Our Energy Specialists have brought together what's happening in the energy market this year.
In a government restructuring the Prime Minister has broken up the Department for Business, Energy and Industrial Strategy (BEIS) to create a new Department for Energy Security and Net Zero (ESNZ). The government says that the new Department for Energy Security and Net Zero, which will be led by Grant Shapps MP, will be “tasked with securing long-term energy supply, bringing down bills and halving inflation”.
The National Grid activated its Demand Flexibility Service (DFS) which pays eligible smart meter users to reduce their energy consumption during peak time events. Eligible E.ON Next customers, who've so far taken part in test DFS events, have saved the equivalent energy of 184 years worth of powering a 50w TV. Over £240k has been paid to E.ON Next customers who saved energy and met their reduction targets, since November 2022.
UK energy bills could fall to about £2,200 from July as wholesale gas costs drop, a report from energy consultancy Cornwall Insight shows. Mild weather in Europe has reduced gas demand but bills will remain higher than the 2021 energy price cap. The energy consultancy Cornwall Insight has predicted that, excluding government subsidies, typical annual household energy bills may fall from £4,279 now to £3,208 from April, and then will ease, from July, to roughly £2,200 for the remainder of 2023.
The government announced that their Energy Bill Relief Scheme (EBRS) will change from 1 April 2023. The current scheme provides a cap on wholesale gas and electricity prices for all non-domestic customers. Under the new Energy Bills Discount Scheme (EBDS), firms will get a discount on wholesale prices rather than costs being capped as under the current one. Heavy energy-using sectors, like glass, ceramics and steelmakers, will get a larger discount than others. The new scheme will run until the end of March 2024.
Reminder of what’s still important from 2022.
A lot happened in 2022 and some of it still affects how the energy market works in 2023. Here’s a breakdown of what’s important:
Ofgem announced that their price cap review will move from every 6 months to every 3 months. However, the government’s Energy Price Guarantee (EPG) temporarily supersedes the price cap.
The government introduced the Energy Bills Support Scheme to help people pay their energy bills through winter. Domestic customers will receive £400 in monthly instalments up 31 March 2023.
To help further the government introduced the Energy Price Guarantee which would keep average annual bills to around £2,500 until 31 March 23 and then rise to £3,000 for a further 12 months. Businesses, charities and SME have a similar scheme called the Energy Bill Relief Scheme (EBRS).
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