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Latest in Energy retail

Ofgem seeks alternatives to forced PPM installs
Ofgem is exploring options to reduce the need for prepayment meters to be installed in consumers’ homes following the recent outcry over alleged supplier malpractice. Meanwhile the regulator’s chief executive Jonathan Brearley has called for installations to be reversed and compensation offered where rules have been broken.
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January sees record EBSS redemption rates
More than £7 billion from the Energy Bills Support Scheme (EBSS) has been provided to 98% of eligible households, with January seeing a record number of prepayment meter (PPM) vouchers redeemed. To date 76% of all EBSS vouchers have now been redeemed.
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Weekend press round-up: Japanese owners put SES Water up for sale
The Japanese owners of SES Water are reportedly putting the business up for sale due to their reluctance to inject fresh equity into the highly-geared company. Meanwhile, Grant Shapps, head of the newly-formed Department for Energy Security and Net Zero, discusses his plans to make British energy the cheapest in Europe. This and more in Utility Week’s latest round-up of the weekend’s papers.  
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Open data: The great enabler in UK utilities
Open data is at the top of the agenda for the UK’s energy and water companies – driven by the belief that a new approach to data will speed innovation both within and between companies and in so doing, act as a vital enabler for the transition to net zero.
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Strong nuclear output sees EDF post £1 billion UK profit
EDF Energy has posted a more than £1 billion profit thanks to its strong nuclear output, despite its retail arm suffering heavy losses due to the soaring cost of energy. Across the year EDF’s UK nuclear fleet produced 43.6TWh of power, up 1.9TWh on the year previously. It comes following British Gas parent company Centrica’s recent announcement of record profits.
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M&S to close energy arm and transfer customers to Octopus
Marks & Spencer (M&S) has announced that it is exiting the energy market. From 1 April M&S Energy’s 60,000 customers will be switched to Octopus Energy, which currently supplies power to M&S Energy customers.
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British Gas results show energy supply still a ‘tough business’
Reaction to Centrica's bumper profits has been mixed, with analyst Martin Young telling Utility Week that despite the media's obsession with spike profits, in this case "that profitability is not coming from individuals in this country" and that they show UK energy retail remains "a tough business to be in". Despite this, charities, trade unions and green groups have lined up to attack the "obscene" profits reported by Centrica in the middle of a cost of living crisis.
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O’Shea refuses to rule out bonus following record Centrica profits
Centrica boss Chris O’Shea has repeatedly refused to say if he will take a bonus this year, following a record £3.3 billion profit posted by the company. He is eligible to receive up to £1.6 million if all objectives are met but he insisted it was too early to talk about whether he would waive the incentive, as he did last year. O'Shea also talked to Utility Week about how to tackle the issue of bad debt now that the forced installation of prepayment meters is banned until the end of March
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How smart are Britain’s energy tariffs?
With energy emerging as a kitchen table issue, smart tariffs offer a way for households to save money on their bills, while contributing to the creation of a secure, decarbonised electricity system. But suppliers face numerous challenges in unleashing their full potential, including outdated systems and markets that fails to properly reward households for their flexibility. Tom Grimwood examines the current state of the market for smart tariffs and remaining barriers to their widespread adoption.
Analysis
Centrica posts £3.3bn profit
Centrica has posted a £3.3 billion profit for 2022 after its generation arms benefited from soaring commodity prices. Adjusted operating profit rose 250% on the £948 million it posted in 2021 and exceeds the company's highest profits to date - of £2.7 billion in 2012. The retail energy arm also made a profit, albeit a fall from £118 million to £72 million year on year. Cost to serve also dropped slightly, despite external pressures.
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Switching surge predicted for second half of 2023
Analysts are predicting a boom in customers switching energy supplier from this summer, driven by the relaxation of government support and falling wholesale power prices. However, this has sparked fears that Ofgem’s Market Stabilisation Charge will end up acting as a blocker to the most competitive tariffs.
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On the Move: National Grid, Northumbrian, Scottish Power
Our latest round-up of industry movers and shakers includes an ex-Ofgem director joining National Grid, Northumbrian Water appointing a head of environment and sustainability and a new role for a Scottish Power executive.
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