The country’s reliance on gas for heating, electricity generation and heavy industry comes at a heavy cost The UK’s reliance on gas to heat homes, generate electricity and fuel heavy industry has come at a steep cost, which is expected to keep on rising. In recent weeks the financial hit to household incomes has
New energy needs a new market. Not for the first time, global energy markets are in turmoil. Internationally traded gas prices more than quadrupled in 2021. In their wake, many energy suppliers have gone bust and household bills across Europe are set to soar. Energy prices are driving up the cost of living and inflation,
Yesterday (3 January), Ofgem announced a 54% increase in the price cap for the summer period, due to the ongoing energy crisis. In response, chancellor Rishi Sunak set out a number of measures in an effort to manage the impact this will have on consumers. This includes a £9.1 billion one-off repayable discount, a council tax
In 2017 the UK’s biggest gas storage facility, Rough, closed after the Government refused to subsidise costly repairs Britain has been hit harder than its European neighbours by the energy price crisis, in part because it has very little gas storage capacity. Gas stores can act as a buffer against rising energy prices by enabling countries to
Octopus Energy has increased its export tariffs by 36%, as energy prices in the UK remain at record highs. As such, its Smart Export Guarantee (SEG) (export only customers) tariff has increased from 3p/kWh to 4.1p/kWh, and its Fixed Outgoing Octopus tariff has increased from 5.5p/kWh to 7.5p/kWh. The change came into force at
Investors are now becoming more comfortable with battery storage, with projects being profitable and cost-effective, according to industry experts. Speaking at the Energy Storage Network’s Annual Marketplace, Alicja Kowalewska-Montfot, commercial manager-energy storage at Gore Street Capital, said the asset owner had established a “very strong” retail base of investors, who would typically be more risk
Dorset Council has granted planning permission for the Blandford Hill Eco Hub development from Naturalis, a development that will include a 15MW solar farm with battery energy storage. The £10 million development will provide an electric vehicle charging hub, off the A354. It is set to include 6 ultra-rapid (up to 350kW) and 6
There are 12 suppliers in the UK that are technically insolvent and therefore at risk of collapse, according to analysis from accountants Price Bailey. It looked at the credit risk scores and balance sheet information of the 22 remaining suppliers – with the analysis excluding the big six and two businesses with suppressed risk
The long-term sustainability of the energy sector is at risk from the short-term measures being considered as a solution to the energy crisis. Currently policy makers are focusing too heavily on solutions to manage the upcoming price cap increase, in particular the Default Tariff Cap, without treating the root cause of the energy crisis,
The number of families experiencing fuel stress is set to triple overnight when the price cap is reset, reaching 6.3 million households. According to new research from charity Resolution Foundation, if the price cap increases by around 50% – as it is predicted to by the likes of Cornwall Insight – the number of households that