Latest news with #energyregulator
Bloomberg
30-05-2025
- Business
- Bloomberg
Alberta Wildfires Approach Oil Sands, Threatening More Output
Wildfires in Alberta are threatening almost half a million barrels of daily crude production as heat and wind push the flames closer to massive oil sands well sites. A total of 30 out-of-control fires are burning in the province amid hot, dry weather, bringing flames within 20 kilometers (12 miles) of about 458,000 barrels of daily oil production, according to data from Alberta's energy regulator and wildfire department. The province had only four out-of-control fires on Monday.
Bloomberg
29-05-2025
- Business
- Bloomberg
Wildfires in Alberta Pose Growing Threat to Canada's Oil Output
Wildfires are threatening about 4% of Canada's crude output as a blaze in Alberta's oil sands region spreads and approaches major production sites. A total of 25 out-of-control fires are burning in the province amid hot, dry weather, with flames now within 20 kilometers (12 miles) of about 200,000 barrels of daily oil production, according to data from Alberta's energy regulator and wildfire department. The province had only four out-of-control fires on Monday.
SBS Australia
26-05-2025
- Business
- SBS Australia
New electricity prices 'not welcome news' for Australians in some states
Electricity prices are set to rise for almost half a million households in NSW, south-east Queensland, and South Australia from 1 July. The Default Market Offer (DMO), a reference price for electricity set by the Australian Energy Regulator (AER), will increase for 475,727 residences and 91,060 small businesses in these states. The DMO is updated yearly and acts as a price cap that energy retailers can charge residential and small business customers on default contracts, also known as standing offer contracts. Victoria also released its DMO on Monday. The costs of electricity will be higher than last year, as the wholesale costs and the price of transporting electricity have risen, according to AER. The AER said retail costs, such as the cost of billing customers, running call centres, acquiring new customers, managing defaults, and the rollout of smart meters, have added to the price hikes. In NSW, residential customers without controlled load will be hit with price hikes of 8.5 per cent to 9.1 per cent, while customers with controlled load will face increases of 8.3 per cent to 9.7 per cent. Residential customers without controlled load in south-east Queensland will face price increases of 3.7 per cent. Customers with controlled load will be hit with price increases of 0.5 per cent. In South Australia, households without controlled loads will be affected by price increases of 3.2 per cent while those with controlled loads will witness a 2.3 per cent hike in prices. AER chair Clare Savage said the price hikes are "not welcome news". "We know this is not welcome news for consumers in the current cost-of-living environment," she said. "As noted in our draft determination, sustained pressures across almost all components of the DMO have driven these price rises, with wholesale and network costs rising in most jurisdictions between 1 per cent and 11 per cent, and retail costs between 8 per cent and 35 per cent compared with last year." Domestic customers in Victoria will pay about 1 per cent more than last year. Small business customers on standing offer plans will experience increases of 0.8 per cent to 8.5 per cent, depending on the region. Those in NSW will face increases of 7.9 per cent to 8.5 per cent. Small business customers based in south-east Queensland will witness increases of 0.8 per cent, and those in South Australia will be hit with a 3.5 per cent hike in prices. And small businesses in Victoria will pay around 3 per cent more. Savage said you can contact your retailer for a better offer below the DMO. "I strongly encourage all consumers to avoid staying on an old or uncompetitive plan. Contact your retailer to see if you can get a better offer or shop around," she said. "At least every 100 days, your retailer must tell you on the front page of your bill if they can offer you a better deal." Sally Tindall, data insights director at financial comparison site Canstar Blue, said switching plans could save consumers hundreds of dollars. "These electricity price hikes will knock the wind out of the sails for many families, just when they thought they'd turned a corner in the cost-of-living crisis. "Our research shows switching from an average-priced plan to one of the lowest in the market could save you over $400 a year in some cases — this, for some households, could be enough to mitigate the upcoming price hikes. "If you can't pay your electricity bill, contact your provider straight away and ask what options might be available. Every electricity provider has a hardship program they must offer you to help you get back on track."
