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Agreement on price cap change

Agreement on price cap change Ofgem‘s choice to alter the price cap methodology has made one of its non-executive directors resign. Christine Farnish, a non-executive member of Ofgem’s governing authority Gas and Electricity Markets Authority (GEMA) told The Times that she felt the energy regulator “had not struck the right balance between the interests of consumers…
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EU declines VAT exemption on German gas levy

EU declines VAT exemption on German gas levy Europe is hoping the new gas levy Germany is announcing for all gas consumers not have “unintended consequences”. It is hoped that this new tax will give accsess for the country to offset the soaring gas import prices caused by the cuts of Russian gas flows through-out…
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Bad debt recovery decision deferred

Bad debt recovery decision deferred Ofgem has disclosed that it will put off its appointment on the introduction of an allowance in the price cap to recover bad debt. The consultation would aim to make sure the cap reveals the efficient prices incurred by suppliers because of bad debt and other debt related costs as…
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Energy crisis intensifies & bp’s profits increase

Energy crisis intensifies & bp’s profits increase bp‘s profits hit $8.45bn (£6.9bn), more than three times the quantity it made in the same period the previous year. Like peers, the company was able to capture the benefit of high energy prices translated into the 2nd highest number in the firm’s history. In its second quarter outcome…
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£3616 energy bills to be faced

£3616 energy bills to be faced British homes have been advised to prepare for annual energy bills of £3,616. Consultancy Cornwall Insight told BBC Breakfast that domestic customers could pay £3,359 per year in October and £3,616 in January. Although this prediction is lower than the grim estimation last week for monthly energy bills of…
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ScottishPower kicks off huge recruitment drive

ScottishPower kicks off huge recruitment drive: ScottishPower has kicked off what it believes is the company’s largest recruitment drive, with as much as 1,000 new jobs to be filled in the coming 12 months. This comes after a record amount of green energy infrastructure projects were obtained by the company during the first half of…
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EDF & Veolia condemned for keeping Russian ties

EDF & Veolia condemned for keeping Russian ties: Energy company EDF and waste, energy and water services firm Veolia have encountered criticism for maintaining various contracts with Russia. Environmental group Greenpeace has pushed for EDF to cut the contractual connections to Russian state-owned firm Rosatom. Reports believe the contract with the Russian nuclear power giant…
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Today marks Ofgem’s Centralised Switching Service launch

Today marks Ofgem’s Centralised Switching Service launch Today is the 1st day for Ofgem‘s Centralised Switching Service (CSS). The new scheme requires suppliers to ensure converting is accomplished within 5 working days. It is anticipated to save time and make the whole switching conversion process effortless for domestic and non-domestic customers, correlated to the present…
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People may have to ration energy this winter

People may have to ration energy this winter Europe to expect a “really tough” winter amid rising energy costs. That’s the implication from Shell’s Chief Executive Ben van Beurden who spoke within the Aurora Spring Forum in Oxford. “We will all face very significant escalation in energy prices. In the worst case, Europe will need…
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Administrators chosen for recent folded energy supplier

Administrators chosen for recent folded energy supplier Administrators have been delegated to UK Energy Incubator Hub, the company that recently withdrawn from the UK’s energy retail market. A couple of days ago, Ofgem announced 3.5k customers of the unsuccsessful supplier will be moved to Octopus Energy. The previous week, UK Energy Incubator Hub was given…
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