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Highlights:
- Energy bills are rising, and Brits are looking for ways to save money on them.
- Several firms have come up with schemes to reduce the load on the grid during winter.
With energy bills set to rise to as much as £2,500 per year for an average UK household, the Brits are scampering to find ways to save on their bills. Many have reduced their energy usage, while the demand for energy-saving products has also surged. As per reports, more than 300,000 people have signed up for a scheme to help them save on energy, reducing the risks of blackouts this winter.
British renewable energy group Octopus Energy has said 320,000 of its customers have opted for the programme, which was launched on Tuesday.
Image source: © Johnkelly79 | Megapixl.com
The programme has provisions to pay the customers for cutting their energy usage during peak hours on some days. By doing this, the load on the electricity grid during the peak hours in winter will come down.
By signing up for the scheme, households will save about £100 on their bills, the energy supplier said, adding that it doesn't cost them anything, and even if they use electricity during peak hours, they do not get punished.
The scheme is backed by leading British energy utility company National Grid, which came up with the idea a few months ago amid concerns that the UK may see an energy crisis during winter. National Grid's scheme was expected to launch on Tuesday, but there's yet to be any confirmation.
In the wake of this programme, Kalkine Media® explores some London-listed energy utility stocks.
National Grid Plc (LON: NG.)
The FTSE 100 constituent enjoys a market cap of £34,713.02 million as of 1 November 2022. The electricity and gas distributor's stock has given investors a return of 2.29% over the past 12 months. The year-to-date (YTD) is negative at -9.72%. NG. shares were trading at GBX 958.20, up 1.03% as of 8:24 am GMT+1 on Tuesday.
Centrica Plc (LON: CNA)
Another FTSE 100-listed energy utility company, Centrica, enjoys a market cap of £4,526.48 million as of 1 November. The stock's earnings per share stand at 0.21, and the one-year return is 28.91%. The YTD return, on the other hand, is 8.76%. As of 8:31 am GMT+1 on Tuesday, the stock traded 1.12% higher at GBX 77.48.
SSE Plc (LON: SSE)
SSE is a multinational electricity network company focusing on non-renewable and renewable energy generation. As of 1 November, the company boasts a market cap of £16,829.65 million and an EPS of 2.87. The FTSE 100 constituent has given negative returns of -4.08% and -3.33% on a 12-month and YTD basis, respectively. The shares traded at GBX 1,578.00, up 1.41% as of 8:40 am GMT+1 on Tuesday.
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.
