Ofgem to launch an energy conservation campaign

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Highlights

  • Ofgem bosses have unveiled their plans to launch a new campaign to assist people in understanding the ways they can cut back on their energy usage.
  • This follows the reported blocking of a £15 million energy saving campaign by UK PM Liz Truss.
  • Several experts believe that the UK Government might be able to save millions through investments in a public information campaign on energy conservation.

Ahead of the rough winter, Ofgem bosses have unveiled their plans to launch a new campaign to assist people in understanding the ways they can cut back on their energy usage and lower their bills this season. Ofgem's CEO Jonathan Brearley has claimed that the regulatory organisation was working with energy firms to support them in helping customers through the harsh winter months.

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This follows the reported blocking of a £15 million energy saving campaign by UK PM Liz Truss, which might have saved the Treasury its cost several times. Reportedly, despite the plan being vetoed by PM Truss due to concerns about the "nanny state", it had already been signed off by Business Secretary Jacob Rees-Mogg.

However, several experts believe that the UK Government, which is picking up multibillion-pound household energy bills over the upcoming winter, might be able to save millions through investments in a public information campaign on energy conservation.

In addition to reducing the bills, the move would help save money for public finances and ensure energy security. The energy regulator is thus working in sync with the sector and interested groups to promote energy saving behaviours and spread information about what to expect from energy suppliers.

Amid these developments, Kalkine Media® explores a few FTSE-listed energy stocks

Energean plc (LON: ENOG)

Enjoying a market cap of this FTSE250-listed firm stands at £2,464.08 million. The YTD return of the global firm producing hydrocarbons, Energean plc, stands at 62.34% as of 14 October. Meanwhile, the company's return on a one-year basis stands at 57.66%. ENOG shares were trading at GBX 1,388.00 on Friday morning, rallying by 0.29% at around 8:15 AM (GMT+1). With a P/E ratio of 48.16, ENOG's EPS stands at -0.54.

EnQuest plc (LON: ENQ)

Boasting a market cap of £554.46 million, the YTD return of this petroleum-producing firm stands at 58.28% as of 14 October. Meanwhile, EnQuest plc's one-year return stands at 23.20%. EnQuest, on Friday, was trading at GBX 29.80, surging by 1.36% at around 8:15 AM (GMT+1).

Hunting plc (LON: HTG)

Hunting Plc is an energy equipment and services provider with a market cap of £399.15 million. The YTD return of Hunting plc stands at 48.05% as of 14 October, meanwhile, the company's return on a one-year basis stands at 29.26%. HTG shares were trading at GBX 242.00 on Friday morning at around 8:30 AM (GMT+1). The EPS of the company stands at -0.53. 



 

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