Millions of Brits being ripped off during UK Grid’s growing reliance on energy use rationing
MILLIONS are being ripped off during the UK Grid’s growing reliance on energy use rationing.
Households have been asked by suppliers to reduce their power usage at peak times.
The idea is to prevent blackouts when demand is high and supplies are low.
firms are being handsomely rewarded by the Grid to promote this flexibility service, but some don’t pass on the full benefit via lower customer bills
On January 8, firms were demanding £120,382 for just half an hour of reduced household consumption.
They have asked for £369,780 from Grid operator NESO since November.
The scheme, part of Labour 2030 Clean Power push, relies on homes delaying using a washing machine or running a bath.
Only those with smart meters can take part and receive the potential benefits.
Even so, only some suppliers are passing on the entire payment relief.
British Gas said it passed on the full benefit.
But others such as Shell Energy have offered entry to a prize draw.
Shell’s parent company at the time was a big winner from the recent energy crisis, with profits trebling.
Octopus Energy has said it paid customers £2.25 per energy unit saved.
However the true value of residential turndown is thought to be £3 per unit.
Octopus said: “Suppliers may retain a small margin.
“We currently run the scheme at a loss once customer incentives and other bonus payments are factored in.” It said the scheme still worked out far cheaper for customers than paying gas stations to boost supply.
NESO said: “Customers are rewarded in a variety of ways. Exactly how will depend on your supplier.”
JD is Dua break
JD SPORTS got another kicking from investors yesterday after it cut its profit forecasts for the second time in two months.
The “King of Trainers” blamed heavy discounting by its rivals for knocking its sales by 1.5 per cent in the run-up to Christmas.
JD Sports, which sells Dua Lipa’s range of Puma shoes, now expects flat revenues.
Its share price was knocked by 6.5 per cent yesterday.
Golden profits
THE boss of pawnbroker chain Ramsdens reckons the gold price will keep rising for at least the next six months after already smashing record highs.
Peter Kenyon said more customers were cashing in broken gold jewellery to boost their finances and take advantage of the boom.
Ramsdens posted record profits of £11.4 million last year.
“More people are selling gold to us,” Mr Kenyon said.
Hirers take hit
IT has become even harder to get a job outside London after the Budget’s battering for business, according to a big recruiter.
Robert Walters yesterday said its profits have been wiped out by a hiring slowdown.
It has also reduced its own workforce.
Outside London, its fee income has slumped by 45 per cent as regional businesses put hiring freezes in place.
But in the capital, the agency’s income marginally increased.
Not Card done by
CARD FACTORY toasted a “successful Christmas” — but it is taking a big hit from the Chancellor.
Sales of cards, gifts and toys rose 6.2 per cent to £506.6million in the 11 months to December 31.
But it faces £14million in extra costs via the Budget.
It’s Persi grower
PERSIMMON provided a glimmer of good news for the housing market yesterday after topping expectations.
The homes builder said it built 10,664 last year, a seven per cent rise on 2023.
It also said profits would be at the upper end of forecasts after the average selling price of its properties rose from £255,752 to £268,500 last year.
Boss Dean Finch sounded a note of caution about high interest rates denting consumer confidence.
Google power probed
GOOGLE’S market dominance is being investigated by the UK competition watchdog in the first big test of new tech rules.
The Competition and Markets Authority said it would probe Google’s grip of the online market to ensure there was a “level playing field”.
The CMA will test whether Google has a “strategic market status” and if it is preventing rivals from innovating or entering the market by prioritising its own services.
The rise of artificial intelligence has made the matter even more pressing.
Google is used for 90 per cent of online searches in the UK.
Sarah Cardell, boss of the watchdog, said: “It’s our job to ensure people get the full benefit of choice and innovation in search services and get a fair deal.”
In the US, Google faces a threat from regulators who could force the firm to offload its Chrome internet browser.
Google responded saying: “Overly prescriptive digital competition rules would stifle choice for consumers.”
Ocado delivers
POSH online grocer Ocado Retail says lower prices and M&S party food have helped its sales revival.
The retailer, a joint venture between M&S and Ocado, saw sales rise 17.5 per cent to £715.8million in the 14 weeks to December 1.
It said the cost of its average basket has remained at £120.85 after battling inflation.
It now matches Tesco prices on 10,000 items.
Ocado Retail boasts 1.1million customers and delivers 476,000 orders a week, 17 per cent up in a year.
A record Christmas lifted shares by 10 per cent.
On the up
LOW-cost fitness chain Gym Group plans to open 16 more sites this year after a 11 per cent rise in revenues to £226.3million.
The firm said it still expects earnings to be at the top end of forecasts despite £1.3million of extra costs from the Budget.
Spoils of war
FTSE 100 fantasy figurine maker Games Workshop has celebrated the best first-half results in its 50 years.
Reported profits jumped by a third to £126.8million in the six months to December 1 on the back of new video game deals.
The release of Warhammer 40,000: Space Marine 2 boosted its licensing income.
It is also making a TV series and film with Amazon.
Shares in Games Workshop, valued at £4.1billion, still fell yesterday as it warned of impacts from Donald Trump’s tariffs and cost pressures.