Energy Pricing
Today Centrica announced record profits of £3.3 billion (actually the company booked a statutory loss after revaluing its hedging book, but this is an accounting quirk due – more of which later). The outrage has been predictable with the company being accused of profiteering [...]
Back in October, the Government put in place energy subsidies for households and businesses, designed to protect them from the impact of high energy prices. For households, the intention was to reduce the number of people that would be forced into fuel poverty by [...]
Gas prices have fallen across the curve in recent weeks, returning to levels last seen before the war in Ukraine (but still higher than they were before the covid recovery began in September 2021). The reasons for these reductions appears to be the fact [...]
Back in July, Ofgem launched a consultation on plans to boost financial resilience in the retail energy sector, in which it made three key proposals: Protecting consumer credit balances and Renewables Obligation (“RO”) payments: Ofgem believes there is a “good case” for insuring or [...]
Yesterday the new Chancellor. Jeremy Hunt, issued a new Budget for the UK in his Autumn Statement, reversing most of the policies in the Truss/Kwarteng Growth Plan. The Statement heralds significant tax increases for just about everyone, with several announcements relating to the energy [...]
On Monday, the new Chancellor, Jeremy Hunt, shocked the energy market by potentially limiting the domestic Energy Price Guarantee (“EPG”) to just six months, rather than the two years initially promised only last month. Of course, the Government is in utter disarray, and who [...]
The Government has updated the maximum discount levels available to businesses through the Energy Bill Relief Scheme this winter. When the scheme was initially announced on 21 September, the expected maximum discount values were £405 /MWh for electricity and £115 /MWh for gas, and [...]
This morning the Government has announced the measures it is putting in place to support businesses with the high cost of energy (more detail is here). This follows the Energy Price Guarantee provided to domestic consumers on 8 September and applies to non-domestic energy [...]
Today the new Prime Minister has announced the long-awaited support for rising energy bills. A new Energy Price Guarantee is being introduced which supersedes the price cap and will fix average energy costs for households at £2,500 for 2 years. This is in addition [...]
With the largely expected news that Liz Truss would become the new Prime Minister of the United Kingdom, speculation is growing about the support that will be offered to consumers ahead of the increase in the price cap that is due to come into [...]