E.ON has seen it’s profits soar amid the background of continued high wholesale prices, with annual profit growth from £5.2 billion Core EBITDA to between £5.8 billion and £6 billion.
Conservative leadership candidate Rishi Sunak has pledged to provide additional support for families if elected in September, as predictions for the price cap jumped again this week to pass £4,200.
The price cap could pass £4,200 come January following a number of changes made by the regulator Ofgem, according to analysis from Investec’s Martin Young.
Ofgem has proved “incompetent as the regulatory authority” according to a new report from the Department of Business, Energy and Industrial Strategy (BEIS) select committee.
Ofgem has told five suppliers they need to take immediate action after moderate or severe weaknesses were found in their direct debit processes.
Ofgem is eying a range of reforms to help accelerate the green energy transition in Britain, including decoupling the wholesale gas and power prices.
As volatility in the international gas market continues, the price cap is now set to hit £3,363 for Q1 2023.
Ofgem is altering the parameters of the Market Stabilisation Charge (MSC), which it brought in in February in response to supplier volatility.
Cornwall Insight is predicting the winter price cap will increase by a further £600 beyond last week’s 54% jump.