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Finance and investment

Latest in Finance and investment

Metro mayors back creation of regional energy system plans
Local leaders representing almost a third of the UK’s population have backed Ofgem’s proposals for regional planning reform, the regulator has revealed. A policy summit with representatives from areas such as Greater Manchester, Liverpool and London, was recently hosted by Ofgem’s chief executive Jonathan Brearley and sought to accelerate local planning reform to help achieve the UK’s net zero targets.
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RWE partners with Masdar on Dogger Bank wind projects
RWE has formed a joint venture with Masdar, the state-owned energy company in the United Arab Emirates, to develop its two Dogger Bank South offshore wind projects in the North Sea. The wind farms, located 100 kilometres off the east coast of England in the shallow waters of Dogger Bank, will each have a capacity of 1.5GW.
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Octopus completes purchase of Shell Energy Retail
Octopus Energy Group has completed its purchase of Shell’s domestic energy supply businesses in the UK and Germany. The company said the addition of their 1.3 million household energy customers will bring its UK tally to 6.6 million.
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Utilita sees 800% jump in support credit payments
Prepayment meter (PPM) specialist energy supplier Utilita has told Utility Week that it has seen an almost 800% increase in the amount of additional support credit (ASC) it provides to customers over the past three years. Commenting on the stats Utilita’s non-executive chair Derek Lickorish said the data highlights that "households are running on empty, their financial resilience destroyed".
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Total Energies takes stake in project to link UK and Morocco
Total Energies has acquired a minority stake in an ambitious project to link the UK grid with wind and solar farms in Morocco via subsea cables running along the west coasts of Europe and Africa. The French oil supermajor’s £20 million investment comes after Octopus Energy Group took a stake in the project last year as part of a partnership that could eventually see Octopus’ retail arm obtain offtake rights for the power imported to the UK.
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South West Water’s £125m desalination plants delayed
South West Water’s £125 million plans to deliver two desalination plants have been pushed back to next year. Speaking to Utility Week, South West Water chief executive Susan Davy confirmed that the plants would not be delivered this year as previously slated. Davy was speaking after South West's parent company Pennon announced an 85% drop in half-year pre-tax profits.
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Octopus makes first acquisition from £3bn wind fund
Octopus Energy has acquired a 12.5% stake in the Walney Extension windfarm site in the Irish Sea. It is the first deal made through its dedicated £3bn wind fund to grow its portfolio of renewably generated energy
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Prosecution does not help the environment, regulator says
Environmental regulation in Wales came under fire from politicians at a select committee hearing where witnesses described a cultural aversion to enforcement at Natural Resources Wales. The organisation's CEO said prosecution indicated regulation had failed and did not benefit the environment.
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‘Thorough review’ of regulators’ duties planned
The government has revealed plans to hold a “thorough review” of economic regulators’ duties, including those of Ofgem and Ofwat, to ensure they remain fit for purpose. The Department for Business and Trade said the expansion of their duties over time has made it harder for regulators to manage priorities and trade-offs as tensions arise.
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Developing the gold standard for financeability
Are current approaches to ensuring company financeability incentivising short-term thinking and are current regulatory frameworks fit for purpose? In the first of a series of exclusive articles, Sam Williams, director of Economic Insight and a member of the CMA’s Cost of Capital Panel, explores these questions and outlines his vision of the financeability blueprint.
Analysis
Ofgem confirms January price cap increase
Rising wholesale energy costs will lead to a 5% price cap increase for consumers in January, Ofgem has confirmed. In its latest quarterly cap update the energy regulator has also unveiled plans to level standing charges for prepayment meter (PPM) customers to end the so-called PPM premium.
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