WATCH: Avanti West Coast COP26 liveried train takes to the tracks in Rugby and Cumbria - RailAdvent - Railway News

As part of a Climate Train, which has operated between the Netherlands and Scotland to mark COP26, Avanti West Coast has taken attendees to Glasgow onboard 390121, which has had a new livery.

The Netherlands to Scotland train is thanks to a partnership between Avanti West Coast, Eurostar, NS, ProRail and Youth for Sustainable Travel.

Officials from Belgium, Netherlands, Italy and Germany joined MEPs and NGOs to enjoy one of the most sustainable ways to travel between the continent and COP26.

The fully wrapped train has a unique sustainability design to celebrate the journey as new data shows one London to Glasgow flight uses the equivalent amount of CO2e as almost seven train journeys.

A new competition will be launched to name the train after the new design was applied thanks to help from Alstom, Aura Graphics and Angel Trains.

390121 was captured near Rugby and at Scout Green, between Penrith North Lakes and Oxenholme Lake District in Cumbria, as it passes the M6, both views can be watched below:

The train arrived into Glasgow Central a few minutes early after an average speed of 89.1 mph, though it had an average speed of 97 mph between Rugby and Scout Green, including a 4 minute stop at Preston.

Rail Minister, Chris Heaton-Harris, said: “Our railways are one of the most sustainable ways for people to travel. As we host the world at COP26, I’m proud that our railway is playing its part in the fight against climate change. We are committed to achieving a net zero rail network by 2050, ensuring our railways continue to play a pivotal role in enabling greener, cleaner journeys for passengers.”

Executive Vice-President of the European Commission in charge of the European Green Deal, Frans Timmermans, who will be in Brussels-Midi station to send the train off this Saturday, said: “Taking the train to the climate summit in Glasgow is without a doubt the most climate friendly way for delegations to travel there. The train is sustainable and provides plenty of comfort, whether you travel for work or for pleasure. Moreover, inside Europe, the train is fast becoming an increasingly attractive alternative for flying, especially on shorter distances. I wish all travellers on the Climate Train an enjoyable journey and most of all I wish them plenty of success at the summit – we will see each other in Glasgow next week!”

Jacques Damas, Chief Executive Officer, Eurostar said: “Pre pandemic, demand for international high-speed rail had grown consistently across two decades, as passengers increasingly recognise the benefits of train versus plane. As an industry, our challenge is to take this further, helping our customers lower their carbon footprint as we invest in routes, timetables and a seamless customer experience. The Climate Train is a symbol of partnership between rail operators and a show of commitment to meet growing customer expectations when it comes to sustainable travel. ”

Phil Whittingham, Managing Director, Avanti West Coast said: “Climate change is a serious threat to everyone on the planet and Avanti West Coast, like the wider rail industry, is committed to cleaner, greener transport for all. By uniting with operators across the continent, the Climate Train’s journey illustrates the ease of travelling between countries providing customers with a sustainable alternative.

“But our commitment goes beyond COP26. For example, in the next few years we will be replacing our diesel only trains with a combination of electric and bi-mode trains that will substantially reduce our carbon footprint and impact on the environment.”

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2021-10-31 14:55:56Z
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JCB signs green hydrogen deal worth billions - bbc.co.uk

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Construction equipment maker JCB has signed a deal to buy billions of pounds of green hydrogen, defined as hydrogen produced using renewable energy.

The deal means JCB will take 10% of the green hydrogen made by the Australian firm Fortescue Future Industries (FFI).

FFI said the deal was a "first-of-a-kind partnership" that would see it become the UK's largest supplier of the clean fuel.

Production, mostly done outside the UK, is expected to begin early next year.

JCB and a firm called Ryze Hydrogen would then distribute it in the UK.

Lord Anthony Bamford, founder and chairman of JCB, said the deal would help to make green hydrogen a viable solution, telling the BBC it was "the right thing to do".

