Energy firms must treat customers fairly, Business Secretary warns
Business Secretary Greg Clark is warning the energy companies they must treat customers fairly and not try to exploit their loyalty.
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Energy firms to be quizzed over future of nuclear industry
Energy companies including EDF are to be quizzed by MPs about the future of the nuclear industry.
Customer complaints against energy firms down 24%
Customer complaints to energy firms fell by almost a quarter last year to five million, but consumer groups said this figure is still too high. Regulator Ofgem said the number of grievances made by consumers fell by 24% to five million, from 6.5 million in 2014. Npower received the most complaints per 100,000 customer accounts with 13,966 grievances, less than half the 28,019 it received in 2014 when it was also the biggest offender.
Mega deals activity among UK firms jumps to 15-year high in 2015
Mega deals came back into fashion in the City last year, with chief executives becoming more confident as the drama of the financial crisis faded into the background. Mergers and acquisition activity involving UK firms jumped almost 63% to $565billion, a 15-year high involving 3,385 deals, according to data firm Dealogic. The biggest of these acquisitions saw London-listed Peroni and Grolsch group SABMiller bought by Budweiser brewer Anheuser-Busch InBev for £71 billion in a deal finalised last month.
Oil and gas firms struggling to work together to maximise North Sea recovery
Oil and gas firms are struggling to work together better in order to maximise recovery in the North Sea, a new report has found. Deloitte’s survey of oil and gas operators and oilfield services companies revealed that a lack of effective supply chain collaboration means companies are missing out on maximising the potential value from the region. While 74% of respondents said collaboration was an “integral” part of their day-to-day business, only 27% reported that their efforts have resulted in a successful outcome, the report found.
Energy and Climate Change Secretary urges big six firms to cut bills
Energy firms are facing increased pressure from the Government to pass on a fall in wholesale costs to consumers by slashing household bills. Amber Rudd, the Energy and Climate Change Secretary, has written to the Big Six energy companies asking them to alter their prices now a pre-election pledge by Labour to impose a freeze was off the table. The latest analysis by regulator Ofgem found firms could increase their profit margins to up to £118 on an estimated annual dual fuel deal this year, while wholesale gas and electricity costs were £80 lower than they were estimated at a year ago.
Energy firms create ‘confusopoly’
The “deliberately confusing” bills provided by energy companies are the biggest barrier to consumers switching suppliers, according to a study. Confusing tariffs and badly-presented billing information is stopping households from getting the best deal, the report by the CentreForum think-tank for comparison site comparethemarket.com claims. The report warns that switching rates have been in decline since 2012 despite efforts by the UK Government and regulator Ofgem to make it easier to change supplier. Despite identifying general barriers to switching such as a lack of internet access, CentreForum said the biggest problem facing customers was the “deliberately confusing way that suppliers present information”.
Trio of oil and gas firms boosted by £5million
Three businesses serving the oil and gas industry have notched up a string of contract wins and investments worth around £5million in total. EFC Group will today [FRIDAY] reveal that it has scooped four contracts worth a combined £3.65million, while Sir David Murray’s Alphastrut has signed a “six-figure” deal with Det Norske and Arnlea Systems is investing £1million in its software. Aberdeen-based EFC – which designs and makes controls, instruments, monitors and handling systems – has landed two blowout preventer (BOP) control system deals with drilling contractor Ensco worth more than £1.65million in all.