Energy giant Centrica reports operating profits drop of 35% for the first half of 2014. Centrica, owner of British Gas has reported a group-wide drop in profits to £1.03 billion. Profits at the residential arm of British Gas fell by over a quarter to £265 million in the same period.
Ofgem increases storm compensation
The amounts to be paid to end users following the disruption during the Christmas storm has been increased by £3.3 million, now totalling £8 million. The energy regulator Ofgem has secured an additional £3.3 million for consumers after an investigation into how SSE Energy Networks and UK Power Networks handled the disruption caused by last winter’s storms. In addition, Ofgem … Read More
British Gas to pay £1 million for mis-selling
The largest energy supplier in the UK has made £1 million available to compensate customers it ripped off during sales schemes at the Westfield shopping centre and Sainsbury’s stores. “Looking after your world”, or perhaps not. British Gas has had to put aside £1 million to compensate customers it mislead. Ofgem said it welcomed the package which is made up … Read More
Scottish Power fined £750k for price variations
Ofgem has fined the energy giant for charging an unfair amount to many of its customers, simply because they paid using a different method. Energy company Scottish Power is the latest of the Big Six to be fined by Ofgem, following an investigation by the industry regulator. Utility companies can charge different amounts to customers depending on their payment method, … Read More
E.ON fined record amount for mis-selling
The energy giant has been handed a £12m fine after an investigation by the industry regulator found it guilty of misleading customers over a sustained period of time. Energy industry regulator Ofgem has handed down a record fine of £12m to E.ON for what it called “extensive poor sales practices” over a period of three-and-a-half years between June 2010 and … Read More
British Gas unfairly stopped business transfers
The UK’s largest energy supplier will be penalised for not letting customers know their contracts were coming to an end, and even preventing them from switching to alternative suppliers. The energy regulator Ofgem has handed down a massive fine to the Centrica-owned British Gas of £5.6m, after concluding that it had wrongly objected to businesses switching suppliers due to computer … Read More
Big Six to face competition enquiry
The industry regulator Ofgem has called for an inquiry into “possible tacit co-ordination” of price rises by the Big Six. The Competition & Markets Authority (CMA) is being called on by Ofgem to perform the investigation over the next 18 months amid fears that the energy market is not competitive, with price variations between suppliers at a minimum. Suppliers have … Read More
Ofgem announces TPI Code of Practice
Energy consultants and brokers are to be regulated with a new Code of Practice, enforced by the energy regulator later this year. As part of the ongoing Retail Market Review, Ofgem is placing a license obligation on suppliers to only deal with Third-party intermediaries (TPIs) that are accredited to an industry-governed code of practice. The regulator was granted new powers … Read More
British Gas defends large profit margins
Amid comments from the Energy Secretary Ed Davey, the energy giant owned by Centrica has hit back, claiming it “does more than any other organisation to secure gas and power for British consumers”. The company was responding to a letter written by Mr Davey to regulators yesterday, in which he suggested the possibility of British Gas being “broken up” due … Read More
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