Sigh of relief as energy price cap forecasts drop by more than £2,000 in just a week September 4, 2022 The forecasts for next year’s energy price caps have once again dropped as gas prices fell this week. Auxilione, a consultancy that updates its predictions daily, reduced its price cap forecast for April next year by £23 – the third drop in a row. The forecast for April’s cap is now £5,539 per year for [...]
World’s largest wind farm launched off Yorkshire coast August 31, 2022 Ørsted has launched the world’s biggest fully-operation wind farm, 89km off the Yorkshire coast. The launch of the 1.3 GW Hornsea 2 project has seen Ørsted break its previous record, which the Danish firm previously set by launching its 1.2 GW Hornsea 1 windfarm in 2019. Ørsted’s UK chief Duncan Clark said the Hornsea 2 [...]
Marsh launches world’s first dedicated hydrogen insurance fund August 22, 2022 Insurance broker Marsh today set out plans to launch the world’s first ever dedicated hydrogen insurance offering, to provide coverage for new and existing H2 energy projects. Marsh’s new fund will provide cover worth up to $300m per project in a bid to capitalise on a fast-growing sector that is set to see $150bn invested [...]
Emergency talks: Chancellor and energy bosses hold crisis meeting as gas bills risk climbing to £4,400 August 10, 2022 Chancellor Nadhim Zahawi and Business Secretary Kwasi Kwarteng will hold emergency talks with energy sector chiefs today as the price cap was forecast to hit more than £4,400 in January. In a new dire outlook for households, Cornwall Insight said bills are set to soar to around £3,582 in October, from £1,971 on Tuesday, before [...]
Insurers grapple with transition to a greener world August 10, 2022 Last week, a coalition of thirteen of the UK’s major insurers vowed to cut their supply chain emissions as part of the Sustainable Markets Initiative’s (SMI’s) sustainable supply chain pledge. In signing the SMI pledge, the 13 insurers and brokers – including Axa, Phoenix, Lloyd’s, and Direct Line – vowed to work with their suppliers [...]
Brits’ energy bills to hit £4,000 by January as gas prices spiral out of control August 7, 2022 The average energy bill is set to climb to nearly £4,000 a year from January as gas prices continue to push upwards, new analysis has shown. Energy consultancy Auxilione warned that the Government’s price cap, which sets bills for more than 20 million households in Great Britain, could be increased further than previously expected. It [...]
Half of all Brits risks falling into fuel poverty before the end of this year in harshest economic climate ever August 6, 2022 UK adults say the current economic climate is the harshest they have experienced, with half of all Brits either unable or soon to be unable to pay all of their bills. Millions of Brits are concerned about the months ahead as 47 per cent said they are not confident in their ability to pay their [...]
Energy watchdog Ofgem to review price cap quarterly ahead of ‘challenging winter’ August 4, 2022 Energy regulator Ofgem said this morning that the energy price cap will be reviewed quarterly, rather than every six months, as it warned that customers face a “very challenging winter ahead”. The regulator said the change would go “some way to provide the stability needed in the energy market”, adding: “It is not in anyone’s [...]
Wonks: Power prices won’t ease until 2028 despite renewable ramp-up August 2, 2022 Power prices will take five years to plateau, according to the latest market outlook from energy specialist Cornwall Insight.
Drax’s profits surge as high energy prices bolster power plant operator’s earnings July 26, 2022 Power plant operator Drax Group today said its pre-tax profits for the first half of 2022 were almost four times higher than its pre-tax profits for the same period in 2021, after high electricity prices bolstered the Yorkshire firm’s business. The North Yorkshire company – that operates the coal and biomass fired Draw Power Station [...]