, has agreed a deal with french company EDF Energy to take control of 20% of British Energy. Last year Centrica agreed a fee of about £3.1 billion for 25% of British Energy. They have now confirmed the new re-negotiated deal, £2.3 billion for a 20% stake.
Nuclear site auction winners announced
The auction of three proposed sites for new nuclear plants finished at the end of april. The three new nuclear sites, next to existing nuclear plants, at Wylfa, Oldbury and Bradwell, were bought by a consortium of E.ON UK & RWE Npower (Wylfa & Oldbury) and French energy giant EDF (Bradwell)
EDF Energy plan new nuclear plants after British Energy takeover
French energy giant effectively take control of British nuclear power industry following £12.5 billion deal EDF Energy offered 774p a share for the Scottish nuclear power company, snapping up enough shares to gain more than 70% control of the firm, including acceptances from the government and other major investors. EDF has added to it’s already significant stake in Britain’s energy … 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