• Is the hydrogen tech 'revolution' hope or hype?
• Can hydrogen fuel help drive towards green future?
• The global race to produce hydrogen offshore

Hydrogen does not produce carbon emissions when it is burned, so is considered a likely replacement for fossil fuels in heavy industries such as shipping and steel and cement-making.

Lord Bamford has also called on the government to invest in hydrogen-fuelled forms of transport such as buses, trains and aircraft.

In a statement, he said: "It's fine having an engine powered by green hydrogen, but no good if customers can't get green hydrogen to fuel their machines.

"This is a major advance on the road towards making green hydrogen a viable solution."

'Critical role'

Business Secretary Kwasi Kwarteng has said low carbon hydrogen has a critical role to play in the UK's transition to net zero - that is balancing the amount of greenhouse gas produced and the amount removed from the atmosphere.

In the government's UK Hydrogen Strategy, the business secretary argues the UK's "infrastructure and technical know-how make us ideally positioned to be a global leader in hydrogen".

However, he has previously admitted its production, and use, would have to rapidly increase for the government's ambitions to be achieved.

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Robert Buckley, an energy analyst at Cornwall Insights, said: "Hydrogen has the potential to be a very important energy source for heavy transport and industry."

But he pointed out that Australia, where the hydrogen for the JCB deal will largely be produced, has more solar electricity resources than the UK, as well as an established gas export industry.

He said that could give other countries, such as Australia, "an early advantage" while hydrogen production in the UK became more established.

Ministers think low carbon hydrogen has a critical role to play in the transition to net zero.

The goal is 5 gigawatts of production capacity by 2030. However, the Business Secretary admits production and usage would have to be ramped up fast for that to be met.

And when the government's UK Hydrogen Strategy was published in August, the trade association RenewableUK said it didn't focus enough on developing the UK's green hydrogen industry - meaning production that uses renewable energy, not natural gas.

The new agreement involves importing green hydrogen from abroad, made by a subsidiary of Australian billionaire Andrew Forrest's Fortescue Mining Group.

One energy analyst said that such deals could mean that the technology becomes commercial quicker, and firms themselves take it up more quickly. That's clearly the hope for two hydrogen-enthusiastic businessmen.

JCB, based in Uttoxeter, Staffordshire, also announced earlier this month that it was spending £100m on a project to produce "super efficient hydrogen engines" to power its machinery.

This latest deal ties in billionaire Lord Bamford and JCB with FFI, which is the newer renewables subsidiary of mining giant Fortescue Metals Group, owned by Andrew Forrest.

Lord Bamford's son, entrepreneur Jo Bamford, is also founder of Ryze Hydrogen, which is building the UK's first network of green hydrogen production plants.

Mr Bamford is also the chairman and owner of Wrightbus, which built the UK's first hydrogen double decker.

• DON'T FORGET!: Why do we turn the clocks back?
• WHY ARE WE SO OBSESSED WITH IT?: The dark days of the European Witch Craze

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2021-10-31 10:47:18Z
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Meta's metaverse plans show us the bad ending of Ready Player One - TechRadar

Mark Zuckerberg’s opening keynote at the recent Facebook event (now called Meta) was a sight to behold. Over the course of one and a half hours, the CEO – joined by various experts from his company – rambled through his vision of a future with the metaverse at its core.

No longer would we be constrained by our physical limitations as our digital and virtual worlds blend into one. According to Zuckerberg, we’d be able to work, live and play in this new universe, and Meta’s technology and innovation are what will usher us into this new always-online era.

Yet as Zuckerberg continued to make grandiose promises of a future we might see in a decade or two, it dawned on us that we’d heard all of this already. This is Ready Player One – specifically, it's what would have happened if the bad guys had won.

The dark timeline

Love or hate the story of Ready Player One, the book’s main setting – the Oasis – sounds like a digital wonderland. It's an incredible virtual reality space where players can go anywhere, do anything and be anyone free from most of life’s restrictions – it’s the full realization of the internet’s potential. But the Oasis, like the internet, isn't flawless.

