• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
  • Contact
  • About
Monday, June 27, 2022
Maryland Digital News
  • Home
  • US
  • Business
  • World
  • Baltimore
  • Columbia
  • Germantown
  • Waldorf
  • Silver Spring
  • Frederick
  • Press Releases
  • Videos
No Result
View All Result
  • Home
  • US
  • Business
  • World
  • Baltimore
  • Columbia
  • Germantown
  • Waldorf
  • Silver Spring
  • Frederick
  • Press Releases
  • Videos
No Result
View All Result
No Result
View All Result
Home Business

‘Surge Pricing’ For Gas And Electric Could Force Households To Ration Their Use

by NewsReporter
February 11, 2022
in Business
Reading Time: 4 mins read
‘surge-pricing’-for-gas-and-electric-could-force-households-to-ration-their-use
Share on FacebookShare on Twitter
NewsBusinessBusiness News

Ofgem claims changes will save consumers up to £4.5bn by 2045

How to keep energy bills down amid cost surge

Poorer households could be forced to limit their energy use at certain times of the day under plans for surge pricing, it has been claimed.

Three major energy companies – Scottish Power, EDF and Octopus Energy, who have 11 million customers between them – this week backed plans to introduce dynamic pricing arrangements whereby smart meters automatically send regular updates to suppliers about household energy use.

At peak times when energy use is highest, such as early evening, costs would be higher for consumers, while prices would fall for those using energy overnight.

Experts have suggested that the proposed changes to pricing would see struggling households forced to limit their energy use during peak periods.

But Ofgem, the energy regulator, insists the shift to “time of use” tariffs, known in the industry as the market-wide half hourly settlement (MHHS) since smart meters will be programmed to provide updates on energy use every 30 minutes, will “enable a more efficient, flexible and greener energy system”.

The regulator claims it will save consumers an estimated £1.6bn – £4.5bn by 2045.

Backing the changes this week, Greg Jackson, Octopus Energy’s chief executive, said it would be “extremely good for consumers”.

However, founder of TheEnergyShop.com, said surge pricing could make energy “unaffordable” for people at peak times.

He told the Daily Mail: “Some households will inevitably have power outages during peak times when energy potentially becomes unaffordable. We already see extraordinary swings in the price of energy and this is likely to get worse.”

The Government has been criticised for not doing enough to help as costs rise

” data-gallery-length=”2″ height=”2788″ i-amphtml-layout=”responsive” layout=”responsive” on=”tap:inline-image-gallery,inline-image-carousel.goToSlide(index=1)” role=”button” src=”https://static.independent.co.uk/2022/02/06/17/newFile-1.jpg?quality=75&width=982&height=726&auto=webp” tabindex=”0″ width=”3720″>

The Government has been criticised for not doing enough to help as costs rise

(Getty)

Ofgem has been exploring the potential for surge pricing since 2017. Last April, the regulator made the decision to go ahead with the proposal but said it was up to the industry to implement it and gave energy providers until October 2025 to do so.

It is hoped that surge pricing will place incentives on suppliers to offer new tariffs that encourage more flexible use of energy and help consumers to lower their bills.

Ofgem says this could include charging an electric vehicle overnight to make use of lower prices, for example.

A spokesperson told The Independent: ​​“This major system upgrade is a significant milestone on Britain’s path to net zero.

“It will enable a more efficient, flexible and greener energy system which will save billions of pounds per year on all consumers’ energy bills.

“Ofgem will work closely with industry to make sure it delivers this major upgrade while ensuring those in vulnerable circumstances remain protected.”

Last week Ofgem announced that the energy price cap would increase from 1 April for around 22 million customers, hiking bills by hundreds of pounds a year.

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email

Please enter a valid email

Must be at least 6 characters, include an upper and lower case character and a number

Must be at least 6 characters, include an upper and lower case character and a number

Must be at least 6 characters, include an upper and lower case character and a number

Please enter your first name

Special characters aren’t allowed

Please enter a name between 1 and 40 characters

Please enter your last name

Special characters aren’t allowed

Please enter a name between 1 and 40 characters

You must be over 18 years old to register

You must be over 18 years old to register

You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

Already have an account? sign in

Read More Here

Related Posts

pfizer-and-biontech-to-ask-fda-to-authorize-covid-19-booster-for-kids-as-young-as-5

Pfizer And BioNTech To Ask FDA To Authorize COVID-19 Booster For Kids As Young As 5

by NewsReporter
April 14, 2022
0

Pfizer and BioNTech plan to ask the Food and Drug Administration to clear a third dose of their COVID-19 vaccine for children as young as 5, the companies announced Wednesday, citing trial results showing a "robust response" of antibodies in this age group after the booster shot.  In the trial,...

netflix-subscribers-in-russia-launch-class-action-for-loss-of-service

Netflix Subscribers In Russia Launch Class Action For Loss Of Service

by NewsReporter
April 13, 2022
0

Russian Netflix users are suing the streaming firm for suspending its service as a result of Vladimir Putin’s invasion of Ukraine.Netflix, which has only about 1 million subscribers in Russia, suspended its services in March and has halted the development and acquisition of all Russian-made or commissioned TV shows and...

did-us-inflation-peak-in-march?-americans-are-concerned

Did US Inflation Peak In March? Americans Are Concerned

by NewsReporter
April 12, 2022
0

A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.New York (CNN Business)Americans have been living with soaring prices for months. New inflation data set...

buffalo-officers-who-shoved-elderly-blm-protester-cleared-by-arbitrator

Buffalo Officers Who Shoved Elderly BLM Protester Cleared By Arbitrator

by NewsReporter
April 11, 2022
0

An arbitrator has ruled that two Buffalo police officers didn't violate the department's use-of-force guidelines when they pushed a 75-year-old protester to the ground in June 2020 during racial injustice protests following the murder of George Floyd in Minneapolis. The episode drew national attention when a news crew captured video ...

Maryland Digital News

© 2021 Maryland Digital News

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
  • Contact
  • About

Follow Us

No Result
View All Result
  • Home
  • About
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Maryland Digital News

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT