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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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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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