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What’s big in the world of energy this week?
Hackers have successfully gained access to energy companies in the US and Europe, raising fears that a cyber attack could be imminent. A successful attack on the energy grid could lead to widespread blackouts, causing chaos for customers and businesses alike. Many businesses are unprepared for the impact such an attack would have.
Ofgem to tear up the rule book on energy customer contact – The Telegraph
At the moment, Ofgem has a set of rules that govern how and when suppliers contact customers. In a bid to keep up with a fast moving market, and discourage the exploitation of loopholes, the regulator will be loosening these rules – giving suppliers more freedom in how they speak to their customers.
As suppliers are lambasted for rising prices, profit margins at the firms have soared – at least according to new research by Ofgem. However, as you can see below, the figures may not be all they seem…
Independent fact checking charity Full Fact looked into the claims regarding the profits of energy suppliers and found a more mixed picture than the headlines suggest. Whilst average profits have indeed increased there is a lot of variation between suppliers – with NPower posting a loss. In fact, only two companies actually had their highest ever profit margin (E.On and SSE).
Could we one day pay for our energy the way that we pay for our mobile data? Maybe if one new North American supplier has their way. Just Energy has introduced a new tariff that allows customers to use however much energy they want, within a set band, if they play a flat fee each month.
Brexit, the Paris Agreement and antitrust – there’s a lot going on at the moment. This article gives a concise lowdown of the big issues of the moment, and why they’re important.
The UK Energy Research Centre claims that energy efficient behaviour could shave £7.5bn off energy costs and save as much as six nuclear reactors. The catch? The Government would have to switch their focus to policies that encourage energy efficiency – and some improvements could take up to 20 years to pay for themselves.
Remember to keep up to date with all the latest energy news and small business advice by following us on Twitter@switchmybiz.
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