Ready Player One’s Oasis is shown to be corrupted at its core by corporate greed, with individuals seeking total dominance of the space and already enacting significant control over how users can engage with the digital space. This is demonstrated by Ready Player One’s antagonist, Nolan Sorrento, and his company Innovative Online Industries (an organization with a name almost as silly as Meta).

IOI sells tools that allow players to immerse themselves in the Oasis, with the best features coming at a premium price most can’t afford, and one day hopes to fill the Oasis with adverts that players will have no chance to avoid. Thankfully, by the story’s end the corporation has been defeated and players are left running the show for everyone’s benefit.

Zuckerberg seems keen to avoid that outcome for his company’s version of the Oasis – named Horizon – and is already ensuring Meta has near-total dominance of the virtual space from day one.

(Image credit: Facebook)

It’s doing so by coming at the problem from all angles. Epic Games, the company behind Fortnite, was name-dropped by Zuckerberg during the Connect event as working on its own gaming metaverse with its Battle Royale, but its public efforts are purely software-focused.

Meta, on the other hand, has the software covered with its Horizon World title. But it's also working on the hardware that will let players engage with virtual reality through its Oculus Quest 2, the Ray-Ban Stories, and the soon to release Project Cambria headsets – as well as the general infrastructure that will enable the metaverse to operate.

But, for all of Zuckerberg’s talk, it was what was left unsaid that has us concerned. Throughout the presentation, we saw Meta’s own devices delivering the next stage of the metaverse, but where is Valve or HTC or any of the other VR devices we have available today? And once we’re all equipped with ways to enter the metaverse, how will Meta fund itself and keep the lights on? 

When it comes to headsets, Zuckerberg’s emphasis on his company’s vital role in delivering the metaverse has us believing that its experiences will be exclusive to its own devices. It's a notion that would track, based on the Oculus Quest’s plethora of platform-exclusive games when compared to Valve’s platform-agnostic Steam VR hits.

As for keeping the lights on, we’ve already been shown the potential for businesses to advertise and operate in the metaverse as part of the Connect presentation. Here, we saw how the brand Forever Mood could allow users to buy digital and physical versions of its candles. It’ll be easier than ever for businesses to integrate into our day-to-day lives in the digital space, likely giving us less freedom from ads than ever before and serving Meta a healthy revenue stream as it takes some kind of commission.

On top of that, we can’t ignore that Meta’s announcements come as its social media platforms are accused of knowingly enabling criminal acts and allowing the rampant sharing of harmful misinformation. As guardians of a metaverse go, Meta wouldn’t be our number one choice.

The issues that are starting to appear are eerily similar to the outcome readers and moviegoers would have seen if Ready Player One had ended with IOI becoming the leaders of the Oasis. It's a world that we don't want to live in.

For all the promise in Meta's metaverse plans to revolutionize our lives, we're scared to see where it wants to take us over the next few decades – let's just hope our concerns aren't warranted.

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2021-10-31 09:00:35Z
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Bamfords seek firmer foothold in UK green economy with hydrogen deal - Financial Times

The family behind JCB, the British maker of iconic yellow diggers, have struck an agreement to import millions of tonnes of green hydrogen to the UK by the end of the decade in the Bamfords’ latest push to gain footholds in all aspects of the UK’s hydrogen economy.

Under a memorandum of understanding signed before the start of COP26, the Bamfords would receive 10 per cent of the 15m tonnes of the zero-emission fuel that Australian billionaire Andrew Forrest and his mining group Fortescue Metals Group are targeting to produce by 2030.

The supply could be used to power trucks, buses and industrial machinery and could fill the tanks of about 100,000 lorries a day. It would cost about $7.5bn to import that volume of green hydrogen in 2030 assuming it is priced at around $5 per kilo.

The global hydrogen market is about 70m tonnes a year, but most of it is ‘grey’ hydrogen produced using natural gas without emissions capture. ‘Green’ hydrogen uses renewable energy to electrolyse water.

While a formal contract is yet to be signed, the first delivery of green hydrogen is expected to take place in 2024, Jo Bamford, the heir to JCB, said.

