Energy suppliers will be responsible for installing Smart meters in every UK household by 2020. The government has given the go ahead to their smart meter plans for an estimated £8 billion roll out of smart meters to UK homes, with the main energy suppliers deemed responsible for installing the new technology in every UK household. The cost of installing … Read More
Fear of steep energy price rises in future
Ofgem review of energy market predicts future prices are going only one way. The report, named ‘Project Discovery’, reviews a series of possible energy climate scenarios that the world could experience, and all four of the scenarios see a rise in price over the 10 years. The report claims that £200bn of investment is needed in the UK’s energy market … Read More
Suppliers say no cuts to bills, despite increase in profits
The big six energy suppliers in Britain have warned customers not to expect price cuts, despite their profits increasing. The big six have told Ofgem that customers are unlikely to see a cut in their bills in the coming year. They were responding to a request from Ofgem, the industry regulator, to pass on savings from the drop in price … Read More
Centrica in British Energy deal
Energy giant Centrica, owner of British Gas, has agreed a deal with french company EDF Energy to take control of 20% of British Energy. Last year Centrica agreed a fee of about £3.1 billion for 25% of British Energy. They have now confirmed the new re-negotiated deal, £2.3 billion for a 20% stake.
Nuclear site auction winners announced
The auction of three proposed sites for new nuclear plants finished at the end of april. The three new nuclear sites, next to existing nuclear plants, at Wylfa, Oldbury and Bradwell, were bought by a consortium of E.ON UK & RWE Npower (Wylfa & Oldbury) and French energy giant EDF (Bradwell)
Online auction bids for nuclear sites higher than expected
An online, ebay style auction selling land for proposed nuclear sites has surpassed all expectations. The bidding for the three sites, being sold by the NDA (Nuclear Decommissioning Authority) went over the £200m mark last week. This is evidence of the growth in interest in nuclear power, as the renewables sector, and particularly offshore wind, seems to be losing its … Read More
European Commission deems electricity prices too high
The European Commission is to carry out an investigation into electricity prices. This comes following suspicions of excessive pricing due to wholesale price cuts not being passed on to consumers. With 60 percent of consumers across the EU last year reporting a rise in their electricity bills, the fact that the wholesale price of electricity has come down by 35 … Read More
Bizz Energy goes into administration
Another of Britain’s leading independent energy suppliers has gone out of business due to rising wholesale costs in the electricity market. The Worcester based energy supplier has fallen into administrative receivership after struggling to refinance debts. BizzEnergy is the latest victim of rising wholesale energy costs, and is a huge blow to the independent sector, which saw E4B go bust … Read More
Electricity 4 Business goes into administration
Ofgem has announced that British Gas will take on the business electricity supplier’s 40,000 customers. The electricity supplies have been placed on out-of-contract “deemed” rates with immediate effect. Customers can now choose to agree a fixed price with British Gas, or sign a contract with another supplier. British Gas Business (BGB), part of Centrica, took over as “supplier of last … Read More
Electricity and gas prices unlikely to fall this winter
Industry experts have warned that energy bills are not likely to drop this winter, despite the record-breaking price rises seen so far this year. Prices have been forced up by higher wholesale costs due to the rising price of oil along with the depletion of north sea gas. This means we are increasingly reliant on imported gas from Europe. Cassim … Read More