Kwasi Kwarteng has unveiled the government’s mini-budget outlining its fiscal priorities “in one of the biggest interventions ever made”.
Standing at the despatch box in the House of Commons earlier today, the Chancellor reassured the public that “help is coming” as Britons are feeling the financial pressure caused by the energy crisis.
“During the worst energy crisis in generations, this government is on the side of the people”, he noted.
Mr Kwarteng ha
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Mini-budget: Chancellor outlines tax cuts and energy bill support
-
Energy Bills Discount Scheme ends, small businesses face uncertainty
On 31st March, the Energy Bills Discount Scheme will conclude, impacting small businesses across the UK.
Established to ease financial strain from rising energy costs, its closure leaves many SMEs uncertain about future expenses.
Research by Simply Business found a quarter of SMEs experienced significant energy cost increases, compounding economic challenges.
The lack of a replacement scheme in the recent Spring Budget adds to SMEs’ concerns, with fears of financial struggles amid mounting -
Heat pump grant applications increase by 75%
The demand for heat pumps in the UK has increased, with a 75% rise in grant applications recorded in February compared to the same period last year.
These figures, released ahead of the second anniversary of the Boiler Upgrade Scheme, indicate a notable shift towards eco-friendly heating solutions in households across the country.
Since the grants for air source and ground source heat pumps were increased to £7,500, the scheme has experienced consistent growth, with over 2,000 applications -
National Grid DSO unveils expansion plan
National Grid Electricity Distribution (NGED) has unveiled a two year action plan for its Distribution System Operator (DSO) at an event hosted at London’s Battersea Power Station.
During its first year of full functional separation, NGED’s DSO achieved milestones, including the addition of 10GW of capacity through initiatives like ‘Technical Limits,’ and registering 70,000 flexibility assets on its ‘Market Gateway’ platform.
Additionally, over £80 milli -
Webinar: Decoding the Clean Energy Horizon: Insights from Merck KGaA, Darmstadt, Germany’s Recent PPA Deal
The Trio team will provide an exclusive market overview and engaging fireside chat, offering invaluable insights into securing a Power Purchase Agreement amid the evolving European renewable energy landscape.
Key Talking Points: A review of the European renewable energy marketplace in Q1 and expectations for the market in the remainder of 2024
High-level details of the PPA deal, including a blend of wind and solar technologies for optimal balance
Challenges encountered along the way, and ho -
Massive UK subsea link greenlit
Eastern Green Link 2 (EGL2) has received provisional regulatory approval from Ofgem.
The collaboration between SSEN Transmission and National Grid Electricity Transmission involves constructing a high-voltage direct current (HVDC) subsea connection spanning over 500 kilometres, linking Scotland to Yorkshire.
The approval is a crucial step for EGL2, potentially the longest subsea connection in Great Britain, expected to enhance energy security and support net zero emissions goals.
With an estimat -
UK green tech gets £16m boost
A £16.6 million investment has been unveiled today, aimed at providing semiconductor researchers and businesses with access to equipment to develop and test chips for high energy machines like electric cars and manufacturing equipment.
Nearly £14 million of the funding is specifically targeted at semiconductors used in “power electronics”, crucial for energy intensive applications such as electric vehicles and manufacturing machinery.
The initiative aims to foster innovat -
Customers urged to send meter readings to avoid being overcharged
Households across the UK are being encouraged to provide their energy meter readings this weekend to prevent potential overpayments.
Approximately ten million households are advised to send their readings to their energy supplier to ensure accurate billing, particularly with cheaper prices set to take effect from 1st April.
Following a reduction in wholesale prices, Ofgem has announced a drop in its price cap, resulting in the lowest average household energy bill in two years.
The energy price c -
Thames Water’s shareholders refuse extra cash injection
Thames Water is under pressure from its shareholders to increase customer bills to address its current financial difficulties.
The shareholders, who were expected to invest nearly £4 billion in the company over the next two years, have withheld this funding, expressing concerns over the effectiveness of Thames Water’s proposed turnaround plan.
The shareholders consider Thames Water’s turnaround strategy “uninvestible” and call for regulatory approval from Ofwat for -
Ofgem greenlights £3.4bn for Scotland-Yorkshire electricity superhighway
A proposed £3.4 billion funding package has been announced for the Eastern Green Link 2 (EGL2), a 500-kilometre electricity superhighway connecting Scotland and Yorkshire.
The project, expected to power around two million homes, involves a subsea and underground cable link between Peterhead in Aberdeenshire and Drax in North Yorkshire.
