Centrica slumped to a £849 million loss in 2019, a performance it blamed on Ofgem’s energy price cap for creating a “challenging environment”.
Clean power suppliers Good Energy, Ecotricity and Green Energy UK have been awarded permanent derogations from Ofgem’s price cap by the regulator.
Innogy-owned UK energy supplier npower has announced it will lose as many as 900 jobs over the coming year as part of a major cost reduction programme.
A trio of green energy firms have been granted temporary derogations from the energy price cap, allowing them to charge above the determined limit on standard variable tariffs (SVTs).
The economist behind the upcoming energy price cap has been selected by the government to chair Ofgem and take on the ‘seismic change’ underway in the UK energy sector.
Clean energy supplier Bulb has called on the government to remove the “loophole” that would exempt green energy tariffs from the looming tariff price cap.
The government has confirmed that it will seek an exemption for green energy tariffs from its looming price cap.
Ofgem chief executive Dermot Nolan has warned traditional utilities that they could be made “redundant” in a future power market typified by change and new market entrants.