Energy firms’ request for a bailout is rebuffed by ministers: The Government instead has pointed companies in the direction of its £330bn loan package available to all British businesses. Last week, trade organisation Energy UK approached the Government to request its own loan scheme worth £100m a month which could be used to offer repayment holidays for struggling customers. But energy suppliers have instead been told to rely on support already being made available more widely. In an email to the energy suppliers, Dan Monzani, director of energy security at the Department for Business, Energy and Industrial Strategy (BEIS), said: “I would like to draw your attention to the business support measures announced by HM Treasury on March 17. “We are aware that energy companies do not always think they are eligible when in fact you may be.”
Telegraph 3rd April 2020 read more »
As millions of people crank up the heating while working from home during the coronavirus crisis, they are not feeling the benefit of a price cap that was designed to keep energy bills down, analysis has shown. The energy price cap was introduced in January last year to make bills cheaper for those paying their companies’ expensive standard variable tariffs — the rate consumers are moved to after an introductory deal expires. About 11 million people are on these tariffs and the cap limits how much energy companies can charge them. On Wednesday it was reduced to £1,162 for a dual-fuel customer who uses a typical amount of gas and electricity and pays by direct debit. The Energy Shop, a comparison site, found that in December 2018, the month before the cap was introduced, a customer could have saved £320 by switching from the most expensive rate offered by the Big Six energy companies (British Gas, EDF Energy, Eon, Npower, Scottish Power and SSE) to the cheapest deal on the market. Since the cap was introduced the gap has widened and was £412 at the beginning of this week.
Times 4th April 2020 read more »