Times are good for the Big 6 energy companies at the moment, according to a recent report released by Ofgem, as profits hit the highest level on record.
A recently published study has shown that despite the widespread public support for environmental causes, energy customers still care first and foremost about the financial bottom line when comparing tariffs.
Energy companies have received a warning from the government that they could still legislate a price cap following British Gas’s announcement of a 12.5% increase in electricity prices.
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British Gas, a subsidiary of Centrica and one of the UK’s Big Six energy providers, announced its plans to impose an electricity price hike on September 15th of this year. The 12.5% increase will soon affect an estimated 3.1 million customers.
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Major UK energy producer Drax has set in motion plans to move away from coal-fired production entirely on the back of depreciation charges of £90m for the first six months of 2017, compared with £49m during the same period of 2016.
Allegations that British Gas has been misleading customers over switching fees has prompted an investigation by Ofgem, the energy regulatory body. The allegation states that British Gas has been misleading customers over fees payable when switching providers.
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New research has shown that typically vulnerable households using prepayment meters to pay for their energy are among the least likely to change providers, leaving them continually worse off.
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Almost a third of UK households prefer to have receive support and advice on the phone or face to face when switching energy suppliers, according to research from price comparison site Money Expert.
Prime Minister Theresa May wrote in the Sun this week defending her plan to introduce a cap on standard variable energy tariffs as consumer magazine Which? reports that thousands of customers will be moved onto those very tariffs this month.
Challenger gas and electricity supplier Octopus Energy is launching a new variable tariff that directly tracks wholesale energy costs, rather than charging customers an independent standard variable rate.