Energy Suppliers news, page 10
- July 2023
Centrica trading division reported £1.4 billion profit
Centrica's energy marketing and trading division made £1.4 billion in profit during the year, it was reported in July 2023, as the company's wider role in UK gas supply drew scrutiny.
Government reduces Energy Price Guarantee extra support to zero
The government cut the extra support paid through the Energy Price Guarantee to zero on 1 July 2023, ending a 3.77p per unit discount for Power NI customers and adding an estimated 14p a day to bills.
Ofgem opens workstream to review suppliers' wholesale costs for default tariff customers
Ofgem has opened a workstream to review whether suppliers' wholesale costs for default tariff customers between October 2022 and September 2023 differed from the allowances built into the price cap.
- June 2023
Ofgem launches statutory consultation on involuntary prepayment meters
Ofgem has opened a statutory consultation to make prepayment meter protections mandatory in suppliers' licence conditions, and has proposed a £13 allowance in the prepayment price cap for bad debt recovery.
Statutory consultation on Involuntary PPM opens
Ofgem opened a statutory consultation on 28 June 2023 on plans to write its Involuntary Prepayment Meter Code of Practice into supply licence conditions and guidance.
Directions No. 2 issued for domestic gas and electricity suppliers
The Secretary of State has issued Directions No. 2 for domestic gas and electricity suppliers in Northern Ireland, revoking the December directions that restricted when tariff changes could be made.
Citizens Advice publishes research on benefits of retrofitting 13 million inefficient homes
Citizens Advice has published research estimating almost £40 billion in cumulative benefits from upgrading 13 million inefficient homes in Great Britain to EPC C by 2030.
MCS launches Scheme Redevelopment Consultation
MCS has welcomed Simply Certification as its newest contractor certification body and confirmed it is consulting on proposals to transform how the scheme operates.
Citizens Advice published a discussion paper on locational pricing
Citizens Advice has published a discussion paper on locational pricing, weighing whether varying wholesale electricity prices by location could benefit consumers or expose households to new risks.
Fuse Energy launches as first new supplier after the energy crisis
Fuse Energy launched in 2023 as the first new supplier to enter the UK market after the energy crisis, founded by former Revolut executives and now rated in Which? rankings for the first time.
Octopus completes acquisition of Bulb
Octopus Energy completed its acquisition of Bulb in June 2023, following the supplier's 2021 insolvency and a period in special administration, according to Ofgem's Smart Export Guarantee annual report.
Ofgem consults on Code to prevent involuntary PPM installations for vulnerable consumers
Ofgem has opened a statutory consultation on making its Involuntary Prepayment Meter Code of Practice binding licence conditions, with the aim of having the protections in place for winter 2023/24.
Ofgem consults on new SLC requirements for involuntary PPM installations
Ofgem has opened a statutory consultation on licence changes that would put its Involuntary Prepayment Meter Code of Practice into the supply licence, with responses due by 26 July 2023.
Shell announces exit from UK domestic energy market
Shell announced in summer 2023 that it would sell its UK domestic energy business to Octopus and leave the household supply market, a process completed on 1 December 2023.
- May 2023
Teneo reports estimated Octopus repayment of £2.8 billion
Teneo, the special administrator for Bulb Energy, reported on 25 May 2023 that Octopus Energy is estimated to owe the government £2.8 billion after buying the failed supplier.
Citizens Advice responds to Ofgem consultation on Severe Weather Compensation amendments
Citizens Advice has backed Ofgem's proposed changes to severe weather compensation rules for power cuts, but says the draft should go further on who is protected and how payments are made.
Energy firms holding £280m of unclaimed Energy Bills Support Scheme payments
More than four million Energy Bills Support Scheme payments worth almost £280 million were still to be made or redeemed for October 2022 to February 2023, figures reported in the Mail on Sunday show.
- April 2023
Citizens Advice published its application to intervene in the RIIO-ED2 appeal
Citizens Advice has applied to intervene in a Competition and Markets Authority appeal by Northern Powergrid over the RIIO-ED2 energy licence modification, arguing the appeal would raise consumer bills without improving service.
New energy supplier obligation to start from April 2023
Energy suppliers will be obliged from April 2023 to help customers cut bills under legislation announced in the Growth Plan, worth £1 billion over three years.
Quarterly change to Flexi variable costs from 1 April 2023
ScottishPower has published the Flexi variable cost breakdown applying from 1 April 2023, showing a sharp fall in electricity distribution standing charges and a new transmission standing charge.
- March 2023
Government wholesale cost support for Bulb ends
Government funding of Bulb's wholesale energy costs under its Special Administration Regime ended on 31 March 2023, with the taxpayer bill estimated at £3.02 billion.
Which? publishes response to BEIS carbon content transparency consultation
Which? has told BEIS that green and renewable tariffs need standardised definitions, mandated sourcing information and a framework that covers electric vehicle charging and green gas.
Power NI announces underlying unit price decrease offset by reduced EPG support
Power NI has cut its underlying residential electricity unit price by 6.61p per unit, but a larger reduction in Energy Price Guarantee support means bills rise 14 per cent from 1 April 2023.
Citizens Advice publishes report recommending new energy bill support framework
Citizens Advice has published a report calling for the current system of energy bill support to be replaced by a state-determined social tariff funded by general taxation, with a new framework in place by spring 2024.
Which? publishes annual energy supplier ratings with Octopus Energy top and average customer scores falling
Which? has published its annual energy supplier survey, with Octopus Energy top on 78 per cent and the average customer score falling to 54 per cent from 59 per cent a year earlier.
Which? responds to delayed Energy Bill Support Scheme payments for some Shell customers
Which? has said some Shell Energy customers will have part of their Energy Bill Support Scheme payments delayed until the Spring, and called on the supplier to act quickly.
OVO Energy launches Kaluza-powered Charge Anytime EV charging plan
OVO Energy has launched Charge Anytime, a smart charging add-on giving eligible customers a flat 10p per kWh rate for electric vehicle charging, separate from their household electricity.
EDF raised SEG Export Variable rate from 1.5p to 3p per kWh
EDF raised the rate on its no-strings SEG Export Variable tariff from 1.5p to 3p per kWh in March 2023, a rate that has since stayed unchanged while average export prices moved higher.
Judicial review judgment on Bulb sale published
The High Court judgment on the Bulb Energy special administration sale process was published at the end of March 2023, with the transaction completed on 20 December 2022.
Only three suppliers exited the market in SY13
Ofgem's annual Feed-in Tariffs report shows supplier exits fell from 27 in Scheme Year 12 to three in Scheme Year 13, as market stability returned and scheme costs rose to £1.73 billion.