Energy market news

The Big Six suppliers have been in the news lately with almost all of them raising energy prices by a big margin. The latest to join the suppliers who have announced price rises is SSE, which declared a price hike of 14.9% in its standard electricity tariffs. Effective from April 28, the price hike would up the duel fuel energy bills by 6.9%. Mathematically, it is very clear that the SSE dual fuel customers would have to pay £73 extra on an annual basis. SSE’s price rise decision would affect 2.8 million customers and may compel them to switch to a cheaper deal from the same supplier or switch to another supplier. The company blamed the price rise on the government’s schemes to reduce carbon emission and programmes launched to support the ageing infrastructure of Britain’s energy sector. In order to save the vulnerable customers from the pressure of the […]

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The latest reports from Ofgem suggest that the year 2016 witnessed a 30% hike in the number of customers switching their energy suppliers. Switching reached a six year high as millions of customers decided to shop around and bring down their energy bills. Ofgem statistics suggest that last year around 7.7 million customers made the switch to another affordable supplier. This was 1.7 million more than 2015, an upswing of 28%, which are the highest switching rates recorded since 2010. Furthermore, Ofgem suggested that out of the 7.7 million switches, 4.4 million were electricity switches while 3.4 million were gas switches making the ratio to 30% and 24% respectively. When dissecting the figures, it was discovered that 47% of the people switched to small or medium suppliers as they offer some of the most lucrative energy deals along with a good service. Due to the strong competition, the annual switching […]

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Black-outs and energy security threats are the ruling concern of the UK energy market. Both bring with them the fear of darkness in the UK and for a long time needed a permanent solution. The newly formed government has come up with a new scheme so that energy consumers get an uninterrupted supply of energy during the winter season. The scheme involves inviting energy suppliers for capacity auctioning that would select those that offer power at the least prices over the expensive ones. These power plants would run as a back-up power supply so that there are no chances of black-outs. In this scheme, the government would pay the back-up power plants for offering uninterrupted energy supply. However, this is not the most affordable bet as suggested by many energy experts. The auctions ended on the 3rd of Feb making it clear that the extra cost of the back-up power […]

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In a brilliant step towards saving customers from heavy energy bills, the energy regulator Ofgem has made an announcement to cap prepayment energy bills. The cap would be in effect from April and is expected to affect 4 million customers who would save around £80 a year on their energy bills. This step was followed by the report on ‘competitive pricing’ published by Competition and Market Authority which examined the energy market for two complete years. The decision was made after the CMA’s revelation about prepayment customers being left out from the best deals enjoyed by people who choose other payment methods like direct debit, cash or cheque. The levels of the cap would vary in accordance with the meter type and region for both electricity and gas. The plans would be updated every six months with the government planning to keep them till 2020, the year when it plans […]

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In an unexpected turn of events, the big six energy supplier, British Gas announces to keep its energy prices on hold till the month of August. Experts had predicted that the company could raise its prices by a high margin to follow Npower which has announced price rise from March 16th. British Gas explained its decision to hold the prices by saying that it is freezing the costs during the wholesale price rise by cutting its internal costs. On the other hand, another big six supplier Scottish Power has announced dual price rise by 7.8% `which would be in effect from 31 March. The company blamed its decision for increasing energy costs on expenses incurred for the smart meter installation project as well as low carbon costs. Scottish Power has become the third Big Six Company to announce an energy price hike however, energy regulator Ofgem does not agree to […]

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Engie is a French energy supplier which has major plans to extend its business footprint in the UK. The company is relatively new to the UK energy market but stands tall as one of the ten biggest business energy firms on a global level. As of now, it supplies energy to around 17,000 industrial and business sites. The company that aces in providing gas and electricity to commercial customers is planning its business expansion by capitalising on the energy needs of the UK household customers. The company’s UK Chief expressed his opinion by saying that the UK energy sector is going through a transition in which it is more important to optimise and reduce gas and electricity usage than supplying it. The company wants to take advantage of this transition phase by using its conventional support services arm and energy management & supply business. Right now only 15% of the […]

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There has been a buzz of price hikes in the energy market as the Big Six suppliers have started announcing energy price increases across the board. EDF energy was the first one to declare that it would be raising electricity prices by 8% from March while Npower shook the UK government and Ofgem by announcing a 15% hike in electricity as well as 8.4% in gas prices. Experts feared that rest of the Big Six brigade would follow suit and the prediction seems to come to life as British Gas joins the trend. Although, there has been no confirmation from the supplier, it is supposedly planning to make a move in this direction. The biggest energy supplier of Britain is planning a 9% increase in energy prices causing the energy bills to inflate by £94. The company’s decision would affect more than 11 million customers, who will not be happy […]

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