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This week has seen big news about the National Grid, a concerning report from The World Economic Forum, and the first ever electricity tariff which rewards you for using appliances at non-peak times.
Read on for the top stories from the last seven days…
The first ever variable electricity tariff has been introduced for domestic customers. The tariff has been launched by Green Energy UK who claim it could slash bills by up to £60 a year if customers run their appliances at night, as opposed to during peak times. However, the move has seen controversy has been greeted with controversy in some quarters due to worries about a potential fire safety issues.
An enormous tidal lagoon in Swansea has been backed by the Government this week. The lagoon will cost £1.3bn which will come out at around 30p per household for the next 30 years. Over the next 120 years, it could supply 1.5m homes will energy. The move comes part of the UK’s continued drive to diversity energy production and ensure a consistent energy supply.
National Grid to avoid being broken up – BBC News
The National Grid currently owns and operates large areas of the UK’s energy infrastructure. As such, there have been persistent calls to put an end to potential conflict of interests, and potentially break the organisation up. This week, the Government took the step of creating a legally separate electricity operator within the National Grid, avoiding a full breakup.
Carbon pricing ‘main reason for UK coal drop-off’ – Energy Live News
Carbon pricing is the term given to charges on carbon emissions, and is used in the UK as a method to encourage cleaner practices. The UK has a carbon price floor (minimum carbon price) of £18 per tonne for carbon allowances, ensuring the energy source never gets too cheap. According to Grant Wilson, Energy 2050 Teaching and Research Fellow at the University of Sheffield, it is carbon pricing which is behind the drop in UK coal.
Energy price shocks are the second biggest threat to businesses in 2017, according to the Global Risks Perception Survey by The World Economic Forum. The study asked 750 experts what they thought were the primary dangers to global business in 2017. The results show that energy price spikes are considered to be more of a risk than terrorism or Brexit, neither of which made the list.
Remember to follow us on Twitter @switchmybiz for the latest energy news and small business advice.
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