Articles tagged with: wholesale power price

Customers are bearing the brunt of the additional costs of supplier failures. Image: Getty.

Ofgem’s approach to licensing allowed market that was vulnerable to large-scale shocks, finds NAO

22 Jun 2022, 12:57

Ofgem’s approach to licensing and monitoring increased the risk of supplier failures, a new report from the National Audit Office (NAO) has found.

The targeted capacity is greater than the capacity that has prequalified for the T-1 auction. Image: Getty.

Government maxes out CM T-1 auction target to address ‘broader uncertainties’ within power sector

26 Jan 2022, 16:05

The government has set the forthcoming T-1 Capacity Market auction target volume at more than 5.36GW in response to what it has described as “broader uncertainties within the power sector”, meaning all participating assets in the auction are set to gain contracts at the maximum price of £75/kW per year.

Gas prices surged last year, meaning many North Sea Oil and Gas companies saw their profits jump. Image: Pixabay.

Labour calls for windfall tax of oil and gas producers to tackle energy crisis

10 Jan 2022, 12:44

Labour has called for a windfall tax on North Sea Oil and Gas companies to help fund measures to protect households from expected energy bill increases in April.

Power prices have increased by over 250% over the past year, but suppliers cannot pass all of this cost onto consumers, as they are protected by the price cap. Image: Getty.

Ofgem opens consultation into price cap as high power prices continue to squeeze suppliers

22 Nov 2021, 15:14

Ofgem is to consult on the energy price cap, as suppliers continue to falter amidst record high power prices.

High prices are expected to continue in the UK as we enter winter, with demand set to increase. Image: Getty.

Bluegreen Energy Services collapses as energy supply market volatility continues into November

2 Nov 2021, 10:21

Bluegreen Energy Services has become the first supplier to fail in November, leaving around 5,900 domestic customers and a small number of non-domestic customers to be picked up by the Supplier of Last Resort (SoLR) mechanism.

The high wholesale prices caused ten suppliers to fail, affecting 1,840,000 customers.

High power prices expected to continue following record-breaking Q3

22 Oct 2021, 15:10

High power prices are expected to continue into winter following a record breaking third quarter in the UK.

Currently around 600MW of onshore wind is being consented annually, but this needs to more than double for net zero.

Doubling onshore wind could reduce bills by £16.3bn finds RenewableUK

13 Oct 2021, 13:44

Doubling the UK’s onshore wind capacity by 2030 would reduce consumer bills by £16.3 billion over the course of the decade.

Omni has warned it may cease trading over the next month, following a string of collapses driven by high wholesale prices in recent months. Image: Getty.

Omni Energy stops switching customers away amid concern it will shutter

11 Oct 2021, 17:28

Supplier Omni Energy automatically switched customers to rival energy suppliers, after expressing concern that it is set to cease trading soon.

Green's customers have been automatically switched to Shell Energy. Image: Shell Energy.

Shell Energy takes on failed supplier Green’s customers

28 Sep 2021, 11:18

Shell Energy has been appointed as Supplier of Last Resort (SoLR) for Green Supplier Limited, which collapsed last week.