Tighter rules for network firms to save £5bn on energy bills

The price controls will come into force in 2021 and are also expected to significantly reduce the profits made by network companies

British Gas owner to cut 4,000 jobs as profits tumble

British Gas owner Centrica has said it will cut around 4,000 jobs by 2020 after its profits took a tumble. Its adjusted operating profit fell 17% to £1.25 billion last year and the company lost around 1.4 million domestic customers in the UK. Centrica said it expects the new programme “to involve reduction in like-for-like […]

BP’s annual profits soar to $6.2bn

Energy giant BP has seen its annual profits soar to $6.2 billion (£4.4bn), largely due to the rise in global oil prices. Profits more than doubled last year – up from $2.6 billion (£1.86bn) the year before. The company said oil and gas exploration delivered the most successful year since 2004, with around one billion […]

SSE and npower agree domestic energy merger

SSE and npower have agreed to merge their domestic businesses to form a new energy giant. SSE’s shareholders will hold 65.6% of the stake in the new energy company while innogy, npower’s parent company, will hold a minority interest of 34.4%. innogy will also receive a break fee of £60 million if SSE’s shareholders fail […]

Water regulator says Brits could see ‘a decade of falling bills’

Ofwat has signalled water customers could be at the start of “the decade of falling bills”. The water regulator’s Chair Jonson Cox believes prices could fall in real terms until 2025 at least. He said the upcoming price review is likely to set a new record for the “lowest ever regulated cost of capital for […]

Profits of power network operators ‘add £10bn to bills’

Electricity network operators have been accused of making “huge” profits over the last six years that have added £10 billion to consumers’ energy bills. That’s according to new analysis by the Energy and Climate Intelligence Unit (ECIU), which found the six firms that own and operate the network of towers and cables bringing power to […]

Big Six energy firms SSE and ScottishPower shed customers

Two of the Big Six energy suppliers have lost thousands of customers as they moved to cheaper deals. SSE said its total number of customer accounts fell from eight million at the end of March to 7.7 million at the end of June. It comes after the supplier increased dual fuel prices by 6.9% towards […]

SSE profits up 2.1% in last business year

SSE’s pre-tax profits hit £1,546 million in the 2016/2017 business year, an increase of 2.1%. The Big Six firm, which is the only UK business to be involved in electricity transmission, electricity distribution and gas distribution, today published preliminary financial results for the period ending the 31st of March 2017. The success is largely a […]

ScottishPower posts 28% fall in pre-tax profits

ScottishPower has announced a 28% fall in pre-tax profits in the first quarter of this year. It amounted to £347 million compared to £480 million during the same period last year. Its energy networks business saw a 6% fall in profits this year to £210 million, largely driven by the phasing of investments following the […]

British Gas owner Centrica’s profits hit £1.5bn

Centrica, the owner of British Gas, has announced its operating profit went up 4% last year to £1.5 billion. Its UK and Ireland Energy Supply & Services division also reported a 2% increase to £906 million. However operating profits at its British Gas domestic supply business fell 11% to £553 million – from £623 million […]