Energy Reset

Utility Week's latest campaign sets out a vision for reforming the energy retail market.

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Utilita Energy has slammed Ofgem for opting to “name and shame” suppliers over their direct debit practices after a review by the regulator identified the prepayment meter specialist as one of a number of companies to have flaws with its procedures. A spokesperson for Utilita said it was “shocked and disappointed” that Ofgem had published its findings without waiting for suppliers to respond to a follow-up request for further information and evidence.
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Energy UK has urged the government to take further actions to reduce household energy bills after Cornwall Insight forecast the price cap to rise to nearly £3,400 over the winter. The energy industry trade body said this could include removing VAT from energy bills, moving policy levies onto general taxation and seeing whether other costs could be spread out over a longer period of time.
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Latest in Energy Reset

Two suppliers listed by Elexon as being in credit default have been expelled from the Balancing and Settlement Code (BSC) by the administrator. The expulsion, which is subject to approval, means the retailers can no longer register any new customers.
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Ofgem’s announcement marks the fourth time this year the Centrica-owned supplier has taken on customers through the supplier of last resort (SoLR) process. Scottish retailer People’s Energy exited the market last week along with fellow disruptor brand Utility Point, with EDF taking on the customers of the latter. The failures saw more than half a million customers enter the SoLR process.
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Energy retailer Bulb is in talks with an investment bank as it seeks to weather the storm of wholesale power price hikes. News that a supplier of 1.7 million customers is seeking a financial lifeline comes as the government is engaged in emergency talks with the industry and Ofgem about a “way forward”. It has made clear that a “special administration” process is on standby in the event of a large supplier exiting the market.
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The government has said it is ready to implement a “special administrator” in the event of a large energy supplier exiting the market. The Department for Business, Energy & Industrial Strategy issued a statement last night following talks with senior energy executives over the impact of soaring wholesale power prices. Secretary of state, Kwasi Kwarteng, is to meet Ofgem this morning “to discuss the issues raised by the industry in more detail” before convening a roundtable “to plan a way forward”.
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After a bruising week for the energy retail market, in which wholesale power prices hit dramatic new heights, more than 500,000 customers saw their supplier exit the market and a major price comparison website was forced to suspend its energy services, the real fear is that we have yet to see the worst. Adam John looks at where the energy retail sector goes from here.
Analysis
One of the major price comparison services has halted energy comparisons after soaring wholesale costs resulted in suppliers restricted the number of tariffs available. Elsewhere other comparison services are offering a severely limited number of deals, with only a handful of suppliers listed on their sites.
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