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The company has issued a trading update following the resetting of its business last year. It has announced that its losses are in line with market expectations.
5 years ago
Ovo has appointed a new chief operating officer, chief finance officer and chief people officer for its retail business. The company made the appointments following the completion of the £500 million deal to acquire SSE's retail arm.
Three brands were named as Which? recommended providers this year. More than 8,000 people were asked to rate their supplier on a number of criteria including value for money, customer service, bill accuracy and digital tools.
The Energy Ombudsman told Utility Week's Customer Summit that now consumers have become accustomed to the price cap, it will be difficult to remove. Ofgem director Anthony Pygram was also speaking at the event and said the Conservative manifesto was not very clear on the next steps for the cap.
Bulb Energy saw customer numbers almost double in its most recent financial year, to reach 1.6 million, with revenue growing fivefold. The company said a loss of £129 million was to be expected as it targeted ambitious growth, with an ultimate aim to reach 100 million customers worldwide.
Eon already supplies 100 per cent renewable-backed electricity to domestic customers. It now aims to get 100,000 small businesses to sign up in the next 12 months.
Octopus Energy founder Greg Jackson tells Utility Week that the group's appetite for expansion remains undiminished, following the acquisition of 70,000 customers from Engie. The move sees Engie exit the domestic market in the UK, with a plan to focus on businesses and councils going forward.
In this weekend’s press round-up: Conservative MP John Penrose says consumers are still being ripped off after Theresa May introduced the “wrong kind” of price cap; Octopus Energy acquires 70,000 customers from French energy firm Engie; and water companies defy Ofwat by paying out hundreds of millions of pounds in dividends.
Energy Savings Trust said 30 charities across Britain will benefit from the cash. The scheme is funded by voluntary payments made by energy companies found to be in breach of Ofgem rules.
Since new regulations were introduced in 2009, switching through face-to-face and telesales has declined. New research suggests this trend is changing, with smaller suppliers using direct sales as an alternative route. Challenger brand, Bulb, is one of those understood to be investigating face-to-face sales.
The deal will see the challenger brand become the UK's second biggest supplier. SSE will shift its focus towards its generation business.
Data from ElectraLink reveals a a record year for switching. ElectraLink's head of energy market insight has suggested this is down to more awareness of switching benefits.
Octopus Energy chief executive Greg Jackson has confirmed talks are underway with foreign investors over the challenger brand’s global expansion but insisted there is still scope to move into five new territories - as well as growing to 5 million customers in the UK - with the support of current backers, Octopus Group. The company recently appointed KPMG to advise on growth options.
Utility sector performance scorecards have been published by the UK Regulators Network. While energy lagged behind all other sectors, water was only marginally better.
Ofgem is investigating whether Utilita broke the rules on overcharging customers under the pre-payment meter cap. Specifically the investigation relates to the period from May to September 2019.
Ofgem has issued challenger supplier, Gnergy, with a notice of failure to comply with a final order, over its outstanding renewables obligation payments. As Utility Week revealed yesterday, Gnergy is the sole remaining supplier to owe such payments, with the rest having either paid or ceased trading.