The agreement is the latest prong in the Bamford’s strategy to build a UK hydrogen business empire across the supply chain of the clean fuel’s production, distribution and use.

JCB, led by Lord Anthony Bamford, has developed hydrogen-powered combustion engines to power its construction machinery. His son Jo runs Ryze, a hydrogen fuel distribution company, and Wrightbus, one of the UK’s three large bus manufacturers, as well as launching a hydrogen investment fund last month. The family also holds shares in ITM Power, a Sheffield-based producer of electrolyser machines.

“Think of it like this: China has done a pretty good job on batteries,” Jo Bamford said in an interview. “How they have done it is by driving up the volume, government subsidies and bringing down the cost but they also brought the whole supply chain into their economy.”

The UK government is targeting 5GW of domestic production of low carbon hydrogen by 2030, much of which would be ‘blue’ hydrogen produced using natural gas with carbon capture. Forrest said that 1.5m tonnes of green hydrogen would require 15GW of production capacity in places such as Australia, Africa and Latin America where solar energy can be tapped into.

“When the wind doesn’t blow and the sun doesn’t shine, you’ve got to have back ups from around the world,” Bamford said.

The MoU also underlines the ambitions of the Bamfords to export hydrogen-related equipment and fuel into Europe, as the two parties plan to evaluate an extended offtake agreement to provide green hydrogen to the European market.

However, experts say there are significant challenges to overcome — including the huge amounts of electricity needed to produce clean hydrogen — before Forrest’s vision for production at scale can be realised.

“You can rely on this agreement delivering green hydrogen. We’ll be meeting over the weekend to formalise it,” said Forrest. “I understand MoUs have reputations but between two successful families you can count on it.”

However, Bamford said “there are a lot of things to work through before it becomes a contract” such as how it is transported and the volumes that Fortescue brings before 2030, but he added that those issues seemed surmountable.

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2021-10-30 23:00:24Z
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A scary Halloween story on inflation and interest rates - The Times

Amid the avalanche of information we get at times like this — which nobody normal can possibly make sense of, let alone the MPs patiently sitting through Rishi Sunak’s slightly surreal budget speech a few days ago — one thing jumped out at me.

As the Bank of England contemplates what to do this week — amid frenzied speculation about an imminent rise in interest rates, either this week or next month — it concerned inflation, the issue of the moment. It was from the Office for Budget Responsibility (OBR), the official forecaster. People of a nervous disposition may wish to look away now. Even on Halloween it is a bit scary.

The OBR set out what is its central forecast for the consumer prices

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2021-10-30 23:01:00Z
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Police cordon off part of airport as 'suspicious package' analysed - Essex Live

A cordon has been put up while military explosive experts assess a 'suspicious package' at Stansted Airport.

Passengers at the Essex airport were evacuated this afternoon, following reports that a suspicious package was found in the security area of the airport terminal (October 30).

As a result, a 'partial evacuation' of the airport terminal took place at around 1.30pm this afternoon.

Read more: Local news in Essex

Confirming the evacuation on Twitter, a spokesperson for the airport wrote to concerned passengers: "Following reports of a suspicious package in the security area, a partial evacuation of the terminal is taking place.

"Essex Police are managing the response and will provide an update on the situation soon."

A short time later, Essex Police confirmed that they were in attendance at the airport and that they had erected a cordon while investigations are taking place.

They confirmed that passengers were evacuated and brought to "a position of safety".

The force added that military explosive experts will assess the package.

A spokesperson for Essex Police said: "We're currently at Stansted Airport following concerns about a suspicious package in the security area. A cordon's been set up.

"Passengers have been evacuated from that area of the airport and brought to a position of safety. Military explosive experts will assess the package."

For the latest updates on the airport evacuation as we get them, follow our live blog here.

