Retail Market
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 [...]
The Octopus takeover of Bulb which was announced in November is now subject to a legal challenge from a group of the company’s rivals who argue that it received preferential treatment from the Government. Bulb collapsed in November 2021 and was placed into Special [...]
In July, the BEIS Select Committee published a damning report into Ofgem’s performance, committed to greater oversight of the regulator, and made a series of recommendations, to both the Government and Ofgem, to improve retail energy market regulation. Government gives the Committee the brush [...]
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 [...]
Today National Gris ESO has officially launched the Demand Flexibility Service it announced in its Winter Outlook after Ofgem approved the scheme. It will run from today until 31 March 2023 allowing both businesses and households to be paid for reducing demand in times [...]
Over the weekend, the Government announced that failed supplier Bulb which entered Special Administration back in November last year, is to be acquired by rival Octopus Energy. Although the sale process was described as “competitive” it is widely believed that there only ever was [...]
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 [...]
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 [...]