Green light for £2bn North Sea cable to power millions of UK homes November 15, 2024 A £2bn subsea and underground cable which will power millions of UK homes has received final funding approval today. The 196km-long Eastern Green Link 1 (EGL1) cable, which will be primarily laid under the North Sea, is expected to bolster the UK’s energy security and reduce customer bills by £870m per year. The National Energy [...]
UK Infrastructure Bank sets aside £87m to invest in subsea cable factory September 26, 2024 The project is expected to create around 900 permanent jobs on completion, with the facility producing thousands of km of cables each year.
Ed Miliband brands renewable energy transition a ‘national security fight’ against nimbys September 17, 2024 Britain’s transition to renewable energy is the “economic justice, energy security and national security fight of our time”, Ed Miliband has said, as he pledged to “take on the blockers”. The energy security and net zero secretary told Energy UK’s annual conference in London that fossil fuel “dependence” continued to leave the UK “deeply vulnerable [...]
OVO Energy to pay out millions in compensation after Ofgem probe September 17, 2024 The UK’s fourth-largest energy supplier, OVO, has agreed to a £2.37m settlement following a regulatory investigation by Ofgem. The energy watchdog uncovered significant delays in addressing customer complaints, with some unresolved for up to 18 months. In addition, OVO failed to action the Energy Ombudsman’s rulings in certain cases. As part of the settlement, the [...]
Drax: Renewable power operator agrees to pay £25m as Ofgem shuts probe August 29, 2024 Power station operator Drax has agreed to pay £25m after an investigation by energy watchdog Ofgem found it failed to report data adequately. Drax, which receives hefty Government subsidies from burning biomass wood chips, lacked the necessary data governance and controls in place, according to Ofgem. This meant it did not give the regulator accurate [...]
Ofgem’s energy price cap to increase by 10 per cent from October August 23, 2024 Households will pay £12 a month more for their gas and electricity bills starting in October after Ofgem announced it would lift its price cap. The energy price cap for the final quarter of 2024 will rise 10 per cent to £1,717 for a typical household in the UK, the energy regulator confirmed today. That [...]
UK’s largest electricity transmission project gets green light from Ofgem August 13, 2024 The £3.4bn Eastern Green Link Two, described as a subsea "superhighway," will run for 436km between Yorkshire and North-East Scotland.
Ofgem takes steps to improve flexibility of UK’s energy market in clean power push July 29, 2024 Ofgem has pushed ahead with plans to increase the flexibility of the UK's energy market as it becomes more reliant on intermittent sources of energy, like wind and solar.
Ofgem: Millions of Brits set for lower bills as price cap drops by seven per cent May 24, 2024 Millions of Brits are set to pay lower bills from July after Ofgem announced it would lower its price cap by seven per cent in response to falling wholesale prices.
National Grid set to profit from Hunt’s full-expensing tax relief scheme April 18, 2024 The National Grid has said that it expects to report higher earnings in its full-year results on 23 May, due to new reporting methodology.