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Coronavirus Cuts Fossil Fuel Investments and Pollution

By : Business Save |March 27, 2020 |Energy Blog |0 Comment

The oil and gas industry will experience investment cuts totalling over £23 billion due to the Covid-19 coronavirus pandemic. Over the course of the year there will likely be significant staffing and supply shortages as well.

The ominous prediction comes from Rystad Energy, an independent energy research and business intelligence company. They suggest experts don’t yet know when the effects of the outbreak will ease, and that the situation could worsen.

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British Gas Owner Reports Major Profit Loss

By : Business Save |March 20, 2020 |Energy Blog |0 Comment

The parent company of British Gas has reported massive losses fore the period covering 2019. Centrica reported losses totalling £849 million in the year ending December 31st. It is an enormous turnaround considering the previous year-long period saw profits of £987 million.

Share prices in Centrica have also tumbled by up to 15% in response to the news. The company has blamed the energy price cap combined with falling gas prices.

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Record Number of Customers Switch Supplier

By : Business Save |March 12, 2020 |Energy Blog |0 Comment

A report published by trade association Energy UK revealed a record number of customers switched electricity supplier during 2019. A total of 6.4 million customers switched last year, which averages out at 12 supplier switches every minute.

The new record is an increase of 9% on the numbers from 2018. That year saw the previous record of 5.8 million customers switching their electricity provider.

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Ovo Energy Pay £8.9m for Overcharging Customers

By : Business Save |March 03, 2020 |Energy Blog |0 Comment

Ovo Energy is being forced to pay £8.9m by energy industry regulator Ofgem after it was caught overcharging customers. The firm sent also inaccurate statements to customers and, despite discovering the problem themselves, failed to inform Ofgem.

Having purchased SSE’s retail business last year, Ovo Energy have temporarily become the UK’s second-largest energy company behind British Gas. They are already the largest independent supplier with more than 1.5 million original customers. The purchase of SSE saw them take on another 3.5 million customers.

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Ofgem’s 9-Point Plan to Combat Climate Crisis

By : Business Save |February 25, 2020 |Energy Blog |0 Comment

Energy industry regulator Ofgem has set out a 9-point plan to prioritise tackling the climate crisis. The plan supports investment in low-carbon technology, prevents exploitative price rises and encourages more flexibility in energy systems and regulation.

The plan has been devised after Ofgem were criticised for failing to prioritise the climate crisis issues. The changes proposed by the plan will change how energy is governed and help the Government achieve its net-zero targets.

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Millions to Benefit From Lower Price Cap

By : Business Save |February 18, 2020 |Energy Blog |0 Comment

Energy industry regulator Ofgem is lowering the price cap by £17, reducing energy bills for millions of British consumers. The new default price cap and pre-payment meter ceiling will begin in April with an estimated 15 million households affected.

The default price cap currently protects about 11 million households and will be reduced from £1,179 to £1,162. The pre-payment meter cap protects another 4 million households and will drop from £1,217 to £1,200 per year. These changes will last for six months between April and September.

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Nine Energy Suppliers Ordered to Become DCC Users

By : Business Save |February 14, 2020 |Energy Blog |0 Comment

Nine energy suppliers will be ordered to become Data Communications Company (DCC) users for Ofgem’s smart meter rollout. The UK energy regulator is currently consulting on issuing a final order for the firms to do so.

Ofgem says they are in breach of the requirement to be DCC users as all suppliers are required to do so. The requirement has been in place since 25th November 2017. They were supposed to become DCC users then or upon exiting the Controlled Market Entry process.

The requirement for suppliers to become DCC users was made to help the enrolment of first-generation smart meters. It would also drive the installation of the next generation of smart meters.

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New Green Energy Supplier Launched in London

By : Business Save |February 06, 2020 |Energy Blog |0 Comment

The Mayor of London Sadiq Khan is launching a new energy supplier to provide 100% renewable electricity to customers. The new supplier will be called London Power.

All profits made by the new firm will be reinvested in community projects around the capital. These investments will help tackle fuel poverty and drive London towards becoming a carbon neutral city.

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iSupply to Pay £1.5m Fine for Price Cap Failings

By : Business Save |January 28, 2020 |Energy Blog |0 Comment

Energy supplier iSupply will pay £1.5 million compensation after they overcharged around 4,400 of their customers. The overcharge happened on default tariffs which the supplier failed to alert the regulator about.

There would be no overcharge without the price cap introduced last year, highlighting the problem the cap was introduced for. The price cap was intended to protect 11 million customers on default tariffs and came into force on January 1st 2019.

All suppliers were required to charge their default tariff customers at or below the level of the cap. This was to ensure the 11 million often vulnerable customers only paid a fair amount for energy.

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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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