Construction News
26/02/2014
Energy Suppliers Must Trade Fairly - Ofgem
From 31 March new rules will come into force meaning the six largest suppliers and the largest independent generators will have to trade fairly with independent suppliers in the wholesale market, or face financial penalties. The six largest suppliers will also have to publish the price at which they will trade wholesale power up to two years in advance. These prices must be published daily in two one-hour windows, giving independent suppliers and generators the opportunity and products they need to trade and compete effectively.
Ofgem CEO Andrew Wright said: "Our rules for a simpler, clearer, fairer energy market are coming into force, meaning that it is getting easier for consumers to pick out the best deals. Now we are also breaking down barriers to competition for new entrant suppliers. These reforms give independent suppliers, generators and new entrants to the market, both the visibility of prices and opportunities to trade that they need to compete with the largest energy suppliers. Almost two million customers are with independent suppliers, and we expect these reforms to help these suppliers and any new entrants to grow.
"We also want to ensure that information on revenues, costs and profits of the largest energy suppliers is as clear as possible for consumers. No other European regulator has gone as far as Ofgem in making this information accessible for consumers. Now we are taking further steps to ensure that it is published more quickly, and that it gives a robust, useful and accessible picture of company profits. Both of these reforms will help ensure competition bears down as effectively as possible on prices."
Secretary of State for Energy and Climate Change Edward Davey said: "This is a significant and welcome toughening up of competition in electricity markets. By making these wholesale prices more transparent, it will help reveal how the Big Six energy companies are trading, and make it easier for new competition to challenge their business model.
"We've been working to make energy markets work better so that consumers get a better deal, and getting a clearer picture of how energy companies are spending their customers' money is an absolutely vital step. Changing the rules for how energy is sold to suppliers is a big step forward in creating a fairer, more competitive energy market in the UK."
(CD/JP)
Ofgem CEO Andrew Wright said: "Our rules for a simpler, clearer, fairer energy market are coming into force, meaning that it is getting easier for consumers to pick out the best deals. Now we are also breaking down barriers to competition for new entrant suppliers. These reforms give independent suppliers, generators and new entrants to the market, both the visibility of prices and opportunities to trade that they need to compete with the largest energy suppliers. Almost two million customers are with independent suppliers, and we expect these reforms to help these suppliers and any new entrants to grow.
"We also want to ensure that information on revenues, costs and profits of the largest energy suppliers is as clear as possible for consumers. No other European regulator has gone as far as Ofgem in making this information accessible for consumers. Now we are taking further steps to ensure that it is published more quickly, and that it gives a robust, useful and accessible picture of company profits. Both of these reforms will help ensure competition bears down as effectively as possible on prices."
Secretary of State for Energy and Climate Change Edward Davey said: "This is a significant and welcome toughening up of competition in electricity markets. By making these wholesale prices more transparent, it will help reveal how the Big Six energy companies are trading, and make it easier for new competition to challenge their business model.
"We've been working to make energy markets work better so that consumers get a better deal, and getting a clearer picture of how energy companies are spending their customers' money is an absolutely vital step. Changing the rules for how energy is sold to suppliers is a big step forward in creating a fairer, more competitive energy market in the UK."
(CD/JP)

11/02/2025
Wates has submitted a planning application for a new development of temporary modular homes at Waterloo and Queen Street, marking a significant step forward in addressing the urgent housing needs in Havering.
The project is part of Wates' ongoing 12-year Joint Venture partnership with the London B

11/02/2025
GMI Construction Group has achieved the practical completion of its £16m contract at MIRA Tech Park (MTP) five weeks ahead of schedule, marking a major milestone in the ongoing expansion of Europe’s largest automotive research and development cluster.
The project, managed by Swanvale Developments o

11/02/2025
Developer Regal has successfully secured a £115 million development loan from specialist finance provider Maslow Capital.
The loan will fund the construction of a 264-bed Purpose-Built Student Accommodation (PBSA) project, alongside 30 affordable residential units and nearly 9,000 square feet of c

11/02/2025
GRAHAM has been appointed to deliver stage two of the major Didcot and surrounding area infrastructure scheme (HIF1), which aims to tackle traffic congestion, improve travel times, and enhance connectivity in the region.
The key elements of the project include the design of the Clifton Hampden Byp

11/02/2025
Hinkley Point C, Britain's largest low-carbon energy project, is set to create 3,000 new jobs over the next 18 months as construction ramps up in Somerset.
With around 15,000 workers expected on-site by the time the project hits peak construction, local residents will see a surge in employment opp

11/02/2025
Local residents in Witney are set to benefit from new infrastructure works aimed at reducing traffic congestion in the town centre, with construction now underway.
The Oxfordshire County Council project will introduce new west-facing slip roads at the Shores Green junction on the A40, allowing tra

10/02/2025
Henry Brothers has successfully completed the construction of an £11 million welfare hub at the Army Training Centre Pirbright in Surrey, England.
The Soldiers' Centre at Alexander Barracks brings existing retail and wellbeing services across the site into a single location, enhancing the training

10/02/2025
Skanska UK has partnered with Multiverse to enhance its employees' data skills and embrace the growing role of Artificial Intelligence (AI) within the construction sector.
The collaboration will see Skanska UK expand its existing Data Academy, offering new apprenticeship programmes in data analytic

10/02/2025
Balfour Beatty VINCI has reached a significant milestone in the construction of a new green bridge near Kenilworth, Warwickshire, which will form part of the HS2 high-speed railway.
The 33-metre-long, 42-metre-wide bridge, designed to provide safe passage for wildlife across the railway line, has n

10/02/2025
Salford City Council has approved plans for the construction of 25 new affordable homes across two sites in the city.
The developments, which will be owned and managed by Dérive, the council's wholly-owned housing company, will provide much-needed supported accommodation for young people who are ho