Energy trust IPO raises £186.5m for Tesla powered battery plan November 5, 2021 Harmony Energy Income Trust has raised £186.5m through an initial public offering (IPO) to develop large-scale battery energy storage systems across the UK. The systems will be powered by Tesla technology. It has issued 210 million ordinary shares at a price of £1 each, alongside 23.5 million ordinary shares for the acquisition of its seed [...]
BEIS committee calls for sector deal to protect steel industry November 5, 2021 The government must establish a new steel sector deal to ensure the UK industry remains competitive, says the business, energy and industrial strategy (BEIS) committee. In its latest report, the committee argues it could resolve long-running issues in the sector such as high energy prices and barriers to supplying steel for major public projects. The deal could [...]
Number of UK gas suppliers almost cut in half by energy price crisis November 4, 2021 UK energy suppliers have nearly halved in number this year, as soaring wholesale prices wreak havoc with the struggling sector. New research from Cornwall Insights has revealed that the market has sharply decreased from 47 suppliers at the start of 2021 to 24 currently left operating in the country. The number of departures from the [...]
Three million households to be in debt to energy supplier this winter November 3, 2021 More than three million UK households are facing a troubled winter in debt to their energy supplier – half a million more than last year – according to comparison service USwitch.com Its latest research reveals that 59 per cent of households say they are either worried, or very worried, about how they are going to [...]
Climate change tech: What heat pumps could do for your home, and your wallet October 29, 2021 As the energy crisis rages on amid rising gas prices, UK householders are facing a change in the way we heat our homes to tackle climate change. Here are some answers to the key questions about one of the main technologies we could use instead of gas boilers. First, what is a heat pump? In [...]
Energy price cap to be reviewed in response to unprecedented rise October 29, 2021 Ofgem, UK energy watchdog, said it will review how the price cap on gas and electricity bills is calculated in light of the collapsing energy firms.
Budget 2021: Steel sector bemoans “missed opportunity” as energy costs continue to rise October 27, 2021 The Budget was a “missed opportunity” for the country’s steel sector, argues the UK Steel and Community Union. The organisation has criticised Chancellor Rishi Sunak, believing he has left the steel sector “high and dry” by the lack of action on electricity prices and its failure to set out a clear plan for decarbonising UK steel production. [...]
China shut out of UK nuclear plans as Kwarteng sets out new funding model October 26, 2021 The UK’s nuclear energy programme is being revitalised with a rebooted funding model to shut out Chinese companies and replace its ageing power facilities. Business secretary Kwasi Kwarteng has announced The Nuclear Energy (Financing) Bill ahead of the Budget today. The UK will now utilise the Regulated Asset Base (RAB) to front-load costs to consumers [...]
SMEs fear high energy costs will act as a barrier to growth October 25, 2021 Seventy per cent of small and medium enterprises (SME) owners believe that high-energy costs will negatively affect the growth of their businesses, according to a new survey from Tyl by Natwest. The group questioned 500 UK SME business owners, and discovered that 65 per cent of SMEs are spending up to one fifth of their [...]
Goto Energy collapses amid energy price crisis October 18, 2021 Goto Energy has ceased trading. It is 16th energy supplier to go bust this year and the 13th since the crisis began in September. The sector is struggling to cope with record high gas prices. Soaring wholesale costs combined with the £1,277 price cap on the average energy customer has resulted in many energy firms [...]