Shares plunge for ITM Power as losses widen and CEO plans his exit September 14, 2022 ITM Power’s shares plunged nearly 25 per cent this afternoon after the energy giant posted widening losses and announced the news that its CEO was calling it quits. The green energy giant said in its full year results that gross loss hit £23.5m, ballooning from £6.5m in 2021. Although revenue jumped to £5.6m, compared to [...]
Challenger gas supplier Yu Group exceeds expectations amid concerns over price rises September 13, 2022 Challenger gas supplier Yu Group exceeded expectations on its cash, earnings and profitability, as it looks to finish the financial year strongly. The company said it expects earnings before interest, taxes, depreciation, and amortisation (EBITDA) of more than £4.7m, while its cash balance was ahead of expectations. Its strong showing took place even with an [...]
UK battery storage capacity to be boosted by £200m venture September 12, 2022 Specialist energy storage trust NextEnergy Solar Fund has announced a £200m venture with sustainable electricity firm Eelpower to strengthen the UK’s battery storage capacity. The company’s first 50MW battery storage project through the joint venture is currently under construction in Fife, Scotland, and is expected to grid-connected in the first half of 2023. “Battery storage [...]
Europe must avoid ‘sticking plaster’ solutions to meet energy needs September 12, 2022 Europe has to ramp up its own energy production, rather than become reliant on other overseas suppliers, argues a Westminster think-tank.
Industry body backs fracking revival September 8, 2022 One of the UK's leading energy bodies has welcomed the Government's decision to lift the moratorium on fracking.
Free market think tanks criticise Truss’s energy price freeze September 8, 2022 Free market think tanks have said that the government’s plan to freeze energy bills will be ineffective and does not sufficiently target those most in need of support. “The energy price freeze is middle class welfare on steroids,” Andy Mayer, CEO of the Institute of Economic Affairs, said. “It represents a gigantic, untargeted handout to [...]
Energy firms welcome Government support package for households September 8, 2022 Energy firms have broadly welcomed the announced support package for households this winter, but called for more focus on demand.
Renewable generators to be shifted onto new contracts in market shake-up September 8, 2022 The Government will introduce new fixed price contracts for existing renewables generators, taking them off lucrative legacy deals.
Cornwall Insight eases price cap predictions amid supply boost September 8, 2022 Cornwall Insight has eased its predictions for the price cap over the coming months - although rates will remain historically high.
Octopus welcomes historic support package for households this winter September 8, 2022 The Government's historic intervention in the energy market has been welcomed by Octopus chief Greg Jackson.