E.On hikes dual fuel energy prices by £97 – and the government says it’s “prepared to act” March 7, 2017 E.On is hiking its energy prices because of increasing costs to social and environmental schemes – and ministers have responded with a word of warning to the industry. The Germany-based company said prices for dual fuel customers will rise 8.8 per cent from 26 April, affecting 62 per cent of customers, or 2.5m people. "Wherever markets are not [...]
The BCC is demanding action over mounting business rate concerns March 6, 2017 Almost 40 per cent of UK firms are more concerned about business rates than three months ago, according to new research. Figures from the British Chambers of Commerce show that business rates (39 per cent) were second only to exchange rates (42 per cent) in the number of firms reporting increased worries. And among small [...]
A pensions Green deal that needs energy to understand March 3, 2017 The Green deal: a government-sponsored scheme eventually discarded after failing to adequately explain its benefits and providing poor value to participants. I’m referring, of course, to a Tory-Lib Dem coalition energy-efficiency programme, but is it a description which applies equally well to Sir Philip Green’s £363m settlement with regulators over the pension crisis at BHS? On [...]
Higher energy prices drive Eurozone inflation to hit two per cent for the first time in four years March 2, 2017 Eurozone inflation hit two per cent in February, beating the European Central Bank (ECB)’s target for the first time since January 2013. The year-on-year rate of inflation rose from 1.8 per cent in January according to flash estimates from the European Commission. The sharp rise over the months since November has mainly been driven by the [...]
Ofgem is proposing to reduce energy costs by cutting subsidies for small-scale power generators March 1, 2017 Ofgem is proposing plans to help consumers save up to £7bn by 2034 by cutting subsidies to some small-scale power generators that provide back-up energy during peak demand. The UK's energy watchdog said the proposals will cut about £20 per household per year as the costs are included in network charges on consumers' bills. It said the changes will make the energy system [...]
Terra Firma boss Guy Hands on buying Agent Provocateur, dyslexia and moving on from multi-million EMI loss February 27, 2017 In June last year, Terra Firma dropped a £1.5bn lawsuit against Citi over the acquisition of EMI. It is reported that Guy took a €200m (£168m) hit to his personal fortune as a result of the deal. The Terra Firma boss alleged that Citi misled him into overpaying for the music publisher in 2007. How’s [...]
Government intervention causes Britain’s energy sector to fail to deliver low costs and ensure supply, a report by the House of Lords argues February 24, 2017 The government has allowed the UK's energy market to become "opaque, complicated and uncompetitive", a report to be published today argues. Written by the House of Lords' committee on economic affairs, the report says Britain's energy market fails in two key areas: delivering low costs to customers and ensuring the country has sufficient supplies. The security of [...]
Prices on the rise: What next for inflation? February 23, 2017 Inflation is waking up Most of the major central banks are predicting rises in inflation. Price pressure was already beginning to build in 2016 as the world economy showed signs of improvement. Now the policies of a new Trump administration – lower taxes and increased government spending – could increase that pressure. The expectation among [...]
Co-op Energy will hike its prices for the second time in six months February 23, 2017 Co-operative Energy will increase its prices for the second time in six months, adding a collective £90 to customers' bills due to rising costs in the sector. The energy provider will raise its prices by five per cent, or £58, for gas and electricity from 1 April. In October, the firm raised energy prices three per [...]
Norway doubles down on Arctic oil February 21, 2017 While Canada and the U.S. ban Arctic drilling for oil and gas motivated by environmental concerns, and majors such as Shell pull out of their Arctic projects due to financial pressures, Norwegian energy companies are planning to increase drilling in the country’s Arctic shelf in the Barents Sea. It seems that the limited oil price [...]