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2021-10-30 13:59:16Z
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Meta Plans to Reverse Controversial Facebook Account Requirement for Oculus Headsets - Road to VR

Meta (formerly Facebook) created quite a stir in the VR industry when it announced last year that it planned to require Facebook account logins for new users. The move didn’t go over well in the VR space or among critics at large. This week the company said it plans to roll-out a non-Facebook option for logging into its headsets starting next year.

Last year Meta announced that new users logging into its VR headsets would be required to use a Facebook account starting later that year, while existing users would be required to use a Facebook account starting in 2023 to retain full functionality of their headsets.

Between being called out for having previously promised not to require a Facebook login, getting in hot water with German regulators, and an ongoing undercurrent of disdain among some customers and potential customers, the move didn’t go over too well.

The company seems to have finally appreciated the negative sentiment generated by the Facebook account requirement, and this week it announced plans to reverse course.

During the Facebook Connect keynote, CEO Mark Zuckerberg said he understood the negative feedback and confirmed the company plans to offer other options.

[…] as we’ve focused more on [productivity in VR], and, frankly, as we’ve heard your feedback more broadly, we’re working on making it so you can log into Quest with an account other than your personal Facebook account. We’re starting to test support for work accounts soon, and we’re working on making a broader shift [away from the Facebook account requirement] within the next year. I know this is a big deal for a lot of people. Not everyone wants their social media profile linked to all these other experiences, and I get that. Especially as the metaverse expands.

In a Facebook post about the company’s rebrand to Meta, VP of XR Andrew “Boz” Bosworth mirrored the same sentiment.

“As we’ve focused more on work, and as we’ve heard feedback from the VR community more broadly, we’re working on new ways to log into Quest that won’t require a Facebook account, landing sometime next year. This is one of our highest priority areas of work internally.”

For those who have already merged their Facebook and Oculus accounts, Meta indicates you won’t be assimilated for long. Fellow VR reporter Ian Hamilton asked on Twitter, “I’m still kinda unclear here, will I be able to unlink my Facebook account and delete it and keep and use my purchased VR content with Quest 2?” to which Bosworth simply replied, “Yup.”

So far there’s no detail on what the alternative account arrangement will be, though one potential path would be to create a separate ‘Meta account’ that’s unaware of the user’s Facebook account, while leaving it to the user to decide if they want to link the two. We’ll have to wait and see.

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2021-10-30 00:32:24Z
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Bulb Energy 'could go under next week' affecting 1,700,000 customers - Metro.co.uk

Bors Johnson visited the company in July but things have taking a downturn for Bulb Energy since then (Picture: Getty)

Green supplier Bulb Energy could be the next victim of the energy price crisis. 

With 1.7 million UK customers on its books, a collapse would make it the biggest operator to go under this year.

The company is reportedly in talks with potential buyers but the regulator is believes it risks failing as soon as next week, Sky News reports.

Government ministers are said to be accelerating contingency plans to deal with the fallout.

Around two million households have seen their provider collapse since the summer after an unprecedented period for the sector.

A dramatic rise in the price of wholesale gas has put suppliers under huge pressure, despite a recent dip.

Around 1,000 jobs are at risk if a solution for Bulb can’t be found.

A Bulb spokesperson told the broadcaster on Friday said ‘discussions with multiple parties to secure additional funding continue to make good progress’.

More than a dozen energy suppliers have gone bust in recent months, leaving around two millions customers being moved onto new, often more expensive deals (Picture: PA)

The news comes as Ofgem signals big changes to the energy price cap could be on the way.

Ministers have refused to lift the limit on what companies can charge customers per unit of gas and electricity but changes could be on the way.

The regulator hasn’t provided details of what reforms it would consider but a consultation next month may recommend changes which could be introduced ahead of April’s review of the cap.

Industry figures have been calling for changes so bills can respond more quickly to shocks in the global wholesale market.

At the moment the regulator caps the energy bills of more than 14 million households at £1,277 per year on average.

Ofgem also said it plans to make changes to the supplier of last resort scheme, which steps in if a supplier fails.

It said it would speed up the process for companies taking on new customers left without a supplier in order to incentivise them to volunteer.

