Big six energy firms hit back at Ofgem report November 25, 2013 THE BIG six energy companies defended themselves yesterday against allegations of hefty profits, after a report from regulator Ofgem showed that the generation parts of their businesses had an average profit margin of 20 per cent last year. Energy UK, which represents the interests of the big six firms, lambasted the report’s findings and asked [...]
London Report: Energy boost from Iran deal lifts the FTSE November 25, 2013 BRITAIN’S main share index rose for the first time in a week in thin trade yesterday as travel stocks rallied on expectations that a nuclear deal between oil-rich Iran and six world powers would help cut fuel costs. Airlines IAG and EasyJet, and cruise operator Carnival, rose between two per cent and 2.8 per cent [...]
Big Six domestic profits increase but overall profits suffer a drop November 25, 2013 (Ofgem) Ofgem has reported that the Big Six energy suppliers saw domestic profits jump 75 per cent last year. However, the report shows that total profits across supply and generation fell by £133m, or 3.4 per cent, on the previous year. This was a result of generation profits falling more than supply profits rose. Profits increased in [...]
Three steps David Cameron can take to end our dysfunctional green farce November 21, 2013 THERE is some controversy over whether David Cameron actually told his team they need to “get rid of all the green c**p”. But while Downing Street has denied it, there is little doubt that some ministers are realising they need to do something about the punishing costs of their current energy policies. They are right [...]
ACCA Comment: We should celebrate big businesses November 19, 2013 Large firms are bad at explaining their role in Britain’s economy BIG BUSINESS bashing is all the rage, whether over tax, rising energy costs, or bonuses. But as some point out, we need these businesses for our economy to make a full recovery, even if large companies need to change their ways and do more [...]
Family finances show signs of stabilising: Asda November 17, 2013 FAMILY finances are beginning to show signs of stabilisation after months of wild fluctuations, according to Asda’s latest Income Tracker. The grocery chain’s Income Tracker monitors the changes in the amount of disposable income the average UK family has to spend. Households are no better off than they were last year, but their finances are [...]
What the other papers say this morning – 15 November 2013 November 14, 2013 FINANCIAL TIMES Ofgem clashes with energy firms Network charges, identified by energy suppliers as a reason for inflation-busting price rises, are not going up as much as companies say, according to the UK’s energy regulator. Energy suppliers have blamed higher bills on rising costs in three areas: the wholesale energy they buy on international markets; [...]
Centrica holds onto customers but not profit November 14, 2013 As anticipated, energy supplier Centrica expects full-year profit for British Gas to be significantly lower than last year, as it says this morning that we are in "unprecedented times for the energy sector" and market conditions "remain challenging". It residential energy supply margin will also be hit and is expected to be "slightly lower than [...]
Why it’s no time to be complacent about the UK’s inflation problem November 14, 2013 THE SURPRISE fall in the annual inflation rate in October to 2.2 per cent on the consumer price index and 2.6 per cent on the retail price index is obviously welcome news. However, it’s too soon to be complacent. It also reminds us that inflation has been consistently above the Bank of England’s 2 per [...]
What the other papers say this morning – 14 November 2013 November 13, 2013 FINANCIAL TIMES Cameron calls for cuts in phone bills David Cameron is urging mobile phone companies to give customers a better deal as the prime minister fights to win ground in the battle over the rising cost of living. Downing Street has instructed Maria Miller and her officials in the Department for Culture, Media and [...]