Utility Week

4 | 30TH NOVEMBER - 6TH DECEMBER 2018 | UTILITY WEEK Seven days... Hedge funds short bets on oil hit year-high Hedge funds have more than tripled their bets against the oil price since the beginning of October, amassing the largest short position against crude in more than a year as prices have tumbled. The data, compiled from regulators and exchange operators, shows investors have been adding big bets against crude as it slid from $86 a barrel in early October to below $60 a barrel last week, probably extending oil's fall as traders sold barrels. Financial Times, 26 November Drought reveals 'lost' Derbyshire village The remains of a Derbyshire village deliberately flooded to create a reservoir during the Second World War have been exposed by drought. Sitting on the banks of the river it takes its name from, the ruins of the usually submerged Derwent village have been revealed for only the third time in more than 70 years. ITV News, 26 November Greenpeace targets Polish coal plant Greenpeace activists climbed a 180m (590) chimney at a power station in Belchatow, central Poland, last week to protest against Warsaw's coal policies ahead of UN climate talks this month. The state-run plant is Poland's biggest power producer, Europe's largest polluter and one of the biggest coal power plants in the world. Nine activists climbed an internal ladder to the top of the conical chimney at the plant, which is fuelled by lignite and belongs to PGE. Activists say Poland's dependence on coal and the disputes between the conserva- tive nationalist government and the EU Union could make the climate talks difficult. "There is no future in coal. What we need is a just transi- tion to renewables," said activist Marek Jozefiak. Reuters, 27 November STORY BY NUMBERS National media Ovo acquires Spark Energy O vo Energy has acquired Spark Energy Ltd, aer the supply arm of the company ceased trading on 23 November. Ofgem has confirmed Ovo has been appointed supplier of last resort for Spark Energy's 290,000 energy customers. In a statement on its website last week, Spark Energy blamed "tough trading conditions". It said its other group companies "are operating as normal". Spark is the largest energy supplier to fail so far, and the second this week aer Extra Energy. On 15 November it was announced Spark had entered into merger negotiations with another energy supplier aer missing £14.4 million in Renew- ables Obligation payments. The company blamed rising wholesale costs and the govern- ment's decision to introduce a price cap on energy bills for its failure to meet the 31 October deadline for late payments. Last week it was announced Ofgem was investigating Spark Energy and Economy Energy over the non-payment. Spark Energy's customers will stay on the same tariffs and all outstanding credit balances will be honoured, including money owed to both existing and former customers of Spark Energy. Stephen Fitzpatrick, chief executive and founder of Ovo, said: "The energy sector is going through a major change and many companies, big and small, are struggling to adapt. We are delighted to have been able to bring Spark into the Ovo Energy Group, securing a good outcome for their customers and the team. "We will combine Ovo's innovative technology and focus on customer experience with Spark's unique network of partnerships to bring greater products and services to more households around the UK." Chris Gauld, chief executive of Spark, said: "I'm delighted that we can continue to grow as part of the Ovo family with a renewed confidence in the future despite the challenges the sector is facing." Mary Starks, Ofgem's execu- tive director for consumers and markets, said: "I am pleased we have appointed Ovo Energy, and that Spark Energy's customers will be offered the same tariffs they are already on. "Their credit balances will be honoured and their energy sup- ply will continue as normal." AJ Pensioners unhappy with marketing Almost a fifth of pensioners face a "marketing blackout" from utility companies, according to research from advertising agency d.fferent in its report The Bright Sparks: How Smarter Comms Can Boost Utilities. 7% Only 7 per cent of pensioners said they are communi- cated to "very well". 15% Pensioners are most dissatisfied, with 15 per cent saying they feel angry. 21% Students were the most satisfied with utilities marketing, with 21 per cent saying they are communicated to "very well". 23% Almost a quarter of home movers are generally happy with the marketing they receive. "We need to end the prejudice in public policy against onshore wind" In a keynote speech at the 40th anniversary celebration of Renewable UK in London, former Labour leader Ed Miliband urged political parties to show greater bravery on climate change issues. Ovo chief executive Stephen Fitzpatrick

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