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Categories
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Home supply and services
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Business supply and services
Our thoughts on the energy crisis and interventions that may help
Blog | Short-term energy market interventions There is considerable concern about the availability and price of energy for this winter and those that follow. Cornwall Insight has been contributing to the policy discourse through our widely-referenced domestic Default Tariff Cap analysis. Read here The Times | Cornwall Insight suggests power plant gas subsidies could help...
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Home supply and services
Cornwall Insight comments on the announcement of the October price cap
If you are a consumer seeking support with their energy bills, please read our blog here: https://www.cornwall-insight.com/support-for-consumers-concerned-about-rising-energy-bills/ The rise in the Default Tariff Cap (price cap) was unfortunately inevitable, as UK bills continue to be the victim of an unstable and unpredictable global market. While there is still some time until...
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Home supply and services
Highlights from our Energy Supplier Compliance webinar
As part of our Energy supplier compliance portal service, we run a webinar every 6 months which looks at key updates. Our latest webinar looked back at the decisions made under Ofgem’s financial resilience plan. This included strengthening milestone assessments and introducing additional reporting requirements. It also decided on the short-term interventions...
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Home supply and services
What is the price cap?
We release our price cap forecasts in the hope that we can encourage policy change. We have created this infographic to help people understand the price cap and how we make our predictions. We would also like to clarify that we cannot influence Ofgem to change the amount of the price cap. You...
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Home supply and services
Cornwall Insight release final predictions for October’s Price Cap
If you are a consumer seeking support with their energy bills, please read our blog here: https://www.cornwall-insight.com/support-for-consumers-concerned-about-rising-energy-bills/ Cornwall Insight are releasing our final predictions for October’s Default Tariff Cap (Price Cap) prior to Ofgem’s announcement on Friday 26th August. Predictions show a typical household1 will be paying £3,554 equivalent per year...
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Home supply and services
Price cap forecasts for January rise to over £4,200 as wholesale prices surge again and Ofgem revises cap methodology
If you are a consumer seeking support with their energy bills, please read our blog here: https://www.cornwall-insight.com/support-for-consumers-concerned-about-rising-energy-bills/ Our new forecasts for the January Default Tariff Cap have risen by over £650(1), meaning a typical household is now predicted to pay the equivalent of £4,266 a year for the three months to...
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Home supply and services
Price cap to remain significantly above £3,000 a year until at least 2024
Our latest forecasts for the Default Tariff Cap have shown a typical household’s energy bill will be well over £3,000 a year for the next 15 months, with the average bill over Summer 2023 (Apr-Sep) sitting at £3,649 – just over £300 per month. We have also updated the predictions...
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Home supply and services
Support for consumers concerned about rising energy bills
Energy bills are on the rise and many consumers will have questions on how they can access support and advice. Cornwall Insight cannot advise individual consumers on their energy bills, however, below is some information on places you can contact for information and guidance. This includes advice on what to...
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Home supply and services
Making the switch – how much will really change?
Last week on 1 July, Ofgem confirmed that the designated Go-Live date for the Centralised Switching Service (CSS) would be 00:01AM on 18 July 2022, as was previously anticipated. The most significant impact of this will be the requirement on suppliers to ensure switches are completed within five working days,...
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Home supply and services
Default Tariff Cap forecast climbs further as Ofgem announcement looms
Due to market volatility, world events and Ofgem's new methodology, our price cap prediction has changed. Please see the latest predictions via our blogs page here Updated price cap figures here As the energy market continues to grapple with global political and economic uncertainty, the corresponding high wholesale prices, and...
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Home supply and services
A Q&A with our price cap specialist, Principal Consultant Dr Craig Lowrey
We recently held an interview with our price cap specialist, Principal Consultant Dr Craig Lowrey. This discussed recent concerns over the price cap, what makes these predictions useful for domestic and non-domestic consumers and more. Dr Craig Lowrey has over 25 years’ experience in the energy sector, building upon academic...
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Home supply and services
New forecasts for the January Default Tariff Cap rise to over £3,000 for a typical user
Due to market volatility, world events and Ofgem's new methodology, our price cap prediction has changed. Please see the latest predictions via our blogs page here Updated price cap figures here This week Cornwall Insight released its updated forecasts for the Default Tariff Cap. Q1 2023 which runs from January...
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Home supply and services
Windfall taxes are not the only solution to the energy crisis
The energy market is in a state of transition, with geopolitical concerns threatening to undermine energy security and subsequent wholesale energy rises pushing up bills. It is inevitable that policymakers will look at how best to deliver an affordable energy system for consumers. The temporary, targeted energy profits levy, or...
