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Ofgem Proposes End to Npower’s Switching Trial

By : Business Save |April 17, 2019 |Energy Blog |0 Comment

Ofgem Proposes End to Npower’s Switching Trial

The UK energy industry regulator Ofgem has proposed an end to the provisional order imposed on supplier Npower last November.

The provisional order was introduced to force the supplier to co-operate with Ofgem’s Active Choice Collective Switch Autumn Trial. However, the energy supplier’s reluctant conduct throughout the trial has left Ofgem disappointed.

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Green Energy Supplier Posts £1.1m Profit

By : Business Save |April 09, 2019 |Energy Blog |0 Comment

Green Energy Supplier Posts £1.1m Profit

One of the UK’s green energy suppliers has reported a continuing operations profit of over a million pounds for 2018. The Good Energy Group serviced almost 260,000 customers last year, an increase of 0.2% on their 2017 customer numbers.

Although Good Energy’s operations profit of £1.1m is actually down 17.4% year-on-year, their revenues have increased by 11.9% to £116.9m. Much of that increase is due to the harsh weather conditions that marked the beginning of 2018.

Gross profit for Good Energy was also up 12%. However, that profit was partly due to them introducing a domestic price hike much earlier than in previous years.

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Ofgem Must ‘Effectively Respond’ to Customer Concerns

By : Business Save |April 01, 2019 |Energy Blog |0 Comment

Ofgem Must ‘Effectively Respond’ to Customer Concerns

An official report has criticised UK regulators, demanding that they do more to ‘effectively respond’ to consumer concerns. The criticism is aimed at all four of the UK’s industry regulators, including energy regulator Ofgem and water regulator Ofwat.

The report was published recently by the National Audit Office (NAO). They state that the UK’s regulators haven’t been specific enough when explaining what they ultimately want to achieve for consumers.

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Npower Cuts 900 Jobs Due to ‘Intense Competition’

By : Business Save |March 14, 2019 |Energy Blog |0 Comment

Fears that Npower’s financial difficulties would lead to job cuts are coming true. The firm recently announced it is planning to reduce its workforce by 15% due to ‘intense competition’.

The other main reason cited was the recently implemented default tariff price cap. However, this second reason has been rendered less impactful by the recent price cap raise. Along with other major suppliers, the price cap increase allowed Npower to raise their customers’ default tariff rates by 10%.

Unfortunately, this has not prevented the firm announcing the massive job losses. They also predict further financial difficulties throughout the rest of the year.

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Energy Price Rises for Millions of Customers

By : Business Save |February 27, 2019 |Energy Blog |0 Comment

Around nine million UK customers (so far) are facing an energy price hike less than two months into 2019. Last year already saw all the Big Six suppliers make multiple price rises in anticipation of the Government’s price cap. With the default standard variable rate price cap in place since January 1st, many suppliers are already raising prices again.

The latest price hikes are due to an increase in the price cap only just introduced. That increase has been blamed on rising wholesale energy prices.

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Small Energy Suppliers Provide More Customer Satisfaction

By : Business Save |February 21, 2019 |Energy Blog |0 Comment

Small Energy Suppliers Provide More Customer Satisfaction

Which? has revealed the results of their annual customer satisfaction survey, with good news for customers of small energy firms. They surveyed 8,000 energy customers about the customer service of their gas and electricity providers.

The results reveal that small providers are doing a much better job of satisfying their customers than the larger suppliers.

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Proposed Energy Supplier Merger Cancelled

By : Business Save |February 13, 2019 |Energy Blog |0 Comment

Proposed Energy Supplier Merger Cancelled

The proposed merger between Big Six energy suppliers SSE and Npower has been abandoned. SSE had planned to merge its retail business with its energy supplying rival but has now withdrawn the proposal.

Had the companies merged, they would have combined to become the second largest energy supplier behind British Gas. However, ‘very challenging market conditions’ have put an end to their plans.

The major blow seems to have been struck by the recently implemented price cap.

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