Spectre of ‘stagflation’ looms over UK economy September 23, 2021 The UK economy is in real danger of undergoing a period of “stagflation” as prices soar and growth slows to a snail’s pace, according to a closely watched survey released today. The latest IHS Markit / CIPS UK composite output index dropped to 54.1 in September, down from August’s reading of 54.8. Chris Williamson, chief [...]
Small energy suppliers Green and Avro cease trading after pleading for support September 22, 2021 Green and Avro have announced they are leaving the energy market and will cease trading. The announcement from Green came just one day after it was reported the firm had lined up insolvency advisers. The supplier said it was “exiting the market due to the government failing to provide any support to smaller energy suppliers,” [...]
Kwarteng hits out at energy companies ‘complaining’ about price cap September 22, 2021 Kwasi Kwarteng has launched an attack on energy companies calling for a lifting of the price cap so they can pass on soaring gas costs to consumers, saying that firms went into business with their “eyes open”. The business and energy secretary told MPs again today that he was committed to keeping the price control, [...]
British Steel: 50-fold increase in power prices limiting daily operations September 22, 2021 The UK’s second-biggest steel producer said rising power prices had made it impossible to produce profitably at certain times of day. British Steel said there had been an up to 50-fold increase in quoted rates, with a maximum price at peak times of up to £2,500 per megawatt hour, compared with an average rate of [...]
Small supplier Green eyes insolvency advisors as energy crisis bites September 21, 2021 Small energy supplier Green could be the next firm to go under amid rising costs as it is reportedly lining up insolvency advisors. It comes as the government decided against stepping in to help buoy struggling firms that are failing to keep up with surging prices for electricity and gas. Green’s collapse, which could happen [...]
Energy crisis: Ofgem and Kwasi Kwarteng resist pressure and agree price cap is not going anywhere September 21, 2021 Kwasi Kwarteng and Ofgem chief executive Jonathan Brearley have confirmed they had taken a unified position over the price ceiling continuing. The energy regulator and the Business Secretary agreed the energy price cap must “remain in place” during crunch talks to find a solution to record gas costs. Kwarteng held a crisis meeting with the [...]
DEBATE: Could nuclear prevent another energy crisis? September 21, 2021 Britain is in the throes of an energy crisis. There are myriad reasons from unusually low amounts of wind to sky-high gas prices. As we turn to net zero a familiar debate over the place for nuclear energy in our carbon-neutral arsenal. Eammon Ives of the Centre for Policy Studies says YES to nuclear The [...]
Editorial: The energy cap can’t go right now – but free markets have better answers September 21, 2021 It is not, perhaps, the best time to argue for free markets and open competition in the energy market. Analysts are anticipating that the increase in the wholesale price of natural gas will see a host of firms wiped out; their economics are simply unworkable. The only thing protecting consumers from spiralling energy prices, then, [...]
Brits face choice between heating and eating, warns personal finance guru Martin Lewis September 20, 2021 Thousands of Brits will be forced to make the devastating choice between heating and eating as energy bills rise, Martin Lewis has warned. The consumer and personal finance champion called the ongoing energy crisis “catastrophic” and said intervention is needed to help consumers. Soaring wholesale gas prices are putting an upward pressure on energy bills. [...]
Perfect energy storm: Do the gas price hikes mean your bills will rise? September 20, 2021 Government ministers and energy companies are in crisis talks today, as the price of gas has soared in recent weeks, putting several energy suppliers out of business and forcing some factories to stop production altogether. The price of wholesale gas has surged by 250 per cent since the beginning of the year and added 70 [...]