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Energy firms using £40bn loan scheme barred from issuing dividends

Energy firms using £40bn loan scheme barred from issuing dividends

The Treasury and the Bank of England have launched the £40 billion Energy Markets Financing Scheme, which was announced by the government in September and is intended to provide liquidity to energy companies facing large margin calls on their hedging activity as a result of volatility in wholesale markets. The terms and conditions include minimum thresholds for company size and credit ratings, a bar on the payment of dividends and bonuses, and a requirement for firms to submit their plans for transitioning to net zero.

3 years ago

Defra ‘playing to the gallery’ on £250m pollution fines

The newly appointed environment secretary Ranil Jayawardena has promised the Environment Agency the much bigger stick its chief executive said was necessary to tackle pollution incidents by water companies. Utility Week spoke to an environmental regulation lawyer and sector executives about what the threat of £250 million fines could mean for the water industry and the likelihood of such penalties ever being enforced.

3 years ago

Early end to price freeze leaves ‘huge uncertainty’

3 years ago

Public information campaign on hydrogen heating to launch

3 years ago

Revenue cap ‘at odds’ with fossil fuel reduction goals

The government’s failure to include investment allowances in its proposed cap on low-carbon generation revenues is “at odds” with its goal to cut dependency on fossil fuels, the chair of the Business, Energy and Industrial Strategy (BEIS) Committee has argued. Darren Jones has written to BEIS secretary Jacob Rees-Mogg outlining a series of concerns about the Energy Prices Bill, which was announced last week and is due to be rushed through Parliament this week.

3 years ago

Hunt cuts back energy bills support scheme

3 years ago

Weekend press round-up: Rees-Mogg accused of grabbing absolute power over energy industry

In our latest review of sector coverage in the national media, concern is raised about new legislation that would hand sweeping control over the energy sector to the secretary of state. There is also speculation the government wants to scrap the energy price cap; reports on job cuts at Scottish Power, and Thames Water topping the list of water company complaints.

3 years ago

Decarbonised grid can be ‘robust and resilient’ in challenging weather

3 years ago

The impact of economic turbulence on utilities

3 years ago

Inconsistent renewables stance giving investors ‘whiplash’

Government inconsistency on planning renewable energy has left investors reeling, one of the world’s leading investors in clean power has warned. Simon Maine, of Brookfield, said he would be “amazed” if renewable generation developers pushed ahead with projects until the government publishes figures on the level of the revenue cap on low-carbon generators.

3 years ago

Balance Power and Tag Energy partner to build 500MW of storage

3 years ago

‘Extraordinarily vague’ revenue cap has spooked investors

3 years ago

No cut off date for revenue cap is ‘troubling’, says Pinchbeck

3 years ago

Ofgem mulls ban on forced PPM installations

3 years ago

Ofwat tells Yorkshire to recall £940m loans

3 years ago

Flexitricity to provide access to ESO’s Demand Flexibility Service

3 years ago

Ministers ‘wrestling’ to prevent revenue cap from undermining investment

The government is “wrestling” to make sure its plans to cap the windfall revenues being captured by low-carbon generators on the back of massively increased gas prices do not undermine future investment, the climate minister has said. Giving evidence to the House of Commons Environmental Audit Committee, Graham Stuart said the objective of the Energy Prices Bill introduced to Parliament on Wednesday (12 October) is to ensure “no firms" should “unduly” profit from the Russian invasion of Ukraine at the “expense” of UK consumers.

3 years ago

Affinity ramps up financial support and efficiency campaign

3 years ago

Failure to build reservoirs has left water supplies ‘exposed’

3 years ago

Floating offshore wind pipeline grows to 33GW

3 years ago

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