Finance and investment

UU pledges to prioritise safety and support ‘over any short-term impact’

As well as reflecting on the company’s performance in the past financial year, and price control period, United Utilities chief executive Steve Mogford has addressed the impact of Covid-19, saying the safety of staff and support for customers will be the unequivocal focus regardless of the hit to finances and targets. The company also revealed £51 million of losses on its Water Plus retail joint venture.

Wider water sector raises concerns to CMA

Water Plus losses mount for SVT

Network payment holiday risks creating ‘zombie energy suppliers’

Talks are believed to be underway between Ofgem and energy suppliers over the possibility of suspending network charges for three months. However, Neil Cornelius, managing director at global consulting firm Berkeley Research Group, warned such plans could risk retailers building up additional debts.

Watchdogs to CMA: Customers must come before shareholders

Concerns that redeterminations of water company business plans could benefit shareholders more than consumers have been raised by watchdog groups, with one suggesting firms that argued otherwise were masking “a far more important conflict” between themselves and the regulator.

Renewed support for onshore wind and solar draws investors to UK

Green Star Energy to pay £750,000 following licence breaches

Green Star Energy is to compensate more than 7,000 customers after failing to issue them with the terms of their supply contract within a reasonable time. The supplier is now in the process of paying compensation of £30 to each affected customer in recognition of poor service and the fact that these customers did not receive welcome packs.

Ofgem outlines DCC performance regime direction

Ofgem has published a draft direction which outlines an updated framework for the Data Communications Company’s performance incentives. The regulator is now consulting on a revised OPR framework, including proposals for incentivising DCC’s system performance under four new outcome-based measures, broken down by meter type and region where relevant.

Centrica and WPD set out bold EV plans

Carl Bayliss, vice president of Centrica Innovations, talks to Utility Week about the company’s joint strategy with Lotus to “redefine the customer relationship with cars”. Meanwhile, Western Power Distribution has updated its Electric Vehicle strategy, including new charging solutions for domestic customers and easier connection processes for charge point operators.

Scheme to match furloughed energy workers with low-carbon start-ups

A start-up incubator has been launched to harness the skills of furloughed workers in the energy sector for low-carbon projects. Spinning Reserve, which has been created by Rosa Stewart, the head of external affairs for SSE Energy – now part of Ovo Group, aims to tackle negative issues of unemployment and seize an opportunity to upskill fledgling net zero projects.

Portsmouth launches reservoir consultation

Ofwat to CMA: Funding is adequate, efficiency is lacking

Eon and Npower business arms to merge

Eon UK is combining its business retail arm with Npower Business Solutions as part of the merger between the two energy giants. The move will create one of the UK’s largest business energy retailers, with both brands having around 57,000 I and C customers combined.

Suppliers warned of enforcement action over trade sales

Ofgem has written to suppliers outlining what it expects of them when they conduct trade sales, including the way they communicate with the regulator and customers. It has warned that it will consider enforcement action if its guidance is not followed.

Bristol Energy appoints advisors