News
News
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Labour’s net zero target faces £116bn investment challenge
A report by Policy Exchange, supported by analysis from Aurora Energy Research, outlines challenges facing Labour‘s aim to achieve a decarbonised power grid by 2030. The report highlights a £116 billion additional investment requirement. This finding, based on modelling, emphasises obstacles such as planning reforms, supply chain limitations and workforce shortages. The analysis underscores difficulties […]
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British Gas chief’s pay package reaches £8.2m
Chris O’Shea, Chief Executive Officer of Centrica, the parent company of British Gas, has seen his annual remuneration rise to £8.2 million in 2023, up from £4.5 million the previous year. The increase is mainly due to a rise in O’Shea’s long term bonus. Carol Arrowsmith, chair of Centrica’s remuneration committee, defended the CEO’s compensation, […]
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Ofgem considers time-varied energy prices
Ofgem has initiated discussions about the possibility of implementing dynamic energy price caps, reflecting changing consumer behaviours and market dynamics. The regulator acknowledges the evolving landscape of energy consumption, with more households adopting electric vehicles, heat pumps and solar panels, leading to fluctuations in energy demand and supply. As a result, Ofgem is exploring options […]
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Cranfield receives £69m boost for hydrogen hub
Cranfield University has secured £69 million, the largest research funding win in its history, to establish the Cranfield Hydrogen Integration Incubator (CH2i). The project will focus on integrating hydrogen technology into aviation. CH2i will serve as a research ecosystem, fostering collaboration between academia, industry, government and regulatory authorities. It will focus on developing production technologies, […]
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Chinese EV battery giant eyes UK gigafactory investment
EVE Energy, a Chinese manufacturer specialising in electric vehicle (EV) batteries, is reportedly considering investing over £1 billion in a gigafactory near Coventry. According to reports, the factory could cover 5.7 million square feet and enhance the country’s electric car manufacturing. Reports suggest that EVE Energy’s initial investment could exceed £1.2 billion, with subsequent phases […]
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Ofgem: Supplier customer service satisfaction drops
The latest findings from Ofgem‘s Energy Consumer Satisfaction survey have spotlighted Octopus as a leading performer in the energy market. Conducted between 30th August and 18th September 2023, the survey marks the first instance of Ofgem disclosing supplier-specific data, offering a comprehensive look into customer experiences within the sector. Among the key revelations, Octopus emerged […]
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Homelessness charity secures £600k for energy efficiency
A charity in the West Midlands is set to receive £600,000 in funding from the West Midlands Combined Authority (WMCA). St Basils, dedicated to assisting young people aged 16 to 25 facing homelessness, will use the funds to improve energy efficiency in their properties, aiming for more affordable housing solutions. St Basils has grappled with […]
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New hydrogen-fired power station plan for North Lincolnshire
SSE Thermal and Equinor plan consultations for the Keadby Hydrogen Power Station, a 900MW facility in North Lincolnshire, targeting operation by 2030. The project aims to support national decarbonisation goals by providing low carbon power to complement renewable energy sources. The station, designed to run entirely on hydrogen, aligns with government initiatives to deploy low […]
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UK launches carbon tax consultation
The Treasury has launched a consultation, regarding the introduction of a UK carbon border adjustment mechanism (CBAM), set to be implemented on imports of carbon intensive goods such as aluminium and cement starting 1st January 2027. This tax will be calculated based on emissions associated with different materials, offsetting any carbon price already paid by […]
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Energy Bills Discount Scheme ends – What’s next for businesses?
The UK Government‘s Energy Bills Discount Scheme (EBDS) is set to conclude on 31st March, marking the end of direct financial support for businesses grappling with escalating energy costs. Anthony Ainsworth, Chief Operating Officer at npower Business Solutions, acknowledges the scheme’s role as a short term solution amid unprecedented circumstances but highlights the absence of […]
Quotes
The cheapest kWh of energy is the one you don't use Delvin Lane, Head of Energy 360, British Gas