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Business Mayor
12-05-2025
- Business
- Business Mayor
Energy firms paying out £25 million a year to customers for ‘breaking rules'
Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Energy companies in the UK have paid out £152 million over the past six years for failing to meet licence conditions, industry regulator Ofgem has revealed. Averaging £25 million a year since 2018, this money has been used to support vulnerable customers and fund initiatives promoting energy efficiency and net-zero policies. These funds come from payments and fines levied against companies for various infractions, which are then channeled through the Energy Redress Scheme. These infractions include issues such as inaccurate billing, subpar customer service, and manipulation of wholesale energy markets. Since 2018, the scheme has supported 647 projects aimed at assisting vulnerable consumers, offering energy-saving advice, and furthering the development of net-zero strategies. Recent examples of companies contributing to the scheme include Ovo Energy, which paid £2 million for mishandling customer complaints, and Beatrice Offshore Windfarm Limited, which paid £33.14 million for breaching energy market regulations. More than 700 members of the Public and Commercial Services Union in Glasgow, London and Cardiff will vote in the coming weeks (Yui Mok/PA) (PA Archive) This substantial sum highlights the potential financial consequences for companies that fail to comply with Ofgem's rules. The redress scheme ensures that these funds are used to benefit consumers and promote positive change within the energy sector. Ofgem said more than £55 million had been allocated to fuel voucher projects, providing help to vulnerable customers at risk of disconnection from their energy supply. Cathryn Scott, director for market oversight and enforcement at Ofgem, said: 'Protecting customers and ensuring they're treated fairly is at the heart of Ofgem's mission. 'That's why we make sure that when energy companies break the rules, they make amends by contributing to projects that make our energy system fairer and support those in need. '£152 million is a huge sum of money and has helped thousands of people all over the country struggling with bills, as well as contributing to projects that help people decarbonise and learn more about their energy consumption. 'Ofgem's enforcement function is a powerful weapon in our regulatory arsenal, evidenced by the more than £92 million in compensation to customers, redress payments and fines successfully handed out in 2024 alone. 'The latest milestone of securing £150 million in redress payments for good causes could not have happened without the thorough investigative work of our compliance and enforcement teams or the Energy Saving Trust who ensure the money is targeted to reach those in need.' The Citizens Advice Energyworks project in Brighton and Hove was recently awarded almost £528,000 by the scheme to help all city residents in fuel poverty with free and impartial energy advice. At the end of last year, research showed that more than 16,000 households in Brighton and Hove were living in fuel poverty, Ofgem said.
Business Mayor
08-05-2025
- Business
- Business Mayor
Energy customers entitled to £150,000 compensation after Ofgem findings – check if you're eligible
Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email A British energy company has been forced to pay £150,000 in compensation and redress after failing to provide final bills and refund credit balances to over 2,000 customers. The energy regulator, Ofgem, revealed that 2,284 prepayment meter customers were impacted by a fault in Good Energy's billing system between 2014 and October 2023. This systemic error meant that prepayment customers switching suppliers or terminating their contracts with Good Energy did not receive their final bills within the mandated six-week timeframe stipulated by Ofgem. The total payout of £150,067, averaging £66 per customer, encompasses £55,281 in direct compensation and refunds, with a further £94,786 contributed to the industry's voluntary redress fund, a scheme designed to support vulnerable energy consumers. Those affected by the issue should be issued compensation and possibly goodwill sums to make up for the issue. Anyone who believes they were affected by does not receive this should get in touch with Good Money. The issue came to light following a self-reported incident of the same error by energy supplier Next to Ofgem last year. Subsequent investigations led to Good Energy updating its systems to rectify the problem, according to Ofgem. Thousands of customers were affected over a nine-year period, regulators said (PA Wire) Beth Martin, director for consumer protection and competition at Ofgem, said: 'At a time when so many households are facing financial difficulty, it's unacceptable that Good Energy failed to provide refunds of money that was owed to customers, compensation they were due, and final bills they were entitled to. 'Driving up standards for consumers across the board is our top priority, and improving billing accuracy is a key part of this. 'We also expect suppliers to make sure they have robust systems in place to limit the risk of issues like this happening, and to proactively report problems when they arise.' Good Energy chief executive Nigel Pocklington said: 'We were dismayed to find the billing system issue causing these prepayment customers to have not received their final statements and we deeply apologise to all those affected. 'As soon as the issue was identified we put in place a manual process to ensure it did not continue and have since made changes to make sure it does not happen again. 'We have also made every effort to provide due compensation to affected customers. This includes goodwill sums in excess of their potential credit balance plus interest, and the general standards of performance payments all customers who do not receive final statements in time.' Ofgem's Beth Martin said: 'Driving up standards for consumers across the board is our top priority, and improving billing accuracy is a key part of this' (Yui Mok/PA) (PA Archive) Last month, the boss of Ofgem said he wanted to be less 'heavy handed' in policing energy firms, including only taking enforcement action in 'serious cases' of companies failing customers. Jonathan Brearley said he wanted to take a 'proportionate, intelligent' approach to regulating customer issues in the coming years. He said: 'The fact is that over the last few years Ofgem has had to intervene in light of poor services and poor practice for some suppliers. 'However, I also recognise that at times, our past approach has been unwieldy, potentially heavy handed and bureaucratic.' But he added that firms need to 'do more than the regulatory minimum' in return. That includes by providing faster redress payments for issues like poor smart meter installation services or incorrect billing.
