With the recent state of the energy market and the furore surrounding bill increases there has been much speculation on energy companies and how they should be regulated. In 2012 Ofgem launched an investigation into the accounts of the Big Six and today the results have shown a 20% profit margin for the energy companies. The questions now are whether or not these profits are fair with regards to future investment in power generation, and why these large profit margins couldn’t cushion the financial blow passed onto consumers.
Tagged with 'ukenergy'
While everyone is naturally concerned over rising energy prices this coming winter, at least there is some light at the end of the tunnel. One of the main reasons cited for the price increases by the energy companies was the green tax levy that was being placed on them in order to make homes more energy efficient and help the country reach carbon emission targets. It hasn’t all been in vain, as the UK’s offshore wind capacity has rocketed.
It’s perhaps a sad irony that costly green measures are pushing up our energy bills, but unless action is taken by dawdling politicians this could only be the start of a much bigger crisis. Amid the controversy surrounding short term price hikes we seem to have neglected the Energy Bill which is working its way through Parliament and the impact it could have…
The recent Government announcements on their plans to be more strict with the energy sector were welcomed by the public on Wednesday. But as winter closes in many are asking what is going to be done in the short term for those struggling financially.
Angela Knight of Energy UK has today announced that energy companies are “more socially responsible than supermarkets” when it comes to public interest and that the recent price rices are out of their control.
In Westminster yesterday, the big energy bosses were brought in front of a hearing led by the Energy and Climate Change Committee to justify their huge increase in consumer prices. Leaders and representatives of the 6 leading energy firms were brought in for questioning to get the bottom of what has caused a public outcry over increasing energy bills at the beginning of what is set to be a cold winter.
As the Energy and Climate Change committee heads up a hearing into the price increases put into place by the big six energy companies, accusations have emerged that the companies will do all they can to push prices up to the maximum they believe they’ll be able to get away with before people choose to switch.
The top executives from the largest six energy companies in the UK are set to come under heavy fire from MPs today as they are called to sit through some questioning from MPs. The Energy and Climate Change Committee will be chairing proceedings. What are we expecting?
David Cameron announced today that more competition was needed in the energy supply sector as he voiced his “frustration” at the current dominance the big six have over the marketplace. He hinted the best way to keep prices down would be to even the playing field and encourage more competition and choice for consumers, saying he’d prefer a ‘big sixty’ to a big six.
Today David Cameron came out and declared it was wrong for energy firms to increase their bills to customers when there is no real substantial increase in wholesale prices. He’s come under fire recently from the Lib Dems and Labour for dealing with the matter in a transparent or direct fashion.