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Home supply and services
Tapestry: Ofgem’s new quarterly Default Tariff Cap
This article was extracted from our Energy Spectrum publication published 23 May 2022. Energy Spectrum is a weekly news service which keeps you up-to-date with developments in the market. For the full article please contact Jack Hunt at j.hunt@cornwall-insight.com The announcement by Ofgem of its minded-to decision in respect of...
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Home supply and services
Determining how we fund, not just what we fund, is critical
This article was extracted from our Energy Spectrum publication published 23 May 2022. Energy Spectrum is a weekly news service which keeps you up-to-date with developments in the market. Find out more and request a free trial here. Last week I was on a great panel for Mott Macdonald and...
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Energy storage and flexibility
Oil prices are dropping, so why are bills still high?
https://youtu.be/kEvKyeFGZb4 Video transcript Oil prices dropping… why are my bills still high? Last week, in particular, gas and power prices were very low. Gas for one day was 35p/th similar to what we were used to The drop is because Britain is now a major transit point for gas to...
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Home supply and services
What is the Market Stabilisation Charge?
The Market Stabilisation Charge (MSC) requires all domestic suppliers acquiring a customer to make a payment to the supplier that is losing the customer. The charge applies to all switches, so suppliers are not obliged to inform competitors which tariff the consumer switched to or from. It is comprised of...
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Announcement
The Energy Security Bill explained – from the Queen’s Speech
On Wednesday 11 May, the Queen's Speech was delivered which announced that an Energy Security Bill will be introduced at some point over the next parliamentary session. What is the Energy Security Bill and what does the Government state the benefits will be? https://www.youtube.com/watch?v=vLfmkM0mAqc What are the main elements of...
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Business supply and services
Wake-up call: Cost pressure in the GB energy market
This Energy Perspective was published in Issue 791 of Energy Spectrum on 10 January 2022. The current crises afflicting the energy supply sector, driven by rising energy input costs, are of economy-wide concern. The price of energy has always been an issue of significance for national economic competitiveness, inflation, monetary...
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Home supply and services
The risks of short-term interventions distorting long-term incentives in the energy market
Christmas 2021 was not a time of cheer for the energy industry and its customers. There is acute stress on energy suppliers and consumers from current bills - let alone where they may move to in the coming year. And it seems the political and regulatory debate has moved on...
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Business supply and services
With great power comes great responsibility – what can be done for customers and suppliers in these challenging times?
Given that the situation in the wholesale markets shows no signs of abating, both the government and Ofgem have a shared responsibility for helping to steward the energy sector through a period of profound challenges for suppliers as well as for their customers. Furthermore, the risk of structural damage to...
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Business supply and services
Wholesale energy prices see new record highs as 2021 comes to a close
In what continues to be a particularly tumultuous period for the wholesale energy market in the lead up to Christmas, prices have continued their crusade of setting record highs in a final send-off to 2021. On Wednesday 22 December, day-ahead gas prices reached a new all-time record high (on our...
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Commercial and market outlook
Price cap set for 46% rise for Summer 2022, Winter 2022-23 cap may exceed £2,000
Due to market volatility, world events and Ofgem's new methodology, our price cap prediction has changed. Please see the latest predictions via our blogs page here Updated price cap figures here Following further highs in wholesale prices and the costs associated with the raft of supplier failures seen in the...
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Commercial and market outlook
Cliff-hanger: supplier new entry in volatile markets
The extraordinary developments that have occurred in the energy sector in recent months have led to a tumultuous time for all participants. We have taken a look back through our archives to where we highlighted our concerns a number of years ago that this outcome was, unfortunately, a real possibility. This...
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Business supply and services
Webinar | Energy supplier exits: managing the fall-out
In our webinar last week, Adam Boorman, Craig Lowrey, Robert Buckley and Jacob Briggs discussed a range of topics in light of recent market developments. They were joined by over 70 attendees join and discussed: the changing wholesale market engagement for smaller suppliersthe challenges of managing exiting companies,the commercial impacts...
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Home supply and services
Will customers pay for suppliers reconsolidating?
There’s been a lot of media about Scottish Power chief executive Keith Anderson’s comment about a “massacre” in the retail energy market. The spectre of a return to a handful of domestic energy suppliers has been raised. We are certainly going to a world of many fewer suppliers, in my...
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Home supply and services
Shaken, not stirred: The fate of the supply market
This Energy market perspective was taken from our Energy Spectrum publication on 4 October 2021. To find out more about a free trial to Energy Spectrum, find out more here or contact Robert on r.buckley@cornwall-insight.com. As we enter the winter 2021-22 trading season, the energy supply market remains in intense...
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Home supply and services
The gravity of the default tariff cap and the impact of the SOLR process
With wholesale gas and electricity prices continuing to reach new records, successive supplier exits during September 2021 and a new level for the default tariff cap (£1,277 for a typical dual fuel direct debit customer) for Winter 2021-22, the GB energy market remains on edge for fresh volatility and further...
