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.
Energy complaints reach all-time high
The number of complaints dealt with by the energy ombudsman in the first six months of this year was more than the total for the whole of 2013. It was revealed that serious complaints about energy companies have soared, more than doubling in the first half of 2014 compared to the same period last year. In total there were 22,671 … 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
SSE announce annual profits rise of 9.6%
Scottish & Southern Energy announce pre-tax profits of £1.55bn for the year to 31 March. In a time when customer bills are being constantly increased, the energy giant and member of the Big Six announced a significant increase in profits during what it called a “challenging” time for the sector. Earlier in the year, the company announced the longest energy … 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
BBC survey: energy consumers confused
A survey commissioned by the BBC has found that almost half of domestic energy users don’t know how their bill is calculated. Although Ofgem has simplified tariff structures in recent years, and limited the number of tariffs suppliers can offer, many still find their energy bills confusing, the survey found. The survey discovered: 51% of consumers have not switched energy … 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
E.ON to raise energy prices by 3.7%
German-owned energy giant is the last of the Big Six to raise prices this winter. The rise of 3.7% on electricity, and 4.6% on gas equates to around £48 on the average annual bill, and will take effect from January 18. The increase is less than expected, following a reduction on green and social levies by the government which equates … Read More
Big Six lose 150,000 customers
Thousands have switched away from the big six energy companies due to recent price rises. The BBC has reported that domestic customers are moving to smaller suppliers in large numbers. It estimates that 150,000 households have switched to smaller energy companies in recent weeks, even though smaller companies still only account for 3% of the market.
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