Energy Blog

August Power Cut Results in £10.5m Compensation Payout

By : Business Save |January 21, 2020 |Energy Blog |0 Comment

Three energy firms are to pay a total of £10.5 million in compensation due to a power cut last August. The black out left over a million people without any electricity and caused serious travel problems.

The power cut lasted less than an hour, but many homes and businesses were affected as well as local hospitals. The power cut hit just before five o’clock on Friday evening on August 9th. Rail services were also severely disrupted and took several days to return to normal operations.

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SSE Takeover Approved for OVO

By : Business Save |December 30, 2019 |Energy Blog |0 Comment

The UK’s competition watchdog, the Competition and Markets Authority, has cleared Ovo Energy’s takeover of SSE’s energy supply sector. The takeover will cost £500 million but will not affect competition in the energy market.

Ovo will now become the UK’s second largest energy supplier behind British Gas. The deal will also provide a massive financial boost to Ovo’s multi-millionaire founder, Stephen Fitzpatrick. It has been estimated that his personal wealth will now top £600 million.

Ovo will fund the deal through a £100 million loan agreement with SSE. They will then add the other £400 million via a mix of cash with new debt arrangements. Some of this funding will come from an investment of £200 million by the Mitsubishi conglomerate made earlier this year. That investment was made in exchange for a 20% stake in the company. The firm’s financial advisory partner, Barclays Capital, will also help fund the deal.

The takeover will increase Ovo’s customer base from 1.5 million to 5 million.

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ENGIE Planning New Eco-Friendly Office

By : Business Save |November 29, 2019 |Energy Blog |0 Comment

The French energy firm ENGIE has announced their plans to create a new eco-friendly head office. The building will also showcase the zero carbon solutions they offer.

The project is being developed with another French firm, Nexity, specialists in real estate development and provision of related services. The site of the eco-friendly office is located in La Garenne Colombes, a northwestern suburb of Paris.

It is currently set to be operational by 2023 and could be a model followed by many UK-based firms.

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Weather to Blame for Scottish Power’s Poor Profits

By : Business Save |November 22, 2019 |Energy Blog |0 Comment

Weather to Blame for Scottish Power’s Poor Profits

Big Six energy supplier Scottish Power has blamed the weather for an 80% drop in their profits. They also cited the energy price cap as another reason. Despite their wind-based renewables business growing, the firm has now lost around 165,000 customers over the last twelve months.

The firm says they have sold 10% less electricity and 8% less gas so far this year. While primarily blaming weather and price caps, they do acknowledge a significant loss of customers is also partly to blame. Their customer numbers have fallen from a still 4.78 million from November of 2018 to 4.62 million now.

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Drax Aiming to World’s First Carbon-Negative Firm

By : Business Save |November 15, 2019 |Energy Blog |0 Comment

The energy company Drax has declared their intention to become the world’s first carbon-negative business within the next decade. This is despite the firm having once been labelled Western Europe’s biggest polluter thanks to the firm’s coal power origins.

Drax’s owner revealed plans to absorb more carbon emissions from the air than it creates by 2030. This follows Drax’s plan to turn their notorious pollution-producing plant in North Yorkshire into a pioneering renewable energy generation site.

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Privately Funded Cross-Channel Electricity Link Submitted

By : Business Save |November 12, 2019 |Energy Blog |0 Comment

Privately Funded Cross-Channel Electricity Link Submitted

A privately funded electricity link between England and France has been submitted. It will cost £1.1 billion and will stretch for 148 miles between Lovedean in Hampshire and Normandy in northern France.

The plan has been submitted by Aquind Ltd. The two-way link has the potential to supply up to 5% of Britain’s energy requirements. The energy supplied should be also be cheaper and greener, Aquind say.

If the Planning Inspectorate approve the application, energy should start being delivered beneath the channel by 2023.

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Energy Prices Fall as Inflation Hits 3-Year Low

By : Business Save |November 07, 2019 |Energy Blog |0 Comment

Energy Prices Fall as Inflation Hits 3-Year Low

UK inflation increased at its lowest pace in nearly three years thanks to the energy cap keeping energy prices down. According to the Office for National Statistics, consumer prices rose just 1.5% during October, compared to 1.7% in September.

The Office for National Statistics is the executive office of the UK Statistics Authority. The body consists of a non-ministerial department reporting directly to Parliament.

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SSE Launches New Free EV Tariff

By : Business Save |October 31, 2019 |Energy Blog |0 Comment

SSE Energy Services recently announced a new beneficial tariff for electric vehicle owners. The new tariff provides up to 2,000 kWh of free electricity annually when they charge their car overnight at home.

SSE is the UK’s third-largest energy provider with approximately 5.7 million customers throughout the country. The ‘Big Six’ supplier estimates their One Year Fix and Drive tariff will provide around 8,000 free miles per year. An additional benefit is that all electricity derived from the tariff will be matched with 100% renewable electricity.

The energy provider says that both new and existing customers can use the tariff. To demonstrate their faith in the benefits of their tariff, there will also be no exit fee.

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OVO Acquires Stake in Renewable Exchange

By : Business Save |October 23, 2019 |Energy Blog |0 Comment

UK energy provider OVO has bought a minority stake in the clean energy marketplace Renewable Exchange. The announcement follows OVO’s purchase of SSE’s retail arm for around £500 million.

The Renewable Exchange allows renewable energy asset owners to compare bids from multiple parties for their electricity. The organisation has helped install a capacity over 1GW of renewable energy via their power purchase agreements. They intend to use OVO’s investment to hasten the development of its digital power purchase agreement market platform.

Once complete, the digital power purchase agreement market platform will connect even more distributed renewable energy generators to suppliers.

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