A new report has found that Britain’s current electricity market arrangements are inadequate to meet future energy demand.

The report calls for significant reform in the electricity market, emphasising the necessity of implementing zonal pricing to adjust electricity prices based on regional supply and demand.

Commissioned by Octopus Energy, the report outlines transitional measures aimed at protecting investor confidence while reducing consumer energy bills.

These recommendations align with the UK’s Clean Power 2030 Mission, which focuses on increasing the share of clean energy in the national electricity supply.

The report suggests several strategies for investment protection, including amendments to Contracts for Difference, measures to address “volume risk,” and exploration of “locational price risk” protections.

These strategies are intended to facilitate a smooth transition to zonal pricing while ensuring continued investment in renewable energy projects.

Tom Luff, Practice Manager for Electricity Markets and Policy at Energy Systems Catapult, emphasised the importance of investment protection during this transition.

He noted that the proposals aim to balance the interests of investors and consumers.

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We’re excited to reveal the shortlisted nominees for the Most Trusted Consultancy – SME award at TELCA 2024, sponsored by Yorkshire Gas & Power.

This award honours consultancies that have demonstrated a strong commitment to building trust and delivering exceptional service to their clients.

The finalists include Boxfish, Connect Consultancy t/a Auditel, Fidelity Energy, Indigo Swan, Total Energy Solutions, Utility Aid and Utility Bidder.

Each of these companies has established themselves as leaders in trustworthiness and we look forward to celebrating their achievements at the TELCA awards ceremony!

The post Most Trusted Consultancy – SME Shortlist for TELCA 2024: Honouring Trusted Leaders in Energy Consultancy appeared first on Energy Live News.

Ireland’s Distribution System Operator, ESB Networks has teamed up with Advanced Infrastructure to trial a new self-screening tool that will allow demand customers, including local authorities and EV charge-point developers, to pre-assess their connection applications.

The project seeks to make the connection process more efficient and customer-friendly.

The tool, designed by Advanced Infrastructure, will enable medium-voltage demand customers to access vital information online, including available network capacity, estimated timelines and preliminary cost assessments.

By offering customers the ability to refine their connection requirements before making formal applications, ESB Networks aims to manage application volume and better allocate resources to connections with a greater likelihood of success.

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EDF is offering a £50 cashback for customers signing up to any of its electric vehicle (EV) tariffs throughout November, aimed at helping EV drivers save on charging costs.

The cashback applies to EDF’s range of EV tariffs, which includes the GoElectric Overnight and Pod Point EV Exclusive.

Each of EDF’s EV tariffs provides five hours of discounted electricity between 12am and 5am.

According to EDF, the GoElectric Overnight tariff could save the average motorist up to £828 annually compared to petrol, while EV drivers could save £752 by avoiding public charging network costs.

The post £50 cashback for EDF electric vehicle tariff sign-ups appeared first on Energy Live News.

As of today, 1st November 2024, the UK government has raised the Energy Profits Levy (EPL) from 35% to 38%, targeting oil and gas companies operating in the North Sea.

The new measure not only raises the EPL rate but also removes the previous 29% investment allowance, tightening the framework under which energy companies can claim tax relief.

The Budget states, “To help make the UK a clean energy superpower, oil and gas companies will contribute more to support the energy transition.

“The government is increasing the rate of the EPL from 35% to 38%, removing the 29% investment allowance, and extending the levy until 31st March 2030.

“To provide certainty and to support a stable energy transition, 100% first-year allowances in the EPL will remain and the government will consult in early 2025 on how the oil and
gas tax regime should respond to price shocks once the EPL ends in 2030.”

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