Ofgem

UKH calls for CMA investigation into business energy market

UKHospitality has called for the Competition and Markets Authority (CMA) to conduct an investigation into the non-domestic energy market.  In a letter addressed to CMA boss, Sarah Cardell, the trade body said the criteria for a Market Investigation Reference (MIR) has been “undoubtedly met”, including reasonable grounds for suspecting competition…

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UKH welcomes new Ofgem proposals

UKHospitality has welcomed Ofgem recent proposals to expand protections for businesses in the energy market.  The energy regulator has launched a statutory consultation on proposals to ensure all businesses get the highest standards of service and provide more clarity on the costs being paid to third party energy brokers.  The…

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UKH urges the industry to back ‘Five Asks for Ofgem’

UKHospitality is leading a rallying call for the industry to support its ‘Five Asks for Ofgem’ to rapidly implement the recommendations from its energy market review.  In order to enact “meaningful” change within the energy market, UKH has urged Ofgem to encourage suppliers to resolve issues many businesses are facing…

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Hospitality turnover down 14% on pre-pandemic levels

Turnover for hospitality businesses was down 14.7% in the last year compared with pre-pandemic levels when accounting for inflation. This is according to the UK Hospitality Quarterly Tracker which is created in association with CGA Strategy. The tracker shows that the revenue generated in the last 12 months is 4.1%…

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UKH calls for Ofgem intervention to help struggling businesses

With rising energy costs and a lack of support mounting across the board for hospitality businesses, UKHospitality is urging energy regulator Ofgem to force suppliers to engage in automatic renegotiations for those businesses paying the highest costs.  Energy suppliers are also being asked to play their part and offer the…

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Hospitality sector faces £7.3bn increase in energy bills

Recent analysis conducted by UKHospitality shows that energy costs for the hospitality sector are set to be £12bn higher than prior to the energy crisis. The government is set to introduce the Energy Bill Discount Scheme from tomorrow (1 April) which will replace the current Energy Bill Relief Scheme while…

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Energy price cap to rise by 80% to £3,549 from October

Ofgem has confirmed that the energy price cap will increase by 80% to a record £3,549 a year for dual fuel for an average household from 1 October 2022.  The rise will affect those on standard variable tariffs, with the record annual bill only being based on typical usage. At…

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UKH calls for urgent investigation into energy suppliers’ pricing

UKH chief executive Kate Nicholls has written to the Business Secretary Grant Shapps urging him to instigate an investigation by Ofgem and the Competition and Markets Authority (CMA) into energy pricing for commercial businesses. UKH said it comes as hospitality businesses have “raised the alarm that energy suppliers are quoting…

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BoE raises interest rates to 1.25%

The Bank of England’s (BoE) Monetary Policy Committee has voted to raise interest from 1% to 1.25% – marking its fifth rise in a row as it bids to offset the impact of rising inflation. The Monetary Policy Committee voted by a majority of 6-3 to increase the rate to…

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Energy price cap to rise 54% from April

Hospitality bosses are braced for a spending squeeze after it was revealed the energy price cap is set to increase by 54% from 1 April amid a “record” increase in global gas prices, in a move that is set to affect approximately 22 million customers. Energy regulator Ofgem announced that…

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