As we enter the second half of 2023 our energy specialists look at what's happening in the energy market.
The UK government has eased an effective ban on new on-shore wind farms making it easier for them to be built. The changes involve broadening ways wind farm sites can be identified and speeding up the planning process.
The energy regulator Ofgem announces that the price cap will fall to £1,923 from 1 October for the annual bill of a typical household. This is a further fall since the July price cap which means that unit prices continue to remain below the government’s Energy Price Guarantee.
The latest analysis from Cornwall Insight predicts that the price cap for an average typical household could be approximately £1,860 between 1 Oct to Dec 2023. Ofgem’s price cap is currently £2,074 and runs to 30 Sept. Following this initial dip, the cap is projected, by Cornwall Insight, to rise to around £1,960 in Jan 2024, before experiencing small decreases in March and July.
Ofgem's price cap changes to £2,074 for the annual bill of a typical household. The government's Energy Price Guarantee increases to £3,000 until 31 March 2024 but with the price cap below that threshold, unit prices will be determined by Ofgem's price cap.
The latest analysis from Cornwall Insight predicts that the price cap for an average typical household could be approximately £1,871 between 1 Oct to Dec 2023. Ofgem’s price cap of £2,074 starts on 1 July and runs to 30 Sept.
The government has published a new net zero plan after the High Court ruled the government's existing plans were not sufficient to meet its climate targets. The government was forced to publish the "Powering up Britain" strategy after the High Court ruled, in July 2022, that the government’s current plan was not detailed enough to show how the UK would meet its goal to reduce its greenhouse gas emissions to net zero by 2050.
The energy regulator Ofgem has announced that the price cap will decrease to £3,280 from 1 April 2023. Ofgem’s announcement will not affect what customers pay for each unit of electricity or gas because that is limited by the government’s Energy Price Guarantee.
The government's EBSS Alternative Funding £400 online portal, for people who live 'off grid', opens. People who live in a park home, houseboat or off the electricity grid should apply through the government's online portal or by phone (0808 175 3287 Mon-Fri 8am-6pm).
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 will be led by Grant Shapps MP.
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 Nov 2022.
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, will get a larger discount than others. The new scheme runs until 31 March 2024.
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