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Price cap for pre-pay energy meters to be introduced


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By next April millions of customers using pre-pay energy meters will be protected by a price cap says OFGEM

prepaidmetersThe Regulator, OFGEM predicts that a cap will save households on average #75 a year. They also plan to work with the big 6 to help customers shop around more for better prices.

However, Ed Kamm, the managing director of First Utility claims that these proposals will put the onus on the customer and more needs to me done.

” OFGEM itself admits that consumers who are already engaged in the market will see the first benefits.” Kamm, said

OFGEM however, said the proposals were an “opportunity to deliver a more competitive, fairer energy market for all consumers”.

last month by the CMA (Competition and Markets Authority) made proposals aimed at reforming the energy market which were welcomed by OFGEM

Dermot Nolan, OFGEM’s chief executive said the CMA’s report identified the path to a “fairer and more competitive future”.

“I call on energy companies and consumer groups to seize this opportunity,” he said.

A two year investigation by the CMA found that 60% of households in the UK are overpaying for the energy compared to those that had switched.

The best protection for consumers, OFGEM believes, is encouraging competition and over the last year switching rates have increased.

EDF Energy, said it supported “the implementation of the CMA’s proposed remedies without delay, so that customers can continue to benefit fully from competition and innovation”.

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Energy News

Nuclear plant at Hinkley Point to get final approval from French utility company EDF


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A final approval is set to come later on today (Thursday) for the final investment into the new nuclear plant in Somerset

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NucEDF the French utility company and the company financing most of this £18bn project, will hold a board meeting later today. They are expected to approve the investment then. At which point, contracts will be signed and work can begin at Hinkley Point, Somerset.

This project is a huge task for the already stressed EDF despite one third of the £18bn cost of the project being met by Chinese investors.

This will be the UK’s first new nuclear power plant in over 2 decades

Concerns about EDF’s financials have hit The project in recent months. EDF shareholders have already given the green light for plans to issue new shares in an effort to raise £3.4bn which will help pay for Hinkley point.

EDF said Hinkley Point is an “unique asset for French industry as it would benefit the whole of the nuclear industry and support employment in major companies and smaller enterprises in the sector”.

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This new development is estimated to provide 7% of the UK’s total electricity needs
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EDF plans to have over 2,500 workers on site by 2017.

UK officials have welcomed the project. Whilst French unions urged the company to delay the decision until the EDF is in a better financial state.

“We urge the EDF board to give the financial go-ahead on a project which will generate thousands of decent skilled jobs and help meet the energy needs of the UK for generations to come,” said Kevin Coyne, Unite national officer for energy.

“The cost of not doing so could result in the lights going out in Britain and the West Country missing out on the much-needed economic boost which this major infrastructure project would bring.”

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Workers to be on site at peak of construction
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electrical cabling to be used
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tonnes of steel will be used
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cubic meters of earth needs moving
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cost of the project (yep, thats £18 Billion)

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Jan 2006 – Government proposes nuclear as part of future energy mix

Mar 2013 – Construction of Hinkley Point approved

Oct 2013 – UK government agrees £92.50 per megawatt-hour will be paid for electricity produced at the Somerset site – around double the current market rate at the time

Oct 2015 – EDF signs investment agreement with China General Nuclear Power Corporation (CGN)

July 2016 – EDF board meets on 28 July to consider final investment decision

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Energy

GSK Invest £275M in “Aattractive” post brexit Britain

GlaxoSmithKline set to spend £275m expanding sites here in the UK. Britain remains “an attractive location” despite Brexit they say.

GSKAndrew Witty, GSK’s chief executive originally backed the remain campaign. He explained that the decision was partly down to the skilled UK workforce and competitive taxes.

New jobs are expected to be created by the expansion of sites that will be producing products mainly for export abroad. 16,000 people in the UK are employed by GSK at the moment, 6,000 of which are in manufacturing.

“It is testament to our skilled UK workforce and the country’s leading position in life sciences that we are making these investments in advanced manufacturing here,” said Mr Witty.

Ware in Hertfordshire, Barnard Castle in County Durham and Montrose in Angus are the three main sites to benefit from the investment.

