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 [...]
Wood Group’s profit plummeted due to a “very challenging” oil and gas market February 21, 2017 Wood Group's shares have tumbled after it reported a 62 per cent fall in its 2016 profit as weak oil prices causing producers to cut spending. The figures Shares in the FTSE 250-listed oilfield services company plummeted as much as 11 per cent in morning trading when it revealed its profit for the year ended 31 December 2016 dropped 61.8 [...]
Britons spend £19,000 every year on bills February 17, 2017 British families spend almost three-quarters of an average wage on bills and accommodation, according to a new study. The average family in the UK spends £19,142.37 on the basics for a fully functioning home, including mortgages or rent, insurance, gas, and electricity, according to a study by Powershop UK. Utility bills on average comprised £520 [...]
These are the energy providers rolling customers onto higher tariffs at the end of the month – and the cheapest deals February 16, 2017 British households could be hit by an extra £256 added to their energy bills when several tariffs expire at the end of the month. On the 28 February, 27 fixed dual fuel tariffs are set to end from suppliers including Extra Energy, Npower, and EDF, meaning customers could be rolled onto their supplier's standard variable tariff, new research shows. Of those, 25 will increase rates [...]
Five-year high for US inflation in biggest jump in consumer prices since 2013 February 15, 2017 Consumer prices in the US jumped in January by the most since 2013 as higher oil prices continue to make their impact around the world. Prices increased by 0.6 per cent in January to push annual inflation to 2.5 per cent, higher than expected, according to the US Bureau of Labour Statistics (BLS). Rising petrol [...]
Big Oil is sleepwalking into crisis by underestimating the electric car revolution February 15, 2017 The “disruptive” label is overused. However, the unexpected pace of advancement in clean technology over the past decade has taken many established utility companies by surprise. And despite recent, largely reassuring results from the oil sector, Europe’s utilities provide a potentially prophetic glimpse into its future. In the German city of Hamm, the Westfalen D [...]
Boiler breakdowns cost the UK £787m in bills last year February 15, 2017 UK families were forced to pay out more than £787m in unexpected boiler repair bills last year. Nearly a fifth of households (18 per cent) faced at least one boiler breakdown in the last year, and the average cost of repairing it came to £270, according to energy price comparison website uSwitch. However, a quarter [...]