Get in touch with our news team by emailing us at webnews@metro.co.uk.

For more stories like this, check our news page.

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2021-10-30 07:48:00Z
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Supermarkets urging customers not to eat these food items over safety fears - Kent Live

Supermarkets are recalling a number of popular products over safety fears.

Alerts have been issued by the Food Standards Agency for a range of goods, including spaghetti carbonara, chicken wings, and sausage rolls

If you have purchased one of the affected items, you can return them to the store for a refund.

READ MORE: Drivers may face £1,000 fine if they don't clean winter debris off windscreens

Scroll down to take a look at the items and batches affected.

Sainsbury’s Spaghetti Carbonara

Spaghetti Carbonara (Image: Sainsbury's)

Sainsbury’s is recalling by Sainsbury’s Spaghetti Carbonara because it contains mustard which is not mentioned on the label.

This means the product is a possible health risk for anyone with an allergy to mustard.

Pack size:400g

Use by: October 30, 2021

Allergens: Mustard

A spokesperson for Sainsbury's said: "It has been brought to our attention that packs of the above by Sainsbury's Spaghetti Carbona 400g with a use by date of 30th October 2021 contain mustard which is not declared on the packaging.

"We are asking all customers who have an allergy or intolerance to mustard to not consume it and to return it to their nearest Sainsbury's store where they will receive a full refund.

"No other products have been affected by this issue.

"For any concerns or queries or if you are unable to return the product to the store, then please visit Sainsbury.co.uk/help or contact our Careline on 0800 626262."

M&S Chicken Wings

Sticky BBQ and Chinese Style Wings (Image: M&S)

Marks & Spencer is recalling M&S Sticky BBQ Wings and Chinese Style Wings because they contain soya which is not mentioned on the label.

This means these products are a possible health risk for anyone with an allergy to soya.

M&S Sticky BBQ Wings

Use by: November 3, 2021

Allergens: Soya

M&S Chinese Style Wings

Use by: November 3, 2021

Allergens: Soya

A spokesperson for Marks & Spencer said: "Customer safety is of paramount importance to Marks & Spencer and we take all issues regarding the production of our food extremely seriously.

"Marks & Spencer is recalling its Sticky BBQ Wings and Chinese Style Wings given the presence of soya in a small number of incorrectly labelled packs.

"Any customers in possession of this product who have a soya allergy or intolerance, or who wish to exchange the product, can return it to their nearest store where a full refund will be given.

"No other M&S products are affected.

"We apologise to our customers for any inconvenience caused.

"For more information contact us on 0333014855."

M&S Cocktail Sausage Rolls

Cocktail sausage rolls (Image: M&S)

Marks & Spencer is recalling M&S 20 Cocktail Sausage Rolls due to incorrect date labelling.

A small number of packs have been incorrectly labelled with a ‘use by’ date of 10 January 2022.

Product:M&S 20 Cocktail Sausage Rolls

Pack size:296g

Use by:January 10, 2022

A spokesperson for Marks & Spencer said: "Customer safety is of paramount importance to Marks & Spencer and we take all issues regarding the production of our food extremely seriously.

"Marks & Spencer is recalling its 20 Cocktail Sausage Rolls given an incorrect date code printed on the label on a small number of packs.

"Any customers in possession of this product can return it to their nearest store where a full refund will be given.

"No other M&S products are affected.

"We apologise to our customers for any inconvenience caused.

"For more information contact us on 0333014855."

Asda Pork Belly Slices

Maple Pork Belly Slices (Image: Asda)

Asda is recalling Asda Maple Flavour Pork Belly Slices because it contains wheat (gluten) and soya which are not mentioned on the label.

This means the product is a possible health risk for anyone with an allergy or intolerance to wheat or gluten and/or an allergy to soya.

Pack size: 400g

Use by: October 29, 2021

Allergens: Gluten (wheat), Soya

A spokesperson for Asda said: "If you have purchased Maple Flavour Pork Belly Slice with the above use by date please bring it back to your nearest store where you will be given a full refund.

