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FTSE 100 Live: Ofgem Raises Energy Price Cap, Brent Oil Falls

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(evening standard)

Regulator Ofgem today unveiled a £4279 energy price cap increase for the first three months of 2023.

The annual figure based on an average dual-fuel household paying by direct debit is currently over £3549, but consumers will still be protected by the government’s energy price guarantee. The wholesale cost is now £3177 from a normal account, which is 28% higher.

The guarantee has reduced the unit cost of electricity and gas so that a typical dual fuel direct debit bill remains at £2,500 for January and will rise to a new level of £3,000 from April.

Kingfisher says offering energy-saving assistance to B&Q helps demand remain ‘resilient’

07:43 , Michael Hunter

Kingfisher, the owner of the B&Q DIY chain, has said its service offers customers tips on how to make their homes more energy efficient as demand remains “resilient” in the third quarter.

The company said adoption was “very positive”, with around 1,000 consultation appointments with B&Q within the first three days of launch.

Same sales rose nearly 2% to £3.3 billion in the third quarter, “significantly higher” than before the pandemic.

It also opened two of its Screwfix branded stores in France, as part of a “meaningful step in its store rollout planned for 2023”.

Thierry Garnier, Chief Executive Officer, said: “Last month marked an important moment in our history with the opening of our first Screwfix store in France, taking us to a total of four to five stores opened this financial year with many more to come follow. The plan has been made.”

Also read  Ofgem announces new energy rules but fails to protect customer deposits

Brent Crude Near $85, FTSE 100 Will Weaken

07:43 , Graeme Evans

Brent oil remains near $85 a barrel after falling 4% yesterday following reports that G7 nations are considering keeping Russian crude oil prices between $65 and $70 a barrel.

Demand fears increased pressure on prices, although relief was found elsewhere in financial markets by further indications from the Federal Reserve that policymakers are poised to slow the pace of rate hikes.

The Fed raised its fund rate from 0.75% to 3.75-4% earlier this month, but minutes of that meeting published yesterday have fueled expectations of a 0.5% hike in December and an eventual peak of 5% .

Wall Street welcomed the update as the S&P 500 index advanced 0.6% on today’s Thanksgiving holiday. The FTSE 100 index rose 0.2% last night to close at a two-month high, but CMC Markets expects London’s top flight to drop 10 points to 7455 this morning.

Motorpoint hardly makes a profit despite the sales peak

7:30 am , simon hunt

Car dealer Motorpoint saw its pre-tax profit fall 78% to just £3m in the six months to September, despite a 30% increase in sales.

The company sold just 50,000 vehicles during the period, down 8% from the previous year.

Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “Profitability will be lower as we continue to invest in our strategic agenda.

“The investments made now will enable Motorpoint to emerge from the current macro environment in a stronger position as we continue to drive shareholder value.”

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