The outcome of the EU referendum raised some fears about firms like Glaxo SmithKline opting to move their headquarters out of Britain

“An investment of this scale is a clear vote of confidence in Britain and underlines our position as a global business leader” said Greg Clark, the Business and Energy Secretary

“GSK’s recognition of our skilled workforce, world leading scientific capabilities and competitive tax environment is further proof that there really is no place better in Europe to grow a business.”

 

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Energy

Britain heads into a heatwave

As Britain heads into a heatwave, it might be time to whack up the AC

Blog-Postsheatwave

The UK is experiencing the hottest july on record. The Met Office said readings registered at Heathrow are breaking the previous record set in 2006. Unfortunately, however, ramping up the air conditioning can drastically increase your monthly energy bill. Don’t let your AC burn a hole in your pocket this summer.

Keep cool without having to worry about it costing you the earth. Compare energy prices from all the top suppliers today!

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Energy

The Climate Change Levy (CCL) are you over paying it?

The Climate Change Levy (CCL), are you over paying it?


Untitled-1There are discount and exclusion options available

The CCL has been around since 2001 and yet many business owners still don’t know much about it.

What is the Climate Change Levy?

The Climate Change Levy (CCL) is an environmental tax designed to encourage businesses to become more environmentally friendly. The tax seeks to deter businesses from relying too heavily on fossil fuels (electricity, gas and solid fuels) and switch to renewable sources of energy such as solar, wind and hydro power.

Use our checklist to see if you’re Eligible for a discount or an exemption >

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At the moment, the CCL is automatically added onto your business energy bill by your supplier, but there are exclusion options and discounts available that you might not know about.

We’ve put together a check to help check if you’re over paying on CCL and could be eligible for a discount or even be exempt from paying it all together.

CCL-exemtion

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Energy

New cross channel electricity cable set to double French energy supplies to the UK

A £1.1bn cross Channel electricity cable has been announced. The privately funded project will double the amount of energy the UK currently gets from France.

normandie3_startThe cable, known as an interconnector, will start close to Portsmouth in Lovedean, and run a 150 mile route all the way to Le Havre in France and is set to be ready for use in 2021.

The Ukrainian businessman Alexander Temerko and Aquind are the developers behind this project.

The National Grid, which has already signed a connection agreement, plans to receive up to 2 gigawatts from the cable. Which is enough to supply 4 million homes

The Privately funded company, is securing a connection agreement with the French at the moment and says that if the market conditions allow for it then energy can be transferred either way across the channel.

“With a growing energy supply gap threatening UK households and businesses, there’s an urgent need for a fast and reliable way to introduce new capacity. The interconnector will significantly ease the pressure on the UK grid and reduce the risk of blackouts,” – Lord Callanan, a director at Aquind,

UK energy prices have drifted higher than the French equivalent over recent years making it cheaper for us to have energy supplied by France and this new interconnector will help deal with that demand

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Energy

How will brexit effect your energy bill – the good, the bad and the ugly

How will brexit effect your energy bill – the good, the bad and the ugly

20131243153252734_20Following the UKs vote to leave the EU what does this mean for your energy bill, is it all doom and gloom?

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The Good

0% VAT on Energy Bills

Boris Johnson plans to scrap VAT on energy bills saving the UK £2 billion a year tax on gas and electricity prices. The good news is if you switch to a fixed tariff today you can still benefit from the 0% VAT in the future when it happens.

The Bad

Rise in cost of wholesale energy

With the UK importing 50% of its energy supply, the falling pound sterling may increase the cost of buying energy wholesale from overseas. This cost may unfortunatly get passed on to the consumers without fixed tariffs

The Ugly

The Ugly truth is no one can tell the future

Unfortunately no one knows what will definitely happen following brexit, all you can do is try and cover all bases and whether the storm. Luckily for you we can make this a Win/Win situation for you. Get a quote today and get a fixed low price for up to 5 years and avoid the rising prices as the pound drops in value. Then the beauty is if VAT does get scrapped you will still benifit from that too.

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