"You do not need your receipt.

"We are very sorry for any inconvenience caused and will ensure this doesn't happen again.

"If you would like any further information please contact: Asda Customer Relations - 0800 952 0101."

Waitrose Dark Chocolate

Waitrose are recalling Belgian Dark Chocolate with Raisins and Almonds (Image: Waitrose)

Waitrose & Partners is recalling Waitrose Belgian Dark Chocolate with Raisins and Almonds because some packs contain hazelnuts (nuts) which are not mentioned on the label.

This means the product is a possible health risk for anyone with an allergy to hazelnuts (nuts).

Due to a packaging error, some packs contain Waitrose Belgian Dark Chocolate with Hazelnuts instead.

Pack size: 180g

Best before: November 2022

Allergens: Nuts (hazelnut)

A spokesperson for Waitrose said: "If you have an allergy to hazelnuts, do not consume.

"Package up item. Return the product to your local Waitrose & Partners branch for a refund.

"Contact: Waitrose Customers Care 0800 188 881, Option 4.

"We apologise that it has been necessary to recall this product and for the inconvenience caused."

Morrisons Ice Cream

Amour Classic Vanilla (Image: Morrisons)

Morrisons is recalling Morrisons Amour Classic Vanilla Ice Cream because the product may contain small pieces of plastic.

The possible presence of plastic makes this product unsafe to eat.

Pack size: 360 ( 3 x 120mk)

Best before: February 2023

A spokesperson for Morrisons said: "Please do not eat this product and return it to your nrearest Morrisons store for a full refund.

"We don't need a receipt.

"No other products are affected by this issue.

"We apologise for the inconvenience this may cause and assure customers of our continuing commitment to the highest standard of product quality and safety."

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Fears for UK's seventh biggest energy firm Bulb amid reports it will collapse as early as next week - Daily Mail

Fears for UK's seventh biggest energy firm Bulb amid reports it will collapse as early as next week

• Bulb is reportedly on the brink of collapse weeks due to the energy crisis
• The supplier has over 1.7million customers and is the UK's seventh-biggest firm
• Ofgem has warned that seven other firms also face collapse after unpaid bills
• Bulb said a small fall in wholesale prices in recent days had offered some respite

By Sean Poulter Consumer Affairs Editor For The Daily Mail

Published: 22:00 BST, 29 October 2021 | Updated: 01:16 BST, 30 October 2021

Fears are mounting for Britain’s seventh biggest energy firm, Bulb, amid reports it will collapse as early as next week.

The company, which has around 1.7million customers, is the latest to be pushed to the brink by soaring energy prices which have already forced the closure of 14 suppliers.

And it came as energy regulator Ofgem warned seven other firms may also face action after falling behind on payments required to support the UK’s switch to green energy.

The seven, which serve around 500,000 customers, owe a combined total of £17.9million.

Bulb has 1.7million customers and is threated with becoming the latest energy firm to go bust

Ampower and Whoop Energy have been told to cough up payments by Monday or risk losing their licences.

The other five – Together Energy, MA Energy, Delta Gas and Power, Entice Energy and Neon Reef – could also face further orders.

Bulb’s demise would mark the largest failure to date in the ongoing energy crisis – coming weeks after Avro Energy, which had 580,000 customers, went bust.

Yesterday Bulb revealed it was in talks with multiple parties to try and secure additional funding to guarantee its future.

However hopes are said to be fading, according to Sky News, with ministers, officials and Ofgem representatives allegedly making ‘contingency plans’.

The crisis comes amid firms’ concerns over the energy price cap, which stops them from passing on a sudden surge in wholesale gale and electricity prices.

Consumers are facing eye-watering rises in their energy bills heading into the winter months (stock image)

The cap rose to £1,277 earlier this month – an annual rise of £139.

The Government has backed the price cap, insisting it is a vital consumer protection that could prevent households from paying as much as £2,000.

However, Ofgem said yesterday that it is prepared to look at how it works.

