Octopus CEO: We need strong competition to insulate us from future energy crises October 12, 2021 The UK energy industry is in turmoil. The sector is currently going through its most difficult time in decades, with a handful already going bust in the last few weeks. The lights will not go off this winter: we have well-oiled processes, put in place by the government and the energy regulator, to ensure customers [...]
Energy crisis: Treasury mulling over emergency cash request for industrial firms October 11, 2021 The Treasury is now considering a formal emergency funding request to help bailout industrial firms struggling with energy price rises in what appears to be an end to a cabinet row. The Department of Business, Energy and Industrial Strategy (Beis) today submitted a formal funding request to Rishi Sunak’s department, after the Treasury yesterday said [...]
Energy crisis: Industry chiefs turn up heat on ministers to provide more support October 11, 2021 Heavy industry bosses have piled pressure on the government this morning to provide emergency cash to manufacturers struggling to cope with surging energy costs. Business secretary Kwasi Kwarteng yesterday said he was in talks with Treasury to provide emergency funding to heavy industry firms, however the claim was quickly slapped down by anonymous sources at [...]
Consumer confidence slips to pre-Covid levels as shoppers see supplies squeezed October 10, 2021 Consumer confidence has dipped to its lowest level this year, as inflation, the energy crisis and HGV driver shortages take their toll on the outlook to Christmas, according to a new report by PwC. Following record highs earlier in the year, consumer confidence saw a decline in almost every age, region and demographic category, and [...]
Energy crisis: Kwasi Kwarteng rows with Treasury over heavy industry bailout talks October 10, 2021 Kwasi Kwarteng has been slapped down by the Treasury over emergency funding for struggling industrial firms, with the business and energy secretary accused of “making things up”. Kwarteng said he was speaking with the Treasury about a solution to help struggling manufacturers that are on the brink, however the Treasury has anonymously briefed to Sky [...]
Pure Planet near collapse, as gas crisis claims another victim October 10, 2021 Energy supplier Pure Planet is reportedly near collapse, becoming the latest victim of the UK gas crisis. As reported by Sky News, the company – which is partially owned by BP – is in talks with government regulator Ofgem to initiate the Supplier of Last Resort (SLR) process and transfer its 250,000 clients to other [...]
Boris Johnson off to Spain on holiday as UK stares down energy and cost of living crises October 10, 2021 Boris Johnson and his wife Carrie have jetted off for a week-long holiday in sunny Spain as energy and cost of living crises begin to bite for millions of Brits. The Prime Minister will be in Marbella, which is in the Costa del Sol, until Thursday in a luxury villa with his wife and young [...]
Total power outage in Lebanon: Entire country down, may last for several days October 9, 2021 The electricity grid in Lebanon has reportedly cut off electricity in the entire country as the two main power stations ran out of fuel. The blackout in the country of almost six million is expected to last for several days, a government source told various regional media. The al Zahrani and the Deir Ammar power [...]
Get ready for higher bills as energy costs are forecast to climb by 30 per cent October 7, 2021 Analysts warned this morning that millions of Brits will face energy bill hikes of around 30 per cent. Research agency Cornwall Insight has predicted further volatile gas prices and the potential collapse of even more suppliers could push the energy price cap to about £1,660 in summer. The forecast is approximately 30% higher than the [...]
Bulb keeping options open amid rising prices and takeover speculation October 4, 2021 Green energy firm Bulb are keeping their options open as speculation increases that it could soon become a takeover target. Ovo Energy are the latest believed to be sniffing around Bulb, which serves some 1.5m customers. Octopus Energy were also rumoured to be weighing up a bid. The Sunday Telegraph first reported Ovo’s interest. Bulb [...]