Centrica has blamed the government’s looming energy price cap after announcing 4,000 job cuts despite bumper profit margins at British Gas. Britain’s biggest energy supplier also revealed plans to persuade more than a million of its customers to switch to fixed tariffs that will not be covered by the cap, potentially locking them into paying higher prices. Shares in Centrica surged almost 8 per cent yesterday as investors welcomed news that it expected to maintain its dividend until 2020 and planned to sell its stake in Britain’s nuclear plants as well as cut costs.
Times 23rd Feb 2018 read more »
FT 22nd Feb 2018 read more »
The Week 22nd Feb 2018 read more »
A small energy company has launched a new tariff that will potentially pay customers to use its electricity when demand is low. Octopus Energy’s new Agile tariff tracks wholesale electricity prices, allowing customers to take advantage if there is an excess of supply and the electricity price “goes negative”. Across Britain, whenever more electricity is generated than consumed, wholesale prices fall – sometimes to below zero – at which point suppliers are paid to take energy off the grid. This typically happens on windy, sunny weekend days when wind turbines and solar panels are producing lots of power and demand is relatively low. When this happens customers on the deal will be alerted by text, email or their mobile phone app. They can then start their washing machines or charge their electric car. When demand exceeds supply and the wholesale price rises, users will be charged the higher price. The company has capped the maximum amount customers can be charged at 35p/kWh – about three times its standard electricity price.
Guardian 22nd Feb 2018 read more »
Business Green 22nd Feb 2018 read more »