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Energy industry reacts to new price cap. Industry leaders have responded to Ofgem's latest price cap reduction, emphasising the ongoing need for targeted support amid continued high energy prices and record customer debt. Energy UK Dhara Vyas Citizens Advice #energyprices #energycosts #energycrisis #energypricecap #pricereduction #energydemand #energyconsumption

April energy bills predicted at £1,620. Despite Red Sea disruptions, April 2024 energy price cap forecasts show £40 annual decrease since December. Cornwall Insight #electricity #gasbills #energyconsumption #energycosts #energycrisis  #energycustomers #energydemand #energypricecap #energyprices

Energy volatility is expected to increase prices over the next two years, making the management of energy demand a crucial differentiator in both short- and long-terms. https://lnkd.in/eAZdAw5u

UK energy bills predicted to rise by £194. Analysts note that energy bills could rise by £194 annually with the energy price cap expected to increase from £1,568 to £1,762 in October. Columbia Threadneedle Investments, US Cornwall Insight #energycrisis #energydemand #energyconsumption #energysector #energybills #energycosts #costofliving #energycap #energypricecap

Ofgem's Energy Price Cap Increase Spurs Supplier Switching Surge ⚡ As Ofgem announces a 10% rise in the energy price cap starting October 1, 2024, we've seen a significant uptick in electricity supplier switches. In August 2024 alone, 293,000 businesses and households switched suppliers—a 33% increase compared to August 2023 and the highest monthly total since April. The average annual energy bill is set to rise to £1,700, up from £1,600 earlier this year. While exploring the market for short-term savings might make sense for residential consumers, businesses need to take a much longer-term view. Too many companies are focused on immediate cost reductions, but the key to long-term success is developing an energy strategy that delivers consistent savings over the next decade and helps protect against market volatility. With energy prices constantly fluctuating, a solid strategy can provide your business with both stability and savings. If you’re considering switching or developing a more strategic energy plan, get some advise first then have an informed view of what to do.... #Energy #Energyefficieny #Procurement

🌍 Opportunity for Innovators: Drive the UK's Energy Transition with Your Ideas! Are you ready to shape the future of the UK's energy sector? Our network partners are looking for solutions that can help navigate the shift towards net zero. This is a chance to secure funding and collaborate directly with the UK's energy networks, transforming challenges into sustainable opportunities. About the challenge: As the UK transitions towards net zero, the UK Government have introduced a ban preventing the installation of natural gas and oil heating systems in new build homes. The intention is for this ban to take effect in 2025, with further bans scheduled to apply to existing homes by 2035. As a high percentage of homes are heated using natural gas, this legislation will create a period of uncertainty for Gas Distribution Networks (GDNs). GDN’s have committed to replace all ‘at risk’ iron pipes with Polyethylene (Pe) by 2032. This initiative has and will continue to be a significant investment of customer money. To avoid the stranding of these assets and further investment of customer money, NGN are seeking alternative ways to operate and evolve their current gas network to suit future requirements. Sign up to the EIC and submit your ideas: https://bit.ly/42I1pQX #EnergyInnovation #SMEs #UKNetZero #SustainableEnergy

Analysis published today shows that the energy price cap is predicted to fall in January. This is welcome ahead of the winter months, but the cost of energy will still be substantially higher than it has been in previous years. Our CEO, Chris Norbury, has responded and says that: “There is a responsibility on energy companies and policy decisionmakers to work together to find ways to: ⬇ Keep the cost of gas and electricity as low as possible 🏠 Make homes warmer and healthier 🤝 Support people who struggle to afford their bills." We’re proud of measures such as our E.ON Next Pledge Tariff, which tracks below the price cap and has already benefited half a million people. We also provided £150m of support to customers last year, and we’re pioneering a new E.ON Next pilot scheme which will support eligible people in Coventry with energy efficiency measures for their homes. We are looking at new ways that we can make a positive difference to people’s lives and will need the help of government officials and fellow businesses to ensure the energy transition is a force for good.

Energy prices will likely fall even further in July following a hefty drop from April 1, Cornwall Insight analysts have forecast. In its latest forecast, the energy consultant said Ofgem’s price cap would likely fall by 8% to £1,560 on an annualised basis in July, from £1,690 in April. April's price cap, which determines how much suppliers can charge per unit of electricity, is set to be 12% lower than currently. July's forecast is higher than original predictions though, which Cornwall said was due to a rise in wholesale prices during February. “Additionally, the new predictions also include two adjustments from Ofgem which are being introduced from the start of April,” Cornwall added. “The regulator has allowed a temporary allowance to aid suppliers in meeting the cost of customers who are struggling to pay their bills.” More at #Proactive #ProactiveInvestors http://ow.ly/ujtm105nFGX

IEEFA Asia Pacific filed a submission the government's Electricity and Energy Sector Plan consultation. Some of the key points are that IEEFA does not agree with the premise in DCCEEW's discussion paper that ‘Carbon capture use and storage (CCUS) technologies have the potential to reduce emissions from the use of gas and other #fossil fuels’. We are of the view that #CCS is an expensive and unproven technology that distracts from global decarbonisation efforts while allowing the #oil and #gas industry to conduct business as usual. IEEFA sees that green hydrogen has a role in the energy transition and that its use should be focused the most economical use of the fuel given the resources required to produce it, and should not be used for exports, on in gas pipeline blending, but instead focus should be on use in the production of #fertilizers and #methanol, followed by steel production. IEEFA would like to see more must be done to encourage the take-up of EVs to improve Australia's energy #security and reduce Australia's reliance on oil product imports. Australia spent more than A$60 billion worth of crude oil and oil products in 2022-23. https://lnkd.in/g5jMkAeK

This year's JPMorgan annual energy report "Electravision" highlights a number of constraints in the path of the US energy transition. One such example, found on p.11 of the report: "US transmission grid, from the DoE October 2023 report Current within-region transmission: 85,000 GW-miles New transmission req. by 2030: 33,000 GW-miles (+39%) New transmission req. by 2035: 108,000 GW-miles (+128%)." This is a huge build out to say the least. One of the unexpected bottlenecks will be the basic timber mat. With such a large build out, plus added demand from wind build out and other sectors, contractors will no longer be able to count on just in time timber mat purchases. Long-term planning and coordination with mat suppliers will be needed to meet demand, and without timber mats, the entire project is delayed. World Forest Group works with our customers to build, store, and deliver mats in time to meet start dates. https://lnkd.in/dDGYxdhB