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.
Centrica warns of price rises
British Gas owner Centrica has released a statement warning of higher energy prices for its customers. Centrica specifies the forward wholesale gas prices for the coming winter, which are 25% higher than the prices from last winter, as the main reason for the probable price rises. Centrica said in the statement that the earthquake and nuclear crisis in Japan, coupled … 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.
Centrica threaten North Sea gas field closure
Centrica has threatened to close one of the UK’s major gas fields over a tax dispute Centrica has closed three gas fields in Morecambe Bay for one month of maintenance, but has claimed it may not re-open one of them due to increased taxes. George Osborne increased the tax on supplementary gas production from 20% to 32% in this year’s … Read More
SSE sells three wind farms
Scottish and Southern Energy has sold three of its wind farms for £173.6 million SSE, the second biggest energy supplier in the UK, has sold the three wind farms to renewable energy company Infinis. The three wind farms have a total capacity of nearly 100MW, and are located in Dumfries and Galloway in Scotland and the third in Northern Ireland.
DECC sets smart meter roll-out strategy
The Department of Energy and Climate Change (DECC) set out the smart meter roll-out strategy yesterday. In a press release published yesterday, The DECC has outlined the strategy and time scale for the introduction of smart meters in every UK home by 2019. Starting in 2014, and taking 5 years to complete, 53 million smart meters are to be installed … Read More
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
Budget 2011 introduces new carbon tax
The Chancellor, George Osborne announced yet another ‘carbon tax’ in yesterday’s budget, dubbed the ‘2011 budget for growth’. This means businesses and consumers can expect higher electricity bills, as carbon-emitting coal and gas-fired plants are taxed £3.2 billion over the next 5 years. Nuclear and renewable companies should see increased profits, as the tax is applied to the oil and … Read More
Ofgem crack down on energy suppliers
Energy industry regulator Ofgem has told energy firms to simplify their prices to avoid confusing their customers. The Office of Gas and Electricity Markets (Ofgem), the regulator for the energy industry, has told suppliers that their tariff structures are unnecessarily complex, which leave their customers “bamboozled”. The investigation came after suspicions that the big six UK energy suppliers (British Gas, … Read More