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April Price Cap rises to £1,849 – tariff changes planned, and billing pressure grows
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European Gas Storage Levels At Risk Of Dropping to ~5% of Capacity By Late March
European Gas Storage Levels At Risk Of Dropping to ~5% of Capacity By Late March. Without from fundamental structural changes we are at real risk of gas scarcity across Europe by late March.
BFY In The News
From time to time, our team are asked to provide expert insights in the News and Press.
We can make £1b worth of energy efficiency savings, and help mitigate more supplier failures.
John Baldwin made a blindingly obvious, but superbly simple comment this week. We're in the middle of an energy crisis and yet there is deafening silence when it comes to energy efficiency advice and helping customers to use less energy.
December Mark to Market equals 8 years of Price Cap profits
At peak, the Mark to Market profit for *just* December was more than 8 years of profit allowed under the Price Cap.
European gas sites at less than 10% of required storage
Some European Gas Storage Sites Are At Less Than 10% Of Required Storage Volumes - Driving Price And Volatility
Potential £2billion impact on well run suppliers
The excess costs (ie losses) to hedge a typical switching sized customer at the price cap are approaching £1,000.
Challenges faced by energy suppliers are greater than the CMA claimed
“All they are actually doing – and I shall get into trouble for this – is metering and billing. They are not making the stuff,”. Words from the head of the CMA's two year investigation in the UK Energy Market according to the Guardian in 2016.
Price Cap predicted to be >£1,555
It's still very early to forecast, but our latest best view is that the April Price Cap will be in the region of £1,555 for a customer using 3,100 of Electricity and 12,000 for Gas.
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.
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