The International Energy Agency (IEA) have revealed their forecast for the oil price is continued falls with little sign of a rebalance in the current combination of low demand and supply glut. Whilst a ‘new era of cheap oil’ suggests positive news for consumers, motorists and global growth the reality this time is somewhat different. […]
Ofgem finally authorise Ovo Energy’s interest deal
Ofgem’s long running and increasingly bizarre dispute with Ovo Energy over their policy of offering interest of 3% on credit balances has finally been concluded. Having previously ruled Ovo’s positive market move as inappropriate, Ofgem has undertaken a “derogation review” and has belatedly ruled that the policy does not increase complexity and is actually “beneficial […]
No rest for dedicated SMEs over the festive season
Cloud computing firm Xero has revealed in its latest survey that 17% of SME business owners will work over the festive period with a similar number expecting to spend at least half a day focused on their businesses whilst others enjoy the yuletide atmosphere. The poll, undertaken by OnePoll, does not suggest that the ‘nation […]
Ofgem Promise Price Control Brings Savings
In November the Ofgem Supply Market Indicator (SMI) revealed that network costs make up 23% of the retail price of energy. In quick succession Ofgem has finally announced its annual price control for the distributors of electricity around the UK networks. The ‘wires’ owners were made aware of Ofgem’s broad intentions in July when tougher […]
Ofgem Finally Face the Reality of their Failings
Dermot Nolan Chief Executive of Ofgem has underlined the depth of the malaise in the energy market affecting the regulator, suppliers and long-suffering customers. Nolan laid bare the failures of Ofgem admitting: “A relatively senior public figure once said to me that the actions of the regulator five years ago were essentially saying to consumers: ‘There […]
National Grid Prepare for Winter 2015 Blackouts
Winter 2014/15 isn’t even upon us and already National Grid is making plans for 2015/16. Some will say this pre-preparedness is a welcome move as criticism reigned over the regimented publication of National Grid’s winter outlook report for 14/15 in October despite the known capacity constraint that was looming. The truth is though that such […]
Laidlaw vs. Miliband Round 2
Another day, another bashing for Red Ed. Like fox hunting some sports are too cruel and too easy to succeed at. Following Ed Miliband’s disengage brain outburst on freezing energy prices and his apparent total ignorance of fundamental economic principles there was an initial outcry from all and sundry, not least those who pointed out […]
Investigation into the Big 5 Price Comparison Sites Announced
A commons select committee investigation into the behaviour and transparency of price comparison websites has been announced. Following the controversy of ‘hiding deals’ that hit the headlines in October and the weak response from the price comparison websites for what many saw as opaque business models, the Energy and Climate Change Committee will be holding […]
Cable’s Funding for SMEs Snaps Under Pressure
Vince Cable’s flagship schemes to reinvigorate flagging SME finance are forecast to fall well short of their targets. The schemes, the British Business Bank, the Green Investment Bank and the Export Finance Scheme were forecast to provide £2bn to UK businesses in 2014-15. However just over a quarter of that sum will now be achieved […]
1st Capacity Auction Ends in Chaos
The UK’s first capacity auction has ended. The opening bid price for the 48.6GW had been set at £75/kW/year and with four auction ‘rounds’ scheduled, the forecast out-turn price was £42/kW/year area according to DECC. The reality is however that the final clearing price of £19.40/kW/year, a level that was significantly lower than expectations, sits […]