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Energy Prices

Ministers plan to extend the price cap on energy bills beyond 2023 and test automatic tariff switching to help stop consumers being ripped off. Auto-switching is an attempt to boost competition in the energy market and save consumers overpaying on “rip-off” tariffs. However, the plans have been opposed by the industry, which warned they were “stuck in the past” and risked damaging efforts to go green. Kwasi Kwarteng, the Business Secretary, said: “We want to unleash a wave of competition within the energy market and keep energy bills low so households across the UK can keep more money in their back pockets.”

Telegraph 23rd July 2021 read more »

The energy industry is bracing for a new wave of small supplier failures amid warnings that many cannot survive soaring wholesale gas and electricity prices. Keith Anderson, chief executive of ScottishPower, one of Britain’s biggest suppliers, said: “A massive train crash is about to happen because their models are unsustainable. Prices have gone through the roof and they can’t cope.” Wholesale UK gas prices are close to their highest levels since 2005 and are more than six times higher than they were a year ago, according to ICIS, the price reporting agency, while power prices have tripled in a year to 13-year highs. Anderson said that many small suppliers had signed customers to cheap, fixed-price deals and were now having to buy wholesale energy “way, way above what they are selling it at”. Such suppliers sought to keep signing up customers to bring in enough cash to survive, but “prices have gone up so much in the wholesale market, it’s impossible to run fast enough to catch up.

Times 24th July 2021 read more »

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