SSE defends its dividend ahead of bill increase November 13, 2013 SSE YESTERDAY posted a rise in profits and defended its decision to hike its dividend, mere days before an 8.2 per cent increase to customers’ bills will take effect. The FTSE 100 energy firm reported pre-tax profits of £336.4m for the six months to 30 September, a sharp increase from losses of £40.9m the previous [...]
Power bills will soar until 2030 November 12, 2013 A REPORT out today from the National Audit Office (NAO) predicts government spending on new nuclear and green initiatives will send household energy bills soaring above inflation for the next 17 years as the public stumps up two thirds of the cost. The projection adds to alarm over energy prices as the big six suppliers [...]
Fall in inflation begins to ease pressure on wages November 12, 2013 FALLING petrol prices helped push inflation down to 2.2 per cent in the year to October, the slowest pace in a year, official figures showed yesterday. But that is still above the Bank of England’s two per cent target and means prices are still increasing more quickly than average wages. Inflation eased off – down [...]
How institutional capital could keep the lights on and lower energy bills November 12, 2013 WITH so much talk about the lights going out in the UK over the next two to three years, it almost starts to be believable. In its last Electricity Capacity Assessment, Ofgem prophesied that our reserve margin of available capacity could fall below 5 per cent of total peak demand by 2015-16, raising the risk [...]
Why it’s no time to be complacent about the UK’s inflation problem November 12, 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 [...]
EDF to raise gas and electricity bills by 3.9 per cent November 12, 2013 EDF Energy announced on Tuesday that it will be hiking the average gas and electricity bill by 3.9 per cent, from 3 January 2014. The price rise is significantly less than rivals such as British gas who announced price rises of 9.2 per cent. The company's statement says the typical consumer will be at least [...]
What the other papers say this morning – 12 November 2013 November 12, 2013 FINANCIAL TIMES Shadow banks reap Fed rate reward Loosely regulated non-bank lenders have emerged as among the biggest beneficiaries of the Federal Reserve’s ultra-low interest rates with three specialist categories increasing their assets by almost 60 per cent since the height of the financial crisis. Such lenders, widely considered part of the “shadow banking” system, [...]
Coalition risks stalemate over green levies as discussions stall November 11, 2013 THE COALITION’S feud over green levies has hit a wall with no progress being made, City A.M. understands. Government policies such as the Energy Companies Obligation (Eco) scheme, an energy-efficiency initiative implemented by suppliers and paid for in bills, are at the centre of a debate into energy prices and the cost of living. Prime [...]
Regulators clear British firms of gas price-fixing November 7, 2013 ENERGY regulator Ofgem and financial watchdog the FCA yesterday said they had found no evidence of gas market manipulation in Britain after concluding an investigation. A year-long probe into the wholesale gas market was kicked off after a whistleblower, Seth Freedman from price reporting agency ICIS Heron, made allegations of gas price-fixing. “It has been [...]
Energy switch enquiries lift Moneysupermarket November 6, 2013 SWATHES of customers looking to switch energy suppliers boosted Moneysupermarket.com’s revenue 25 per cent in the first few weeks of October. The company, whose website helps customers to compare insurance, utilities and energy prices, reported overall revenue growth for the third quarter to 30 September of five per cent. Moneysupermarket attributed the dramatic increase in [...]