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Global ratings agency Moody's said the combination of tough determinations for AMP7, cuts to permitted returns, volume of appeals to the CMA and uncertainty for the sector spells a negative outlook for water for the next 18 months
5 years ago
Octopus has been valued at £1 billion after a £300 million investment from Australian power supplier Origin Energy. Greg Jackson, Octopus' chief executive, tells Utility Week more about plans for the company to invest in a future energy research centre which will be used to conduct modelling with data collected from Octopus’ real-world tariffs and be made available for governments wishing to invest in green technologies.
Yu Group chief executive Bobby Kalar believes business utility customers need more help from the government to recover following the coronavirus pandemic. Speaking to Utility Week Kalar said unprecedented times called for corresponding measures to tackle the economic downturn.
Even before coronavirus, companies were increasingly moving towards a “triple bottom line”, where social and environmental impact are used as measures of success, alongside profit. Richard Wrigley of law firm Shakespeare Martineau looks at the legal issues for a company that is interested in expanding its corporate purpose from that of creating value for shareholders
Energy networks have risen to the incredible challenges resulting from coronavirus with aplomb. However, senior industry figures have raised concerns with Utility Week over how they will cope with a prolonged lockdown and the long-term implications of the pandemic. Jane Gray looks at the key issues.
Eon UK chief executive Michael Lewis tells Utility Week that energy retailers should look at how the water sector is dealing with bad debt during the coronavirus pandemic. He insists that if the situation escalates, the energy retail sector “should not have to bear the risk of the non-collection of costs that suppliers collect on behalf of other parts of the industry”.
Greg Jackson has expressed disappointment that large suppliers are resorting to “traditional energy industry infighting” instead of coming together to help the most vulnerable customers. The Octopus Energy chief executive said he had proposed a standardised form for assisting vulnerable customers but it had not been adopted by the wider sector.
Yu Energy has become the second supplier in the space of a week to offer two months’ worth of free power to customers. The pan-utilities business supplier said the move had been made to support firms hit by coronavirus.
Severn Trent has committed to paying £38 million to its small and medium-sized suppliers to help the businesses stay afloat while non-essential work is on-hold. As well as suppliers the company is assisting customers with bills and donating to community groups on the frontline during the pandemic.
Matan Benjamin, director of infrastructure ratings for the utility sector at S&P Global Ratings, talks to Utility Week about how coronavirus has impacted utilities companies' short-term liquidity, and his view that investor perceptions of the industry will be key in the near future.
The CMA has asked for submissions relating to the redetermination of business plans for Anglian, Bristol, Northumbrian and Yorkshire. Customers, the water sector and other stakeholders are all invited to comment.
Good Energy founder Juliet Davenport explains why she continues to view furloughing staff as a “last resort” and insists “this can't just be about saving money for shareholders”. She tells Utility Week how the company is coping with the downturn in the business retail market, which now accounts for 50 per cent of its customer base, and its focus on supporting both the physical and mental wellbeing of its staff.
Ofgem has stressed that the hefty penalty handed to Intergen shows it will not tolerate “market abuse that undermines the integrity of the wholesale market that can ultimately harm consumers”. The company was found to have made a £12.8 million profit from deliberately misleading National Grid ESO.
