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Highlights:
- UK's energy regulator Ofgem has said that energy suppliers need to do more to support vulnerable customers.
- Energy prices have been steadily rising in the UK, adding pressure on Brits.
Amid soaring energy prices, the UK energy regulator Ofgem has urged the suppliers to improve their support for vulnerable customers. This came after energy suppliers submitted data to Ofgem about how to keep track of vulnerable customers and whether they should be added to a priority register. They also informed if the eligible households were being offered free gas safety checks.
Stating that it has identified "severe weaknesses" in five of the 17 suppliers who submitted the data, the regulator said that the companies must improve their practices. It added that the review has underscored that energy companies need to do more to support consumers.
Image source: © Marianmocanu | Megapixl.com
Neil Lawrence, Ofgem's director of Retail, said that the cooperation from the suppliers is welcomed, and most of them have taken steps to protect the vulnerable customers. However, some issues need urgent attention, he added.
Notably, energy bills have spiked since October after the new energy price cap came into effect. At the same time, the government has announced a support scheme that would bring the average household energy bill to about £2,500 per year. This scheme will remain in place until March-end next year, and the government plans to offer targeted support.
Kalkine Media® deep dives into some of the leading energy stocks and examines their performance.
National Grid Plc (LON: NG.)
National Grid is one of the leading energy suppliers in Britain. Boasting a market cap of £37,773.81 million, the company belongs to the FTSE 100 index. It has given a return of above 5% to shareholders over the past year, while the year-to-date return is negative at -2.43%. National Grid's share traded at GBX 1,034.50 at 9:48 am GMT on Tuesday after opening at 1,031.50.
Centrica Plc (LON: CNA)
Another FTSE 100 listed energy firm is Centrica, holding a market cap of £5,536.31 million as of 22 November. It has reported substantial gains this year due to the high energy prices and is also planning to buy 5% of its shares worth about £250 million. With an EPS of 0.21, the company's share price has appreciated more than 40% in the past year. As of 9:59 am GMT, the stock price stood at GBX 94.98, 1.30% higher.
Drax Group Plc (LON: DRX)
Drax Group belongs to the FTSE 250 index and deals in renewable and non-renewable electricity generation. The stock provided a return of more than 9% in the past year and has an EPS of 0.20. The company has a market cap of £2,492.12 million, and its stock was trading at GBX 627.00, up 0.89% as of 10:24 am GMT.
Note: The above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
