Another failure for Ofgem as their electricity market reforms fell flat costing energy companies around £45 million. Ofgem implemented new rules to ensure that the largest energy companies are only allowed to trade at pre-determined times during the day. The idea was that it would increase trading and competition allowing smaller players to flourish yet […]
Gas demand to rise 31%. Energy prices surge
As the temperature drops across Western Europe, LDC gas demand is set to rise by 31% over the next week. After a few months of warmer-than-average weather, heating demand has been stilted yet the Met Office advises that colder temperatures are closing in with a surge in demand set to raise gas market prices. “Colder […]
Energy prices rise with blackout threats
As the threat of blackouts become more likely this winter, UK energy generators could be taking advantage of the opportunity to inflate market prices to astronomical figures. National Grid will be calling upon reserve capacity and back up power plants this winter to ensure a secure power supply for the UK. Wholesale power prices typically […]
Britain has the most expensive electricity in Europe
Britain has the highest domestic electricity prices in Europe with customers paying double the continental average. The typical British household pays 14.8p/kWh before tax while the pre-tax price in Bulgaria sits at just 5.75p/kWh. While our tax sits much lower at 5% than most of the rest of Europe, Britain has still seen the biggest […]
A record-breaking 39 business energy suppliers on the market
With the government and consumers taking a renewed interest in the energy industry, new entrants have boosted the number of business energy suppliers up to 39 – a new record. With seven new companies entering the market, the competition in both the gas and electricity markets has ramped up. Axpo, Yu Energy, Economy Energy, D-Energi, […]
Low gas prices thanks to mild start to October
While we’re all enjoying some Autumn sunshine, the mild weather has ensured that short-term gas and power prices are set at historic lows for the winter season. The demand for gas and heating will be low thanks to warmer temperatures seeing the UK gas imports in abundant supply, driving the gas and power prices down. […]
Centrica argue against CMA energy market proposals
Energy giant and owner of British Gas, Centrica have blasted the Competition and Markets Authority (CMA) for its recommendations towards the energy market. Centrica claim the proposals are based on “unsound” analysis. Centrica claimed that the proposed safeguard regulated tariff for sticky customers is “disproportionate” to the actual level of disengagement and questions the pool […]
LNG imports push energy prices lower
More fun from the global complex that is energy this week as good news hit the UK energy market with energy prices falling thanks to stilted demand in Asia. The downturn in Asian gas requirements and plunging oil prices means that Liquefied Natural Gas (LNG) importers have had to find new buyers and the UK […]