UK Energy Secretary Chris Huhne unveiled proposals set to bring about the biggest reforms since privatisation. The UK government announced on Tuesday that the UK’s energy infrastructure will need £110bn of investment to keep the lights on. Chris Huhne told parliament that without reform and substantial financial investment, the country will be facing blackouts.
British Gas prices raised
British Gas are the first of the big six suppliers to follow Scottish Power in raising their domestic prices. British Gas announced on Friday it is to raise its domestic gas and electricity prices from 18 August. Gas bills will have an average rise of 18% whilst electricity will rise by around 16%. The Centrica-owned company has, somewhat predictably blamed … Read More
Ofgem investigate wholesale energy prices
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
Oil price down after IEA open reserves
The price of oil has dropped by $6 per barrel today after The International Energy Agency (IEA) opened up oil reserves. The IEA are to release an extra 60m barrels from emergency crude supplies. The UK is contributing 3m barrels, and half of it is coming from the US Strategic Petroleum Reserve.
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%
Oil price up after OPEC stalls production
The price of oil has jumped up to over $118 per barrel as OPEC is so far failing to agree on an increase in production Most of the members of the oil cartel voted against upping production levels, in an unusual show of disagreement between the nations. There are tensions within the Organisation of Petroleum Exporting Countries (OPEC), with two … Read More
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.
Germany to phase out nuclear by 2022
German chancellor Angela Merkel has ordered all of the country’s nuclear power plants to be shut down by 2022. Merkel’s coalition government has performed a complete reversal of policy regarding nuclear power. There have been many anti-nuclear protests in Germany following the Fukushima nuclear disaster. Germany is the largest industrialised nation to go anti-nuclear for 25 years. The country is … Read More
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.