Loyal and elderly energy customers have saved at least £261 a year each in a collective switching trial run by the industry regulator Ofgem. Some 50,000 people who had typically been on the same variable tariff for six years with one of the big six suppliers were involved in the trial. The scheme was based on the idea of “collective” switching, where a group of consumers swap supplier in one go. Although four in five did not switch, Ofgem said the trial was a success. Some 22% of people who received letters explaining how they could save money by switching deals through the scheme followed through by moving to a cheaper tariff.
BBC 20th Aug 2018 read more »
Energy giant E.ON has become the latest electricity supplier to launch a renewable energy tariff aimed at electric vehicle (EV) drivers, offering customers who charge their vehicles at home a £30 discount on their annual bill. The company claims that the rebate, which is available to anyone who owns or leases a plug-in hybrid or fully-electric vehicle that is registered by the DVLA, is equivalent to 850 free miles in a Nissan Leaf. The energy supplied under the Fix and Drive tariff is generated from 100% renewable sources. Meanwhile, customers using the new tariff will have the equivalent of the emissions they generate through their gas use offset via carbon credits from the United Nations’ (UN) Clean Development Mechanism.
Edie 17th Aug 2018 read more »
The owners of Bulb Energy are preparing to cash in on the energy firm’s meteoric ascent in what could prove to be the most lucrative sale to emerge since the energy supply market’s privatisation, according to multiple industry sources. Hayden Wood and Amit Gudka, Bulb Energy’s founders, are said to be priming Britain’s fastest growing energy start-up for a sale to tech investors, either through an acquisition or a market listing following a £60m fund raising which valued the company at close to half a billion pounds. In the wake of increasing market chatter Mr Wood insisted there was “no possibility” that the pair would “even contemplate” selling the supplier. The entrepreneur was forced to speak out after City sources confirmed that the company is up for sale and its founders are courting the attention of funds in New York and Silicon Valley following the £60m investment from investors, including Yuri Milner, the Russian-Israeli billionaire. A senior industry source said “the complicated and heavily structured deal” promises its new investors, Magnetar and Mr Milner’s DST Global, the right to 100pc of the first £60m of dividends and the equivalent of 12.8pc of the company in the event of a sale.
Telegraph 19th Aug 2018 read more »