Energy industry regulator Ofgem has stepped up its investigation into how the top UK energy suppliers make their profits The Office of Gas and Electricity Markets (OFGEM) has hired forensic accountants BDO to scrutinise how the top UK energy suppliers make their profit. BDO will look at the trading profits, wholesale prices and hedging practices at British Gas, E.ON Energy, … Read More
E.ON Energy announces price rise
E.ON Energy has become the latest of the big six UK energy suppliers to up its prices. E.ON have raised electricity bills by 11.4%, while gas bills will be raised by a larger margin of 18.1% and will come into effect from 13 September. They are the fourth of the big six UK suppliers to announce hikes, after Scottish Power, … Read More
British Gas fined £2.5m by Ofgem
The industry regulator, Ofgem, has fined British Gas due to ‘basic failures’ found in its procedure for handling customer complaints. The energy giant British Gas was fined the amount after being found it was not re-opening cases that its clients had indicated were still not resolved. This comes only shortly after British Gas Business, the commercial-only arm of the firm, … Read More
Energy firms warned on mis-selling
MPs condemn mis-selling and say suppliers are guilty of ‘Del Boy’ sales tricks The Energy And Climate Change Committee (ECCC) has called for a ban on the doorstep mis-selling of energy contracts. The Committee voiced concerns that people are being pressured by salesmen into deals that are no better, or often worse than their current one.
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
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
Government ends funding to energy bodies
The Department for Energy and Climate Change (DECC) has announced that the Carbon Trust and the Energy Saving Trust (EST) will no longer receive government funding DECC’s annual Delivery Review published last week announced the ending of core funding to both the Carbon Trust and the Energy Saving Trust. The two government-backed bodies will no longer receive financial support from … Read More
New Ofgem 30-day rule in force
Ofgem’s new rule requiring energy suppliers to notify their customers 30 days before any price changes is now active. The rule was a result of the regulator’s recent review into the energy industry. Ofgem’s rule is intended to create more transparency between supplier and consumer, Ofgem says.
Is Ofgem really clamping down on suppliers?
Are the new rules laid down in the energy regulator’s latest review really as tough as they seem? The latest Ofgem review has lead them to announce various new measures designed to clean up the domestic and commercial energy markets. The review was announced in November 2010, when it was deemed that the energy suppliers were making too much profit.
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