Customers based in the UK overpaid on energy bills in 2021 to 2022 by around £7 billion which could have been avoided via a “split market” marginal pricing scheme, a report by Carbon Tracker has said.

Five energy trade associations have written a joint letter to the Chancellor Jeremy Hunt, calling on him to offer a more competitive capital allowance regime in the upcoming Spring Budget to incentivise investments in the UKs renewable industry.

“If we are going to decarbonise, we need solutions that tackle problems for both the developer and the consumer,” said Dan Nicholls, managing director at SNRG.

According to analysis conducted by Octopus Energy, UK energy customers are being charged up to £254 extra annually for not using direct debit when paying energy bills. This is more than three times the cost of what it was in April 2021 when the figure stood at £84.

Current± rounds up the top stories from the electric vehicle (EV) market this week.

As part of Ofgem’s fourth “deep dive” into energy supplier standards, the energy regulator found all 17 of the UK’s largest energy suppliers to have weaknesses in consumer practices.

British multinational oil and gas company Shell recorded its “highest-ever” annual profits in 2022 amounting to £32.2 billion, with only £1.86 billion estimated to be paid via the UK and EU’s windfall taxes for the year.

The third wind farm of Ripple Energy’s consumer-owned energy project, which allows consumers to buy and co-own a source of renewable energy generation, has received 16,000 reservations for its seven day purchase priority window.

​Octopus Energy Group more than doubled its revenue in the full-year 2022 from a year earlier, lifted by the strength of its Kraken billing platform business and rising customer numbers.

National Grid ESO has released its Electricity Ten Year Statement (ETYS) 2023 publication, forecasting strong capacity growth for the Electricity Transmission System particularly in Scotland, North Wales and East Anglia, but also highlighting concerns over interconnector infrastructure in the South of England.