EGL2, designed to harness Britain’s offshore wind power potential, is the second project to proceed under Ofgem’s Accelerated Strategic Transmis -
Renewable energy overtakes gas in the UK, analysis shows
Record-breaking renewable energy production signals ‘end to fossil age’, some researchers believe -
Raw sewage spills double in England’s waters
Sewage spills into England‘s rivers and seas more than doubled last year, with 3.6 million hours of spills reported compared to 1.75 million hours in 2022, according to the Environment Agency.
This data, collected from 14,318 storm overflows, marks a 54% increase compared to 2022 and a 13% rise compared to 2020.
The uptick in spills correlates with 2023 being named the sixth wettest year on record by the Met Office.
Despite rainfall being a primary driver of overflow spills, water companie -
E.ON launches free home energy upgrades for 1,000 Midlands homeowners
E.ON has launched a project called ‘Homes for Net Zero’ aiming to enrol 1,000 homeowners from the East and West Midlands.
Participants will receive free energy upgrades and contribute to research.
Under the initiative, eligible participants will receive tado° temperature sensors and vouchers.
Selected homeowners may also get various energy saving solutions like smart thermostats and loft insulation.
To participate, homeowners must meet specific criteria, including having a gas co -
NSW may be forced to pay $150m a year to extend life of coal-fired plant, energy expert predicts
via theguardian.com‘If ever there was a perfect case-study of the negative impacts on taxpayers of privatisation of strategic public assets, Eraring is it’, Tim Buckley saysGet our morning and afternoon news emails, free app or daily news podcastNew South Wales may end up paying $150m a year to subsidise the extension of Australia’s biggest coal-fired power plant, money better spent accelerating the take-up of rooftop solar with storage, Tim Buckley, an energy analyst said.It comes as the Labor g -
Vattenfall sells Norfolk Offshore Wind Zone to RWE for £963m
Vattenfall has completed the sale of the Norfolk Offshore Wind Zone to RWE.
The agreed purchase price is an enterprise value of £963 million, enabling the ongoing development of wind energy projects within the Norfolk Zone.
Once operational, the Norfolk Offshore Wind Zone is expected to supply clean power to more than four million households across the UK.
The Norfolk Offshore Wind Zone includes three fully consented wind farms – Norfolk Boreas, Norfolk Vanguard West and Norfolk Vang -
Company refunds gas boiler price increases
Wolseley Group has announced a reversal of price increases associated with the Clean Heat Market Mechanism (CHMM).
In an open letter from the company’s Chief Operating Officer, John Hancock, Wolseley Group has pledged to refund all CHMM-related price hikes on Worcester Bosch, Baxi, Vaillant and Ideal boilers incurred since 1st January.
This decision follows the delay of the CHMM scheme until April 2025, initially intended to penalise boiler manufacturers not meeting sales targets for air s -
Former Just Eat executive appointed OVO’s new CEO
OVO has today confirmed David Buttress as its new Chief Executive, commencing his role in May.
Mr Buttress is recognised for his leadership at Just Eat, where he guided the company from its inception to a significant IPO.
Buttress’s appointment coincides with OVO’s acquisition of SSE’s retail arm, marking a pivotal moment for the company as it seeks to expand its reach in the energy market.
David Buttress said: “OVO was energy’s first challenger brand and I want us -
Former Just Eat executive appointed as OVO’s new CEO
OVO has today confirmed David Buttress as its new Chief Executive, commencing his role in May.
Mr Buttress is recognised for his leadership at Just Eat, where he guided the company from its inception to a significant IPO.
Buttress’s appointment coincides with OVO’s acquisition of SSE’s retail arm, marking a pivotal moment for the company as it seeks to expand its reach in the energy market.
David Buttress said: “OVO was energy’s first challenger brand and I want us -
Rising energy bills top concern for UK homeowners
Figures from a survey of 2,000 homeowners indicate that rising energy bills have become the primary concern for almost half of Brits, with 39% identifying it as the strongest motivator for making energy improvements to their properties.
That’s according to a survey conducted by Halifax, which found that nearly 56% have recently adopted measures like insulation, double glazing or solar panels.
Almost 89% of respondents express satisfaction with their decision to install solar panels, w -
Net Hero Podcast – plastic that’s coming around again!
Plastic… enemy no 1 for the green lobby. We’ve learned to vilify it, from straws, to bags, to the giant rubbish patch in the Pacific. No one seems to have a good word to say about it these days. Especially as it’s a direct by-product of the oil and gas sector.But stop a minute.
