• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 1 hour Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 5 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 2 hours Will Uncle Sam Step Up and Cut Production
  • 7 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 8 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 20 hours US Petroleum Demand Strongest Since 2007
  • 20 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 19 hours Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 8 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 3 hours Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 2 hours Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 3 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel

British Utility Companies Brace For Major Reforms

Powerlines

The United Kingdom’s gas and electric companies are due for massive reforms in the coming months, according to an announcement by the country’s energy regulator this week.

The “radical reforms,” as labelled by the Guardian, seek to make the cost of energy more affordable for the nation’s residents.

“Change is coming whether the industry likes it or not,” Ofgem CEO Dermot Nolan told energy firms in a passionate speech.  “To those who say they feel can’t do this in a world of more price regulation, I would say think again. These kinds of reforms are overdue. I don’t think the regulator or parliament will take no for an answer. So you might as well as embrace it, because change is coming.”

Consumers will benefit from price caps and a new ability to get power from more than one supplier. New utility companies will also be able to establish themselves in the U.K.’s traditionally closed energy markets.

“One way to proceed is protecting consumers through a process of collective switching,” Nolan said, describing a proposal that would shift thousands of people at a time off of old tariff policies. “Rather than customers having to make an active choice as with conventional collective switches, the switch could be made on their behalf without them having to do anything. It’s a bit like allowing better deals to find customers, rather than customers having to find the better deals themselves.”

Related: Oil Markets Fear Iraqi Escalation

So far, Ofgem does not have the legislative support to make any of these new proposals a reality.

Britain’s gas and electricity companies have avoided showing their disapproval for the new moves in a variety of ways. E.ON CEO Michael Lewis said that answering hypothetical questions regarding the future of the U.K.’s energy sector would be ill-advised. Centrica, the holding company for British Gas, refused to say whether it would challenge such new regulations if they were to come into effect.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play