Energy retail

Editor's picks

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
Ecotricity has reiterated its ambitions to take over green rival Good Energy, making a new £53 million offer for the shares it does not already own in the company. The board of the latter has described Ecotricity as an "unfit" owner.
News
Average power prices over the past two weeks have been eight times higher than the average in 2019, according to data from EnAppSys. Phil Hewitt, director of the energy market analyst, told Utility Week further supplier failures were inevitable and that retailers should be lobbying Ofgem to give them some relief from the price cap. He said many suppliers had been far too relaxed about actively trading in the intraday and advanced markets.
News

Featured

Business energy supplier Haven Power is to be rebranded as Drax as the group looks to more closely align its supply business with its generation arm.  Haven was acquired by Drax Group in 2009 and supplies more than 20,000 large industrial and commercial customers with more than 12TWh of renewable electricity annually – the equivalent yearly power use of more than 3 million homes.
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Elexon has said it is consulting on raising the Credit Assessment Price (CAP) to a new record high of £137/MWh following continued increases in wholesale electricity prices. The current price of £113/MWh is already the highest to date and only came into effect on Wednesday (8 September) after being confirmed by the administrator of the Balancing and Settlement Code (BSC) in August. It had previously been set at £96/MW
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Latest in Energy retail

SSE customers paid on average 6.6 per cent less for their gas and electricity in the nine months to December the company said today. That was despite using 26.6 per cent less gas and 8.3 per cent less electricity year on year.
News
The Energy and Climate Change Committee has been taking evidence from the industry about the acute need to help fuel-poor households, especially those without a mains gas connection. Brendan Coyne heard what they had to say
News
David Porter, chief executive of the AEP and Utility Week's newly crowned Industry Champion of 2011, is on the brink of uniting the AEP, ERA and UKBCSE into a single organisation. He talks to Janet Wood.
News
The gas industry has warned Ofgem that its proposals for the immediate reform of the gas cash-out regime in an emergency could backfire and cost consumers more.
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43 per cent of people are worries they can't afford their next fuel bill, according to a survey of 2,000 people by Citizens Advice. The charity is now handling 500 fuel-related problems each day and has urged consumers to check they are getting support they are entitled to from energy suppliers and government.
News
Large energy retailers look set to follow smaller suppliers in passing on falls in wholesale costs after EDF Energy said it would cut gas prices by 5 per cent from 7 February.
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