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Energy retail

Editor's picks

‘Reactive’ Ofgem was ‘slow’ to address retail risks
Ofgem has been accused of being reactive in its approach to assessing financial resilience in the energy retail sector, as well as slow to design new policies to address risk, in a new report. The 111-page document, written by finance consultancy Oxera, made a series of recommendations to strengthen Ofgem's regulatory regime following dozens of supplier failures over the last year.
News
DCC passes 20m smart meter milestone
More than 20 million smart meters have been connected to Britain’s national network, the Data Communications Company (DCC) has revealed. The DCC said the Midlands has been the fastest region to take up the technology with North Kesteven in Lincolnshire becoming the first area to reach a more than 60% take-up of smart meters.
News
Energy suppliers grilled on direct debit practices
Energy retailers have been given three weeks to provide Ofgem with information relating to their direct debit activities, the business and energy secretary Kwasi Kwarteng has confirmed. It comes after the regulator’s chief executive Jonathan Brearley expressed concerns that some suppliers may have been increasing direct debit payments by more than is necessary or directing customers to tariffs that may not be in their best interest.
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Featured

Time for retailers to step back from the smart meter rollout?
Marred by connectivity issues and a lack of consumer interest, there are still 50% of properties without a smart meter more than a decade into the rollout and the chances of completing the project by 2025 now seem remote. Should the rollout be handed over to the networks as a ‘plan B’? Or should the devices remain optional for consumers but with greater incentives? And will the deployment ever actually end? Utility Week asks the experts.
Analysis
The future for face-to-face engagement
This new report looks at how energy retailers can re-invigorate face-to-face engagement in an uncertain world to forge closer relationships with consumers, offer support and build trust.
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It’s time to fix the energy crisis before it’s too late
“Truly horrific” is how Scottish Power’s chief executive recently described the looming winter energy bill crisis. As such it’s time for a massive shift in policy and approach. Writing for Utility Week Keith Anderson says with the Queen’s Speech due in a few weeks’ time, the government must consider how to introduce a social tariff to protect those most in need.
Opinion

Latest in Energy retail

UK Utilities Risk Report
The inaugural UK Utilities Risk Report, from Utility Week and Marsh, highlights the key issues keeping sector leaders awake at night. From cybersecurity to policy and regulatory blockers, extreme weather and price volatility, this report presents a snapshot of the key concerns for utilities.
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Time to look beyond the price cap
Following Ofgem’s minded-to decision to introduce a quarterly price cap, Utility Week reporter Adam John believes it is time to start looking to a future that is not fixated on price and switching. From a relative cap to social tariffs, there are several options on the table to be considered. Failure to act is likely to result in more consumer woe.
Opinion
Windfall tax is not ‘off the table’, says Sunak
A windfall tax on energy company profits is not “off the table”, Rishi Sunak has stated. The chancellor of the exchequer has come under pressure from Ed Miliband to adopt Labour’s proposed windfall tax on oil and gas companies.
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Octopus’ Kraken platform expands into water
Kraken Technologies, the provider of Octopus Energy’s proprietary end-to-end energy services platform, has announced it is expanding into other utility sectors such as water and broadband. As part of the expansion, the company has formed a new business, Kraken Utilities, which is hiring for another 50 positions to add to its existing team of 250 people.
News
April sees record low number of energy switches started
April saw a record low in the number of energy supplier switches started, the latest figures from Electralink have revealed. The company said with contracts ending each Spring April typically shows relatively high numbers of switches started as customers seek cheaper deals. Yet with a record increase to the price cap, Electralink said the appetite to change supplier has “flatlined”.
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Quarterly cap ‘opens the door’ to large winter price hikes
Ofgem’s minded-to decision to introduce a quarterly price cap period from October has raised concerns that vulnerable customers could face large price hikes during the coldest months of the year. Peter Smith, director of policy and advocacy at the charity National Energy Action (NEA), said the move “opens the door to significant price rises” over the coming winter.
News
Market stabilisation charge strengthened
Ofgem has altered the parameters for its Market Stabilisation Charge – a temporary measure introduced in April to limit suppliers’ hedging losses if wholesale prices fall substantially – to make it stronger and more easily triggered. The regulator said the adjustments will make the charge “more robust” in the face of increased hedging risks following Russia’s invasion of Ukraine.
News
Ofgem opts to move to quarterly price cap
Ofgem is pressing ahead with proposals to shorten the price cap period from six months to three to reduce the time lag between changes in wholesale energy prices and their reflection in the cap. The regulator said its minded-to decision, which is subject to consultation, would allow suppliers to more accurately predict how much energy they need to purchase, reducing the risk of further failures.
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Gas crisis has ‘fundamentally changed’ economics of energy
The gas crisis that began in autumn last year and deepened with Russia’s recent invasion of Ukraine has “fundamentally changed” the economics of energy, according to Ofgem chief executive Jonathan Brearley. Speaking at a conference on Wednesday (11 May), Brearley said the massive increase in gas prices since then has brought an end to the old idea of an energy trilemma, whereby the objectives of decarbonisation, affordability and security of supply are in tension with each other.
News
Price cap forecast to remain above £2,200 until winter 2023
The price cap on default tariffs is expected to remain above £2,200 for at least the next three periods up to and including the winter of 2023/24, according to Cornwall Insight. The consultancy predicted that the cap would rise to £2,595 for the next period beginning in October, split between £1,086 for electricity and £1,509 for gas.
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Energy Security Bill opens door to price cap extension
The government has confirmed that the retail price cap will be extended beyond 2023 in the first energy bill for nearly a decade, which also contains emergency powers to ensure resilience and continuity of fuel supplies. The Energy Security Bill, which was announced in the Queen’s Speech in Tuesday (10 May), will contain powers to enable the extension of the price cap , which the government described as the "best safety net for millions".
News
Yu Group to launch smart metering division
Business utilities provider Yu Group has revealed it will launch its own metering services company after acquiring smart meter installer Magnum Utilities. Bolton-based Magnum, which also specialises in electric vehicle chargepoint installations, went into administration as a result of its clients entering the Supplier of Last Resort process.
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