Octopus Energy grabs headlines as its tech arm Kraken eyes a float; meanwhile UK energy market reforms bite. Fact: British energy supplier, founded 2015.
Oil prices have risen as Middle East hostilities disrupt key supply routes, pushing Brent toward $79 a barrel. Markets anticipate further volatility depending on traffic through Hormuz and potential production adjustments by OPEC+. The developments intensify inflation risks and could influence central bank policy.
Cost of living concerns grow as Middle East conflict disrupts global oil markets, raising prices for essentials. Inflation remains at 3%, but household confidence drops, with many dipping into savings. Benefit payments are adjusting for April, with universal credit recipients set for a boost.
The UK has announced the start of work on three small modular reactors with Rolls-Royce, aiming for operation by the mid-2030s. Meanwhile, record solar and wind generation is boosting renewable capacity, reducing reliance on fossil fuels amid global energy market volatility driven by geopolitical tensions.
The UK government is preparing to increase the electricity generator levy and overhaul market rules to reduce reliance on gas prices. These measures aim to shield consumers from volatile energy costs driven by global conflicts and rising renewable capacity, with consultations expected soon.
UK households face higher energy bills this summer, prompting a surge in green upgrades. The falling cost of home batteries is identified as a major driver for savings, with industry executives describing batteries as a potential gamechanger for households and businesses.