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Old 02-08-22, 07:29   #1
 
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Movies OFGEM WARNS Fatcat Energy COS to Help Vulnerable Customers

British Gas, BP, Exxon, Chevron & Shell See Profits SOAR as Bills Rise..
Oil firms Collect £22bn in Profits as Fuel and Energy Bills Soar

Cost of living: Energy bills forecast to hit £3,615 a year

Exxon, Chevron, Shell Report Record Profits on High Energy Prices

Oil giants post $46 BILLIONS in combined profit in latest quarter, as they cashed in on rebounding energy demand


BBC News 2 AUG 2022.










British Gas owner Centrica and Shell have posted huge profits due to rising energy prices, as UK households face even higher energy bills.




'Little Sign of Abating'


Centrica's half-year profits were five times higher than a year earlier, while Shell reported record profits for the April-to-June period.

It comes as gas prices continue to rise, fuelled by the war in Ukraine.

That is affecting households, with predictions that energy bills will rise even further next year.

The government has said that every household in the UK will get an energy bill discount of £400 this autumn as part of a package of new measures to tackle soaring prices.

But there are calls for more action to help people now, including from personal finance expert Martin Lewis.

British Gas owner Centrica said adjusted operating profit for the six months ending in June rose to £1.34bn from £262m a year earlier.

The rise in profits came from the company's nuclear and oil and gas business, rather than from the British Gas energy supply business which performed much worse. Many firms have been unable to fully pass on the rise in wholesale gas prices to customers.

Centrica has brought back an interim dividend of 1p per share, after scrapping it for the past three years.

The decision to resume payouts to shareholders, even as UK households come under pressure from rising energy bills, has been criticised by some.

Energy analyst David Cox said people would "react against" the sight of an energy company rewarding shareholders, as households struggle with bills.

"Any oil and gas company... that's making a profit and giving some of that back to shareholders at this time, will face a backlash, particularly when we're seeing projections of energy bills hitting almost £4,000," he said.



£400 Energy Payment





MORE






Exxon, Chevron, Shell Report Record Profit...Exxon Mobil and Chevron See Profits Sky-Rocket as Americans Struggle With Record Gas Prices

Oil giants post $46 billion in combined profit in latest quarter, as they cashed in on rebounding energy demand

Historic Gas Prices Could Stay High for a While








U.S. gas prices have hit a record high and are showing no signs of going down. Thatís largely because oil companies are no longer incentivized to drill more as oil prices rise.

$46 billion in combined profit in latest quarter, as they cashed in on rebounding energy demand






Exxon XOM -2.53%▼ Mobil Corp., Chevron Corp. CVX -2.00%▼ and Shell PLC, SHEL -1.91%▼ the three largest Western oil companies, banked a record $46 billion in collective profits in the second quarter, fueled by the highest energy prices in over a decade and lucrative oil-refining margins.

Exxon, the largest U.S. oil company, said Friday its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times as much as the same period a year ago, citing rising oil and fuel production, higher energy prices and cost cuts. Rival Chevron also posted a record profit Friday of $11.6 billion, up from $3.1 billion in the same period last year.


















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Old 22-11-22, 06:50   #2
 
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Movies Re: OFGEM WARNS Fatcat Energy COS to Help Vulnerable Customers

Cost of Living CRISIS: Energy Suppliers Failing Vulnerable Customers - Ofgem

Energy firms must offer more help on bill payments, Ofgem warns

Ofgem told all 17 firms that took part in its review to improve, with five found to have severe weaknesses.

BBC News 22 NOV 2022.




Energy suppliers have been failing vulnerable customers, the sector's watchdog has said, as people face a cold and costly winter.

Most of the UK's energy suppliers must improve how they help people who are struggling to pay their bills, watchdog Ofgem has said.



Its review found failures in firms being able to identify which customers were having payment difficulties and a lack of help with payment plans.

The government has stepped in to cap a typical household energy bill at £2,500 a year until 2024 but this is still unaffordable for many customers.

Campaigners have warned millions of people will still face fuel poverty this winter, despite Prime Minister Liz Truss' multi-billion pound plan to ease the impact of higher gas and electricity bills.

A household is considered to be in fuel poverty if it has to spend 10% or more of its income on energy.

If you are struggling to afford your gas and electricity bills, Citizens Advice recommends contacting your supplier directly and offering to come up with a payment plan.

Energy suppliers must offer payment plans that customers can afford, under Ofgem rules. In addition, those on pre-payment meters who do not have the money to top them up can ask for emergency credit.

Citizens Advice said that by the end of August its frontline staff had supported more than 15,000 people who were unable to top up their prepayment meter.

The charity's chief executive, Dame Clare Moriarty, said Ofgem's review showed some energy companies were "falling drastically short of the mark".

"This is utterly unacceptable given the huge cost-of-living pressures people are facing," she said. "Suppliers need to up their game and Ofgem needs to hold them to task."

Ofgem chief executive Jonathan Brearley said its review found some suppliers had fallen short of the standards expected by the watchdog and urged them to "step up".

"Although the government's package of support will provide some welcome relief, it's critical that, going into this tough winter, energy companies prioritise the needs of vulnerable customers struggling to pay their bills," he said.
line



Ofgems' Findings on How Companies Support Struggling Customers

Severe Weaknesses
TruEnergy
Utilita
ScottishPower

Moderate Weaknesses
E
Good
Green Energy
Outfox 
Bulb

Minor Issues
Ecotricity
EDF
E.ON
Octopus
OVO
Shell
Utility Warehouse
So Energy


All the energy companies identified have been asked to submit information to Ofgem to set out how they will improve their service.

Ofgem said it had already issued provisional orders to Utilita and ScottishPower, meaning they must take specific and urgent actions.

A ScottishPower spokesperson said: "We're disappointed that all of the effort our staff make to help our customers manage affordability challenges has resulted in this conclusion from Ofgem.

"We will now work with Ofgem to implement their recommendations."

A Utilita spokesperson said the company was "very disappointed" about Ofgem's "decision to issue a provisional order rather than to engage with us".

"Our staff are deeply committed to helping customers through the cost-of-living crisis and the financial support we offer is extensive: In 2022 alone, we will provide financial assistance more than a million times to customers who need our help," it added.





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