Energy news in general

[Deleted User]

'Orbit criticised the government and Ofgem for imposing unfair market conditions on the firm, describing itself as a “well-run energy supplier”.

The company said: “Sadly, the UK government and our regulator Ofgem, expects us to sell energy at a price far lower than the cost to buy – which makes operating unsustainable. It is with a heavy heart that we are confirming to you, our loyal customers, to let you know that despite our best efforts, supplying energy to UK households is no longer viable.”

This outlook echoed statements from doomed supplier Bulb Energy (Bulb), the UK’s seventh biggest energy company which fell into special administration and de-facto nationalisation earlier this week.'

Source: City AM 

Sea_Shell

Variant = travel ban = markets twitchy = gas prices down??

"Life is a rollercoaster, just got to ride it"

QrizB

Sea_Shell said:

Variant = travel ban = markets twitchy = gas prices down??
"Life is a rollercoaster, just got to ride it"

Not down by much, mind; still over £2/therm until March 22

[Deleted User]

According to the Mirror, Utilita is not actively seeking to take on any new customers until at least March next year, because of the current state of the market and the cap.

gt94sss2

Deleted_User said:

This passed me by. Ofgem seems to have snuck through another two company failures today, namely Entice Energy and Orbit Energy. That’s another 70000 customers looking for a new supplier. 

Last week, Ofgem ordered five energy suppliers to pay what they owe into a scheme to support small-scale renewable energy production, or risk having their licences removed.

It was confirmed that Orbit missed the largest payment of more than £451,000 while another four suppliers owed between £19,000 and £47,000, one of which included Entice.  

Source: Yahoo 

So who were the other three miscreants?

Listed in https://www.ofgem.gov.uk/publications/ofgem-orders-five-suppliers-pay-ps575000-feed-tariff-scheme

BikingBud

QrizB said:

The Chief Exectutive of Scottish Power, Keith Anderson, was on Radio 4, 0717-0724 this morning. He made the point that energy companies shouldn't be funded by customers' advance payments.

He also seemed to be arguing that the price cap should be raised to reflect the current wholesale price of energy (so 7p/kWh gas and 30p/kWh electricity) with targeted support for the vulnerable and low-waged. He might have had a point but he wouldn't be drawn on exactly how much he would like the cap to rise by, other than "several hundred pounds".

He also stated SP is a big vertically-integrated and well-funded business and at no risk from the current market conditions.

https://www.bbc.co.uk/programmes/m0011sf5 if you want to catch up.

Would that be the same Scottish Power: The Glasgow-based energy giant said its retail business increased profits by 21 per cent, £23 million, to £135m in the first six months of this year

BikingBud

Is the business model broken?

We were told and sold that competition in the market would be good for all. As it currently stands I cannot support that. 

Family silver sold off, slaves to overseas providers and large multi-nationals, cost of failed companies being spread amongst all other customers, profits disappearing into subsidiary companies rather than being invested back into the infra and especially renewables.

For basic essentails like power and water this is not in the best interest of the man on the Clapham omnibus

[Deleted User]

Swings and roundabouts…According to the National Grid

Yesterday #wind produced 40.3% of British electricity followed by gas 27.0%, nuclear 14.0%, imports 7.6%, biomass 6.9%, hydro 1.9%, coal 1.4%, solar 0.9%, other 0.0%

About bloody time! It’s an ill wind etc. 

[Deleted User]

@gt94sss2 Delta and Whoop still going then, apparently. 3 of the 5 have now gone. 

brewerdave

Very surprised that there haven't been announcements about Together Energy - they owe £12.4m still in overdue renewable obligations and have been in discussions with "restructuring advisers" . Elsewhere there are tales of customers receiving demands for huge increases in DD payments which suggests (to me anyway) that they are in the final throes before closure.