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Energy debt hits record £3.8bn, as Ofgem propose initiatives to raise standards
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SoLR levy claims likely to exceed £1billion
I really don't want this to sound clickbait, but there's a real risk of ~£1 billion in claims to the SoLR levy this winter.
Price cap is already loss making before it comes into force
Gas prices are making the Price Cap a loss making tariff. I just wanted to share an extract of some analysis we've been working on.
Should the Price Cap be updated monthly?
What would happen if the OFGEM Price Cap was a monthly tracker? Recap from yesterday: The Price Cap is a loss making tariff at the Gross Margin level, and energy suppliers will need to subsidise customers energy bills.
Covid-19 related customer debt must be addressed now
The UK’s Covid-19 vaccination programme promises to allow some of the related restrictions to be removed within a few months. This is great news but does not mean all our Covid-19 challenges will soon be in the past.
Energy supplier consolidation is inevitable in 2021
UK energy suppliers collectively lost £1bn last year. This year, ongoing intense competition as well as new cashflow challenges, including regulatory initiatives and Covid-19’s impact on customer incomes, will make that loss seem mild. Consequently, we see the trend for energy supplier consolidation continuing and accelerating in 2021.
Billing and complaints remain central to customer service challenge
Two reports just published by Ofgem give great insight into the status of energy supplier customer service and the best area to focus on to improve customer relationships, namely billing and complaints processes.
What does it take to grow an £x00m energy retailer?
At a recent BFY Group client strategy day, we discussed what it takes to grow a £x00m energy retailer. A number of challengers have delivered incredible growth since entering the market, and gained ~1% market share in only four years of trading.
Energy suppliers' debt books are growing as the Covid-19 impact emerges
As we see the first of the coronavirus protections begin to be lifted it’s time for energy suppliers to take stock of the stark financial situation their customers now find themselves in.
BFY Group supports Yu Energy in its acquisition of Bristol Energy
We’re really pleased to have supported the Yu Energy team on the acquisition of the Bristol Energy B2B Energy Customer Book.
Wholesale costs drive £84 reduction in Ofgem Price Cap level
Wholesale costs drive £84 reduction in Ofgem Price Cap level. However, fewer than 50% of tariffs are currently above the cap.
BFY Operating Cost Benchmarking study biggest and most detailed yet
Our Operating Cost Benchmarking study is already the biggest and most detailed study of its kind within UK energy retail, and the team have been working hard to make the 2020 study even better.
Ofgem Announces ROCs Mutualisation of £97m
Ofgem have announced today that the ROCs mutualisation will be ~£97m, with the largest amount outstanding at 1/11 being £38m owed by Hudson Energy Supply.
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