Reuters
23-05-2025
- Business
- Reuters
UK's Ofgem lowers price cap by 7%, says energy bills would hit $2,313
May 23 (Reuters) - British energy regulator Ofgem on Friday lowered its price cap on household energy bills from July by 7% to an annual level of 1,720 pounds ($2,313.92) for a typical dual-fuel household. ($1 = 0.7433 pounds)
The Sun
23-05-2025
- Business
- The Sun
Energy bills to fall for millions of households this summer as price cap cut by £129 a year
ENERGY bills are set to drop this July, bringing much-needed relief to millions of households. The energy regulator Ofgem has confirmed the new price cap, which comes into effect on July 1, 2025. The average gas and electricity bill is set to drop from £1,849 to £1,720, saving the typical household £129 a year. But bear in mind the exact amount you pay can be higher or lower depending on your usage, and the cap is reviewed every three months. This is significantly higher than the drop this time last year, when it decreased from £1,690 a year to £1,568. The savings will still provide relief to millions, as over 22million households on standard variable tariffs are directly affected by the price cap, which is updated every three months. Experts at Cornwall Insight had rightly predicted the energy price cap would drop to £1,720 in July. Currently, the price cap sets annual energy costs at around £1,849. However, many households may still pay more than Ofgem 's headline figure. This is because the price cap doesn't cap total bills but limits the maximum cost per kilowatt-hour (kWh) of gas and electricity, along with daily standing charges. Ofgem's headline figure is based on the assumption that a typical household consumes 2,700 kWh of electricity and 11,500 kWh of gas annually. So if you use more than a typical households expect to pay more. What is the energy price cap? However, energy experts say that households could make significant savings by switching to a fixed-rate energy deal now. By choosing a fixed deal, customers can lock in consistent rates for a set period, potentially avoiding fluctuations in energy prices. Of course, opting for a fixed energy deal carries the risk that, if energy prices drop further, you might end up paying more than you would on a variable tariff. However, analysts have long said that households should not anticipate any significant drops in prices this year. In response, National Energy Action Chief Executive Adam Scorer said: "Any fall in the price of energy is always welcome news, but this is a short fall from a great height. Bills remain punishingly high for low-income households. "Four years of extraordinarily high energy bills has taken its toll. We hear heart-breaking cases every day. "The likely expansion in eligibility for the Winter Fuel Payment will be a relief for some, but National Energy Action is calling for deeper energy bill support and a real focus to support households out of debt." How do I calculate my energy bill? BELOW we reveal how you can calculate your own energy bill. To calculate how much you pay for your energy bill, you must find out your unit rate for gas and electricity and the standing charge for each fuel type. The unit rate will usually be shown on your bill in p/ standing charge is a daily charge that is paid 365 days of the year - irrespective of whether or not you use any gas or electricity. You will then need to note down your own annual energy usage from a previous bill. Once you have these details, you can work out your gas and electricity costs separately. Multiply your usage in kWh by the unit rate cost in p/kWh for the corresponding fuel type - this will give you your usage costs. You'll then need to multiply each standing charge by 365 and add this figure to the totals for your usage - this will then give you your annual costs. Divide this figure by 12, and you'll be able to determine how much you should expect to pay each month from April 1. How can I find the cheapest fixed deals? To find the best fixed energy deals, start by visiting price comparison websites, which aggregate various offers from different energy suppliers. The best sites include and MoneySavingExpert's Cheap Energy Club. Enter your postcode and current energy usage details to receive a list of available deals tailored to your needs - it'll take you less than five minutes. You'll then be able to compare the rates, contract lengths, and any additional features or benefits offered by each deal. Next, visit the websites of individual energy suppliers to check if they have exclusive deals that are not listed on comparison sites. Sometimes, suppliers offer special promotions or discounts directly to customers. Compare these offers with those on the comparison websites to ensure you get the best possible rate. Finally, consider customer service reviews and the overall reputation of the suppliers. Once you have identified the best deal, follow the instructions to switch your energy provider. What energy bill help is available? There's a number of different ways to get help paying your energy bills if you're struggling to get by. If you fall into debt, you can always approach your supplier to see if they can put you on a repayment plan before putting you on a prepayment meter. This involves paying off what you owe in instalments over a set period. If your supplier offers you a repayment plan you don't think you can afford, speak to them again to see if you can negotiate a better deal. Several energy firms have schemes available to customers struggling to cover their bills. But eligibility criteria vary depending on the supplier and the amount you can get depends on your financial circumstances. For example, British Gas or Scottish Gas customers struggling to pay their energy bills can get grants worth up to £2,000. British Gas also offers help via its British Gas Energy Trust and Individuals Family Fund. You don't need to be a British Gas customer to apply for the second fund. EDF, Octopus Energy and Scottish Power all offer grants to struggling customers too. Thousands of vulnerable households are missing out on extra help and protections by not signing up to the Priority Services Register (PSR). The service helps support vulnerable households, such as those who are elderly or ill. Some of the perks include being given advance warning of blackouts, free gas safety checks and extra support if you're struggling. Get in touch with your energy firm to see if you can apply.
