Blog Category: Energy

2019 Financial dates for your diary

Financial dates for your 2019 diary

A lot is due to happen in 2019 – not least the PPI claims deadline on August 29th – covering everything from how much tax you’re charged, what you’re paid in benefits and how to switch mobile phone providers.

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Troubled Npower to axe 2,500 jobs

2,500 jobs lost

Troubled energy supplier Npower has announced that it is to cut 2,500 jobs as its German owner struggles to revive its performance.

In November they announced a loss of £48 million for the first nine months of the trading year, compared to the £73 million profit it made in the same period during 2014.  It also lost a massive 300,000 customers after a major billing problem which produced thousands of errors that the company were slow to deal with.Read More

British Gas profits up by 31%

British Gas profits up 31%

British Gas has announced a 31% rise in its annual profits, just a week after it became the last of the Big Six suppliers to lower its prices for domestic users.

The firm announced its profits had surged from £439 million for 2014 to £574 million at the end of December 2015.Read More

Energy costs hit ‘a five year low’ but ‘suppliers are overcharging’

Big Six ovrcharging

Wholesale gas and electricity prices have hit ‘a five year low’ according to top analysts, but Ofgem claims energy companies are ‘overcharging in many cases.’

The Power Index, supplied by market information provider ICIS, showed the cost of energy tumbling to £36.76 per megawatt hour at the end of 2015.  The causes were a mild winter and lower global commodity prices.Read More

Npower fined a record £26 million for complaints and billing failures

Npower fined £26 million

Npower – one of the Big Six energy companies – has been fined £26 million by Ofgem after sending out inaccurate bills and failing to deal with complaints properly.

The regulator said the energy giant had to pay the record amount for ‘failing to treat customers fairly.’Read More

E.ON ordered to pay £7 million for ‘unacceptable’ smart meter failings

Not enough smart meters

E.ON – one of the Big Six energy suppliers – has been fined £7 million by Ofgem for ‘unacceptable’ failings in the installing of smart meters for its business customers.

The energy giant has also been warned it faces a further £7 million fine and a sales ban if it fails to meet new interim targets.  The ban would prevent E.ON from taking on new business customers until it was able to supply them through a smart meter.Read More

British Gas owner Centrica cuts 6,000 jobs as profits double

 British Gas owner Centrica cuts 6,000 jobs as profits double

Centrica, the firm which owns British Gas, has announced they will be cutting 6,000 jobs on the same day they announce British Gas profits have doubled in the last six months.

The profits from British Gas’s residential arm rose from £265 million last year to £528 million for the same period this year. Centrica group profits fell by 3% to £1 billion.Read More

npower must give away free energy

npower must give away free energy

npower has been ordered to give free energy to customers whose complaints it did not resolve on time.

The energy regulator, Ofgem, said households which had an ombudsman ruling outstanding for more than 28 days against the company would get free power and may also have their debts written off.Read More

Energy – the good news and the bad news

Energy – the good news and the bad news

British Gas has announced price cuts of 5%, which will save the typical householder £35 a year on their energy bill, on the same day that the National Grid issues a warning of an increased risk of powers cuts this winter.

The cut will come into effect on August 27th and will apply to 6.9 million customers.Read More

Millions ‘paying too much’ for energy

Millions ‘paying too much’ for energy

Millions of UK households are paying too much for their energy claims a new report by the Competition and Markets Authority (CMA).

After a year long investigation they have found that the Big Six suppliers – British Gas, E-On, Npower, EDF Energy, Scottish Power and SSE – charged households more than they would have in a competitive market.Read More