Energy company Octopus says it has hit a record ‘plunge price’ on its Agile tariff which pays customers to use electricity when prices are negative. 

Figures released by the Department for Energy Security and Net Zero (DESNZ) at the end of June show that “renewable generation reached a record share of 47.8% of total generation”. 

The Department for Energy Security and Net Zero (DESNZ) has confirmed that a “tighter cap” will be imposed on emissions from selected high energy industries such as industrial and power, to ensure the UK meets its Net Zero target.

This week’s issue of Current± Price Watch – powered by Enact - looks at the causes of negative energy prices over the weekend, Ofgem’s price cap forecast and the effects of the falling imbalance prices.

The UK government has announced that it is ending ‘unfair’ charges for prepayment meter customers.  

Octopus Energy confirmed on Friday that it has fully migrated 1.5 million customers from failed energy supplier Bulb into its own systems.

Electric Vehicle (EV) charging infrastructure provider Pod Point has partnered with UK Power Networks (UKPN) to provide flexibility services using EV charging schedules to match renewable generation. 

Cornwall Insight’s latest price cap prediction for Q4 2023 has decreased by £107.05 due to Ofgem revising its Typical Domestic Consumption Values (TDCVs).

Ofgem has launched a formal statutory consultation on proposals to introduce a new licence condition to stop electricity generators making excessive profits through the Balancing Mechanism.

Energy market analytics company Aurora says that Britain is not on track to meet the government’s renewables targets without innovation.