Markets and trading

Severn Trent first to reveal PR24 plan

In the first signal of how water companies are approaching investment plans for 2025-2030, Severn Trent has indicated it expects totex to more than double compared to the first half of the decade. The company gave a summary of its plans as it announced it is seeking £1 billion equity to fund a programme of river improvements, resilience and service. It has also revealed indicative views on bill rises and key performance commitments.

Locational power pricing would be ‘high risk for little reward’

Octopus invests in offshore wind developer

‘Sheer bloody mindedness’ to completely exorcise gas generation

New Balancing Reserve service to be fully open to smaller units

The Electricity System Operator (ESO) has reversed a decision that would have effectively ensured that a substantial portion of contracts for its proposed new Balancing Reserve service would be awarded to large gas plants. The body said its new position will fully open the market a wider pool of providers, including smaller and aggregated units.

SoLR payments to be extended after supplier pushback

Radical electricity market reforms ‘must be taken off the table’

Ofgem fines Morgan Stanley £5.4m for traders’ WhatsApp messages

Further enhancements to gas demand flexibility mechanism

Black urges water companies to explore financing models

Sending the right signals

How innovation can make water sexy

SSE reports 29% renewables output shortfall

SSE’s renewable assets generated 29% less power than forecast during the first quarter of the financial year. In total, SSE’s renewable energy sources produced 624GWh. This represents a 5% shortfall on total planned output for the year. SSE attributes the drop in output to “dry and still weather patterns” during the three months until the end of June.

South East pays out dividend and bonuses despite supply woes

South East Water has paid out a £9 million dividend and its chief executive has pocketed a six-figure bonus, despite a year of supply-related problems. The company’s annual results also reveal that the firm made a £74 million pre-tax loss, representing a £91 million swing compared to the £17 million profit recorded last year. Union bosses and consumer groups have questioned the appropriateness of the dividend and bonus payments, given the loss-making firm has also been blighted by performance issues.

Kraken licensed to first-ever broadband provider