Energy sector welcomes further support for consumers amid cost of living crisis
Current± caught up with the energy sector, to find out their reactions to the recent increase in support funded by a windfall tax of oil and gas companies.
Regulation
Windfall tax of 25% on O&G profits introduced as further support measures announced by government
Chancellor Rishi Sunak has announced a windfall tax of 25% on oil and gas companies in the UK, alongside further measures to support consumers amid record high power prices.
Price cap could jump to £2,800 warns Ofgem’s Brearley
The price cap in October could jump to £2,800, Ofgem CEO Jonathan Brearley has told MPs.
Government appoints Offshore Wind Champion to spearhead wind expansion
The government has appointed Tim Pick as the UK’s first Offshore Wind Champion as it calls for information on how to invest the Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS).
Ofgem alters parameters of the Market Stabilisation Charge
Ofgem is altering the parameters of the Market Stabilisation Charge (MSC), which it brought in in February in response to supplier volatility.
Ofgem to consult on setting the price cap quarterly
Ofgem has launched a consultation into whether the default tariff price cap should be set every three months, instead of every six.
Government must invest £20bn in battery storage by 2030 to meet renewables goals
Nearly a fifth of the government’s total energy technologies investment must be spent on energy storage batteries between 2025 and 2030 to meet renewables targets, Cornwall Insight has said.
National Grid to pay back £200m of interconnector revenue early due to energy crisis
National Grid is to pay back £200 million of interconnector revenues ahead of schedule amidst the energy crisis.
Green Jobs Delivery Group holds inaugural meeting as BEIS aims to create 'the world's leading green economy'
The first meeting of the UK’s Green Jobs Delivery Group has today (11 May) taken place, co-chaired by energy minister Greg Hands and E.ON CEO Michael Lewis.