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The Independent
30 minutes ago
- The Independent
Plans for flexible energy tariffs to help households cut electricity bills
Households will be able to switch to flexible energy tariffs and use smart appliances to help cut electricity bills under plans set out by the Government. Energy minister Michael Shanks unveiled the next steps to give households and businesses more freedom and choice over how and when they use energy as part of aims to make savings of up to £70 billion in system costs by 2050. The Government wants to offer consumers new ways to take advantage of off-peak, lower electricity prices, through flexible tariffs and smart technology. This includes helping electric vehicle (EV) drivers get discounts on their electricity when using public chargers at off-peak times. It also plans to ensure suppliers make information on smart tariffs more accessible to consumers, while taking the next steps to offer tailored products and services based on electricity usage. The so-called Clean Flexibility Roadmap comes as part of the UK's net-zero aims, while also helping lower bills and boosting the resilience of the power network. Britain will need to shift towards more flexible energy use as the UK becomes more dependent on wind and solar power, such as charging EV batteries when wind is generating a lot of electricity. Mr Shanks said: 'This roadmap gives households and businesses the choice and control over when and how they use their energy. 'The flexible electricity system we are working to build will help make that a reality for consumers across the country, by supporting them to bring down their bills through using new tariffs and technologies. 'In this way we will protect working people's pockets and ensure they are the first to benefit from our clean power mission.' A flexibility commissioner will be appointed to lead the policy work, and an annual forum will be set up to track progress on the initiative. Akshay Kaul, Ofgem's director general for infrastructure group, said: 'A more flexible energy market will be a real game changer, giving households more control over what they pay for their energy. 'Small lifestyle tweaks such as programming a dishwasher or tumble dryer to run overnight when costs are low or charging your electric car during high winds can have a material impact on people's bills. 'At Ofgem we're opening up flexibility markets to bring better tariffs and products to consumers to make cheaper bills a reality.' The Government has also launched a two-month consultation looking at how more consumers can be supported to use energy flexibly.
Reuters
31 minutes ago
- Reuters
Portugal's government to audit central bank contract over reported risks
LISBON, July 23 (Reuters) - Portugal's Finance Ministry has requested an audit of a contract signed in May by the central bank, whose governor's term ended on Saturday, for the construction of its new headquarters that has raised concerns about financial and legal risks. The announcement by the ministry late on Tuesday follows a report by news site Observador that the 192-million-euro ($225-million) promissory contract had been signed despite due diligence warnings of "high-risk contingencies," including significant potential cost overruns and licensing problems. The central bank declined to comment on the audit on Wednesday. The Observador said it told them it used national and international best practices for rigorous control of the contract's legality and financial terms. Following the report, the junior ruling coalition partner, the conservative CDS-PP, late on Tuesday summoned Bank of Portugal Governor Mario Centeno to explain the situation before a parliamentary committee that will take place in September after the summer recess. It also asked the central bank to send the contract and due diligence studies to the committee. The centre-right government is expected at a cabinet meeting on Thursday to decide whether to reappoint or replace Centeno, a Socialist who was appointed in 2020 by a previous centre-left administration. Centeno was criticised by the political right for moving from his role as finance minister to the central bank in 2020. His detractors said the move undermined the institution's independence. The Finance Ministry said it was requesting the audit, to be carried out by its General Financial Inspectorate, "in defence of the institution (central bank) and in full respect for its independence". ($1 = 0.8524 euros)
The Guardian
31 minutes ago
- The Guardian
UK watchdog to take action over Apple and Google's mobile platforms
The UK competition watchdog has said that it intends to take action to open up Apple and Google's mobile platforms to more competition to benefit consumers, businesses and app developers. The Competition and Markets Authority (CMA) has designated the tech companies as having 'strategic market status' – as they hold an effective duopoly for access on mobile devices – and now intends to force Google and Apple to make changes to their mobile platforms. The regulator said that it has published 'roadmaps' for each of the tech firms and that it will take a 'proportionate, pro-innovation' approach to 'promote competition in digital markets while protecting UK consumers and businesses from unfair or harmful practices'. The CMA said that it will, in the first instance, focus on areas such as the tech companies' app stores – which have been criticised by developers – to ensure a 'fair and transparent' app review process, as well as making sure that smartphone users can 'steer' away from app stores to make purchases. Other areas of focus include addressing restrictions Apple imposes on digital wallets to ensure that competing financial technology firms can compete. 'Apple and Google's mobile platforms are both critical to the UK economy – playing an important role in all our lives, from banking and shopping to entertainment and education,' said Sarah Cardell, chief executive of the CMA. 'But our investigation so far has identified opportunities for more innovation and choice. Time is of the essence: as competition agencies and courts globally take action in these markets, it's essential the UK doesn't fall behind.' The UK competition watchdog announced its investigations into Apple and Google's mobile platforms in January. The investigation examined the tech firms' mobile operating systems, app stores and browsers to determine whether both companies required tailor-made guidelines to regulate their behaviour. At its launch, the CMA said that virtually all smartphones sold in the UK were pre-installed with Apple's iOS or Google's Android operating systems, while their app stores and browsers had privileged positions on their platforms compared with third-party products and services. Apple's Safari and Google's Chrome dominate the mobile browser market on iPhones and Android devices, respectively. The CMA investigation was launched days after the appointment of Doug Gurr, the former country manager of Amazon UK, as its new chair. The government, which has pushed for a shake-up of regulation to help kickstart UK growth, was forced to deny it was 'in the pocket of big tech' after the appointment. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Tech firms, publishers and the consumer watchdog Which? subsequently wrote to the chancellor, Rachel Reeves, raising concerns that Gurr's appointment posed a threat to the independence of the CMA. Gurr has said he will make the CMA's investigations into mergers and takeovers 'simple and rapid' and Cardell of the CMA said in February that a change of strategic direction was needed. Two years ago Microsoft heavily publicly criticised the CMA after it initially blocked the firm's planned takeover of the gaming firm Activision Blizzard. Microsoft's president, Brad Smith, said that the UK was 'bad for business', although the deal was eventually given the green light.