Where would we have been without plastic during the pandemic? How would I be typing this story without the plastic keys of my keyboard? Let me know how you’d get by without it? You can’t. F -
Flagship Energy’s Tejal Shah Energy Markets Update – 27th March 2024
Renewed geopolitical concerns caused prices to spike towards the end of last week and Monday after a rise in attacks on energy infrastructure in Russia and Ukraine. Ukraine has been maintaining high electricity imports for the last few days after generating and transmission facilities were hit. Ukrainian gas storage facilities were also affected but the situation was under control and market concerns now appear to have faded. With the winter season about to end in a few days, storage levels rema -
Which three factors determine the EV partner that UK businesses choose?
Price comes out on top
Unsurprisingly perhaps, ‘price’ is the most important factor for UK business fleet managers and other decision-makers when choosing an EV solutions partner. Over a third – 36% – of respondents to research undertaken by Drax, ranked it as the number one driver.
Price becomes less potent if a partner can demonstrate wider value to the business in both the short and long term. So, as well as being competitive on the upfront costs, potential partners ne -
British Gas chief’s pay package reaches £8.2m
Chris O’Shea, Chief Executive Officer of Centrica, the parent company of British Gas, has seen his annual remuneration rise to £8.2 million in 2023, up from £4.5 million the previous year.
The increase is mainly due to a rise in O’Shea’s long term bonus.
Carol Arrowsmith, chair of Centrica’s remuneration committee, defended the CEO’s compensation, highlighting the need to attract and retain top talent.
Ms Arrowsmith noted that O’Shea’s pay st -
Labour’s net zero target faces £116bn investment challenge
A report by Policy Exchange, supported by analysis from Aurora Energy Research, outlines challenges facing Labour‘s aim to achieve a decarbonised power grid by 2030.
The report highlights a £116 billion additional investment requirement.
This finding, based on modelling, emphasises obstacles such as planning reforms, supply chain limitations and workforce shortages.
The analysis underscores difficulties in accelerating renewable energy deployment and scaling up infrastructure.
In con -
UK warned of potential £450bn loss due to energy policy uncertainty
Offshore Energies UK (OEUK) warns of a potential £450 billion loss in the domestic offshore energy market by 2040 without stable policies and competitive taxes.
The report emphasises the need for policymakers to bolster investor confidence to seize opportunities, highlighting significant contributions from various energy projects.
OEUK’s report suggests that oil and gas projects could contribute £145 billion to the UK’s supply chain, alongside offshore wind farms generati -
Ofgem’s new energy price cap hits in five days
Britain‘s energy regulator is set to implement its latest energy price cap level announced on 23rd February, starting from 1st April.
The energy price cap defines the maximum rate energy suppliers are permitted to charge for each unit of energy used and the standing charge, applicable to customers on a standard variable tariff.
Between 1st April 1st and 30th June 2024, the annual energy price for a typical household using both electricity and gas and paying by direct debit, will decrease t -
Energy customers’ compensation for delayed switches begins 1st April
In a move set to come into effect in just five days, energy customers in the UK will be eligible for £30 compensation if their switch to a new supplier exceeds five working days, starting from 1st April.
This measure responds to a significant increase in switching rates, which by the end of October 2023 were three times higher than in November 2022, according to Ofgem statistics.
Energy suppliers will now have a shorter window of five days, instead of the previous 15 days, to facilitate th -
National Gas launches ‘UK’s first’ real time gas monitoring app
National Gas has launched a new app to provide real time insights into the country’s gas supply and demand. CEO Jon Butterworth describes it as a “tool” for the transition to net zero.
The app includes maps and charts that update regularly, offering users information on domestic gas production and consumption across sectors.
Minister of State for Energy Security and Net Zero, Graham Stuart, acknowledges the app’s potential to highlight the importance of gas in the country -
National Gas launches ‘UK’s first’ real-time gas monitoring app
National Gas has launched a new app to provide real-time insights into the country’s gas supply and demand. CEO Jon Butterworth describes it as a “tool” for the transition to net zero.
The app includes maps and charts that update regularly, offering users information on domestic gas production and consumption across sectors.
Minister of State for Energy Security and Net Zero, Graham Stuart, acknowledges the app’s potential to highlight the importance of gas in the country -
National Gas adopts tech to cut pipeline emissions
A new technology named Remote Tecno Plug (RTP) has been used by National Gas in Scotland to reduce carbon dioxide emissions during pipeline maintenance.
Gas pipelines traditionally undergo recompression before maintenance, releasing gas into the atmosphere.
However, RTP technology prevents leaks and lowers greenhouse gas emissions.
In a recent project, RTP prevented the release of 223.5 tonnes of gas, leading to environmental benefits and cost savings.
National Gas is considering RTP adoption fo
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