ofgem

According to Ofgem’s latest data, there are 54 energy suppliers in the UK domestic energy market and this number is growing as there were only 12 energy suppliers back in December 2010. Out of the 52 energy suppliers, 46 are considered to be small energy companies making us question why new suppliers continue to enter a market which is dominated by the “Big Six”. The simple answer is that UK Households love them for a wide array of reasons from simple tariff plan options to UK based call centers. According to the figures revealed by the energy regulator Ofgem, February 2017 had a total of 398,150 electricity and 296,055 gas switches in the month. From the total energy switches of the month, net switching gains to small and medium sized suppliers was around 107,000 for electricity and 85,000 for gas. Reasons behind the gaining popularity of small energy companies Pricing: […]

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There have been cases when energy suppliers go bust and leave the customers on the cross roads. To ensure that they benefit from the uninterrupted energy supply, the Department for Business, Energy & Industrial Strategy (BEIS), Ofgem and the Treasury have signed a Memorandum of Understanding (MoU) which dictates the ground rules of how the three will collaborate to resolve the issue of saving customers in case the energy supplier goes bust. This is especially important as such cases are increasing year after year, like the case of GB Energy which collapsed last year. The MoU is signed to make sure that the gas and energy sector remains stable so that the customers and taxpayers do not face issues if any supplier breaks down due to any reason. The Energy Supply Company Administration is designed to sort out things if a large energy company becomes insolvent. In case of such […]

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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 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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The latest research proves that Energy suppliers collectively owe a gigantic amount of £1billion to their customers. The main reason for this is overpaid energy bills and as a result the suppliers owe nearly £90 to an average home. According to estimates, energy suppliers owe this money to nearly two third of the gas and electricity customers. The main reason for this credit is poorly calculated utility bills. The survey covered 1300 people and one out of four of them had given more than £100 as extra payment to the energy company. The survey discovered that four in ten home owners would keep this overpayment with their energy supplier to manage the seasonal variations in their energy bills. It was also found that only one out of ten would demand a refund when their bill gets credited. This clearly suggests that UK energy suppliers are getting an interest on £1billion of overpayments. […]

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As we learnt recently GB Energy Supply collapsed due to the hike in wholesale energy prices. The company promised its customers that they would not be at any loss and energy regulator Ofgem was on the lookout for the perfect replacement. Whilst there was a lot of competition, Ofgem has selected Co-operative Energy as the replacement for GB Energy Supply. The energy regulator has also made certain guidelines to save the customers from unreasonable price hikes or tariffs by the new supplier. According to the guidelines, Co-operative Energy would respect all outstanding credit balances for all the customers of GB Energy Supply, be it current customers or past customers whom the company still owed money. The company would facilitate the current customers with energy usage in return of their credit. Also, they would be paying the same price for energy as they used to with the previous company. The energy price […]

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According to the latest survey conducted by an independent firm, it was found that one third of all the working families in the UK fall in a category that cannot afford to pay their energy bills. As they struggle to keep their homes warm, half of them are already planning to reduce their energy usage. Statistically speaking 32% of the working households which is nearly 4 million homes feel pressurized by the high energy bills. For them it would be devastating to find that most of the energy suppliers are planning to raise the energy prices. 49% of them are in the preparation of reducing their energy usage and 29% say that they would not switch on their heating systems even in the winters. Sadly 66% of these people worry about the ill effects of cold on their families and 54% say that it may adversely affect their children’s performance […]

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