Want to get paid to use electricity?

An energy supplier has launched a new tariff that it claims will pay customers to use electricity when demand is low and there is too much power on the UK system. Octopus Energy’s new Agile tariff reflects wholesale costs, which means it will pass “negative prices” to customers if there is excess power supply. In […]

Octopus Energy’s new tariff allows customers to see profits

Octopus Energy has launched a new tariff that shows consumers how much profit it is making. The energy supplier said its customers will be able to use an app to see the wholesale price they are paying for energy every day, along with the additional costs of supplying that energy as well as the mark-up […]

Calls for energy price cuts as wholesale costs fall

The UK has seen wholesale gas and power prices average at 10-year lows. That’s according to energy market pricing analysts ICIS, which revealed the cost of gas is at its lowest in a decade while electricity prices are at a nine-year low. Its Power Index closed at £34.31/MWh on 31st March, down 25% from the […]

Chippy Ovo cuts prices after “falling wholesale costs”

Independent electricity supplier Ovo Energy announced it is cutting prices by 2.5% today because of “wholesale costs”. The cut is across all of its 12-month fixed energy plans and the supplier said this is its fourth reduction in prices since the autumn. The new tariff makes Ovo the cheapest in the country now. On social […]

Ovo Energy’s immediate 5.8% price hike

Energy company Ovo Energy has announced it is increasing its gas and electricity prices by 5.8% with immediate effect. Its New Energy Fixed plan, believed to be its cheapest tariff, will add £68 to the current price – a rise from £1,172 to £1,240 a year. Its existing customers on the variable tariff will also […]

Centrica hints at price rises on the way

Centrica today strongly hinted a gas price rise could be on the way. In the interim statement the British Gas owner said the cost of supplying gas is likely to go up £50 per household and this could have a knock-on effect on prices. In the statement it said: “UK wholesale gas costs are around […]

Energy experts call for Ofgem to force reform

Ofgem have been put under more pressure to reform the UK energy markets. Independent energy firm Bergen Energi are insisting the Big Six get more stick and less carrot, by installing a new ‘tracker pricing’ scheme which would reveal how much bills change in line with wholesale costs. Paul Caile from Bergen Energi said: “The […]

Ovo Energy cancels price rises as wholesale costs drop

Independent energy supplier Ovo Energy has decided to cancel its intended January price rise for its variable rate customers due to a drop in wholesale costs. Ovo Energy said it would increase gas and electricity prices by 3.5% for 10,000 of its customers. Audrey Gallacher, Director of Energy at Consumer Focus has welcomed the news: […]