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 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.
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.
Ofgem is to consult on the energy price cap, as suppliers continue to falter amidst record high power prices.
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.
High power prices are expected to continue into winter following a record breaking third quarter in the UK.
Doubling the UK’s onshore wind capacity by 2030 would reduce consumer bills by £16.3 billion over the course of the decade.
Supplier Omni Energy automatically switched customers to rival energy suppliers, after expressing concern that it is set to cease trading soon.
Shell Energy has been appointed as Supplier of Last Resort (SoLR) for Green Supplier Limited, which collapsed last week.