The Independent
07-05-2025
- Lifestyle
- The Independent
Morning Headlines newsletter: Get the biggest stories and expert analysis to start your day
In a world that moves fast, staying on top of the news that matters has never been more important. That's where Morning Headlines comes in – The Independent 's daily newsletter that brings you the biggest stories and talking points, straight to your inbox every weekday morning. Delivered Monday to Friday, Morning Headlines sets you up for the day with a clear, concise briefing on the key developments in the UK and around the world. From breaking news and politics to business, climate and culture, our team of expert editors curate the essential stories, along with the biggest talking points of the day, so you don't have to go searching for them. Alongside the headlines, you'll also get in-depth analysis, opinion sharp insight from our award-winning team of journalists. We cut through the noise to bring you the facts, context and expert perspectives you need to stay informed – all before your morning coffee. Once there, all you need to do is press the '+' button and enter your email address to sign up. While there you can also browse The Independent's wide range of other newsletters, from Climate to Health Check and from Indy/Tech to IndyEats, there's something for everyone.
The Independent
26-03-2025
- Business
- The Independent
Spring statement will lead to six months of ‘damaging speculation', IFS warns
Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Chancellor's decisions at the spring statement will lead to six months of 'damaging speculation and uncertainty over tax policy' ahead of the next budget, an influential economics think tank has warned. During Wednesday's statement, Rachel Reeves enacted further cuts to welfare in order to restore £9.9 billion fiscal headroom that the Office for Budget Responsibility told her would have been eroded if spending had continued unchecked. She said this headroom had been 'restored in full' thanks to her actions. But Paul Johnson, director of the Institute for Fiscal Studies (IFS), warned that Ms Reeves's commitment to her fiscal rules – while maintaining only a small headroom for unexpected extra costs – had left her 'at the mercy of events'. He added: 'Ms Reeves has left herself with the same £9.9 billion sliver of headroom against her target to balance the current budget as she had in October, and a very similar amount of headroom against the target that debt should be falling in 2029–30 (£15.1 billion, down from £15.7 billion in October). 'All of that adds to uncertainty around policy. We can surely now expect six or seven months of speculation about what taxes might or might not be increased in the autumn. 'There is a cost, both economic and political, to that uncertainty. The Government will suffer the political cost. We will suffer the economic cost.' He also said the Chancellor risked 'losing the wood for the trees' in her cuts to welfare. While rates of universal credit are expected to rise over the next few years, it will be by less than previously expected. By 2029 for example, the weekly rate will be a pound less – at £106 – than previously set out. Mr Johnson said this move risked undermining the idea that benefit reform 'is being made for any reason other than chasing a fiscal number'. He described the spring statement as being a 'holding exercise' for more significant decisions at the June spending review and the autumn budget. The IFS director added: 'We might be in for another blockbuster autumn budget. That didn't go well between last July's election and October's budget. I fear a longer rerun this year.' Elsewhere, progressive think tank the Resolution Foundation described planned cuts to departmental spending are 'a far cry' from austerity, but 'not pain-free either'. Its chief executive Ruth Curtice said: 'The £3.6 billion trimming of departmental spending is a far cry from the austerity of the 2010s but it is not pain-free either – crucial public services like courts, prisons and local government will feel the strain of reduced funding in the second half of this Parliament. 'The Government's welcome ambition to kickstart growth got closer to reality today, with planning reforms set to boost GDP in the coming years. 'But the outlook still looks bleak. 'Much has been made of the living standards pain Britain experienced during the 2010s, but the 2020s are still on track to be even worse.'
The Independent
20-03-2025
- Entertainment
- The Independent
Artist Peter Sedgley, founder of Space Studios, dies aged 94
Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Artist Peter Sedgley, founder of Space Studios with painter Bridget Riley in the 1960s, has died aged 94, the studio has said. Sedgley, known for his kinetic and optical art, founded the workspace, which is the oldest continuously operating art studio in London, in 1968. Announcing Sedgley's death on March 17, Space said: 'Peter Sedgley was an artist who looked at the world with a particular kind of social conscience. 'He imagined the site of the artist's studio as one of unbounded imagination – a prospective seat for social, political and economic change. 'Sedgley was a very specific kind of person, adventurous, seemingly not afraid of risk, but also a deep thinker. 'After all, the discipline required of his intricate incandescent paintings, which over time evolved to become sculptures, was something that he pursued largely independently. He was consistently innovating.' He also created an Art Information Registry, which was used by members including singer David Bowie and German-British painter Frank Auerbach, to find places to exhibit, perform, sell their work and be commissioned. Sedgley became an artist after a period in the army, and a short career as an architect. His first major solo exhibition was in 1965, at the McRoberts And Tunnard Gallery in London. It sold out and several works were placed in major galleries such as Tate Britain. His best known works include Glide, Colour Cycle, Suspense and Blue Pulse. The London-born artist continued to work until well into his 90s, and created a retrospective of his work, dedicated to his late wife Inge, with whom he had two children, at the Redfern Gallery in London, in November last year. The studio's statement added: 'It is thanks to Peter's pioneering vision that today Space remains the oldest continuously running artist studios provider in London.'