Currently, the figure changes just twice a year – April and October – but this be could be increased to every three months to better reflect price volatility.

Although Bulb promotes itself as a green energy supplier, this does not mean it is immune to the price surge in fossil fuels.

All of the firm’s electricity comes from renewable sources such as windfarms but it also buys natural gas on the wholesale market, offsetting the carbon emissions by supporting eco-projects, such as planting trees.

Rival suppliers, such as Octopus and Ovo Energy, have already emerged as potential buyers for Bulb.

However, if rescue talks are unsuccessful, it will be forced to close with all its customers being switched to a new supplier.

Bulb’s demise would mark the largest failure to date in the ongoing energy crisis – coming weeks after Avro Energy, which had 580,000 customers, went bust (stock image)

Bulb said a small fall in wholesale prices in recent days had offered some respite.

However, the price of buying gas on a day ahead basis was 177p a therm yesterday morning versus 50p in April.

A Bulb spokesman said discussions were ‘making good progress;, however it added that it expected the Government to ‘monitor’ the effect on the industry.

Writing to suppliers yesterday, an Ofgem spokesman acknowledged that the ‘unprecedented rise’ in energy prices had ‘changed the perception of risk and uncertainty in the market’.

It added: ‘In order to protect the interests of consumers, we must ensure that the regulatory frameworks, including the price cap, fully reflect the costs, risks and uncertainties facing the supply companies we regulate.’ 

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2021-10-29 21:00:35Z
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UK government on standby as energy supplier Bulb faces collapse - Yahoo Finance UK

Th UK government is in talks with a small number of potential buyers for Bulb, however, a rescue deal is looking unlikely. Photo: Jeremy Selwyn/WPA Pool/Getty

British energy supplier Bulb may be the next victim of the ongoing energy crisis as it is reportedly poised to go bust in the coming days, sparking government plans to bring in contingency plans.

According to Sky News, which reported it first, ministers are in talks with a small number of potential buyers, however, a rescue deal is looking unlikely, it said.

The collapse of the company, which has 1.7 million household customers in the UK, would be the largest in the sector so far and affect around 1,000 jobs. The broadcaster said that officials, and regulator Ofgem are braced for the collapse as several suitors have backed out of deals in recent days.

Ovo Energy, Octopus Energy, and Shell Energy Retail (RDSB.L) are among the rival groups which have had access to Bulb's financial data in recent weeks.

Read more: Gas crisis: 250,000 customers hit as two more suppliers collapse

Bulb is the UK’s seventh biggest domestic energy supplier and was known to be hunting for fresh investment to shore up its finances after making a £63m ($87m) loss in the year to 31 March 2020.

A Bulb spokesperson said: "Our discussions with multiple parties to secure additional funding continue to make good progress and we're encouraged by the drop in wholesale energy prices.

"We expect the government to monitor wholesale prices and their effect on the whole industry, but ministers and Ofgem have been clear we must emerge from the energy crisis with a competitive and innovative market, rather than a return to the oligopoly of the past."

A surge in natural gas prices in recent months has already seen a number of companies go out of business. The total number stands at 14 so far this year, with more than 2 million customers affected.

Read more: Gas price crisis: PM expected to back millions in bailout loans for industry

In September alone, nine suppliers went bust including Avro Energy and People’s Energy, with business and energy minister Kwasi Kwarteng cautioning that more could collapse in the coming weeks.

Earlier this month Pure Planet, which is backed by oil giant BP (BP.L), and Colorado Energy also ceased trading.

Reasons behind the dramatic increase in power prices include low gas reserves, strong commodity and carbon prices, heightened global demand, and low wind output.

Watch: Energy crisis: Boris Johnson reportedly backs multi-million pound plan to support businesses

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Slow rise from ultra-low mortgage rates predicted - BBC News

Getty Images

Mortgage experts are expecting a "slow and measured" increase in the cost of home loans amid predictions of rising prices elsewhere.

All eyes turn to the Bank of England which will consider next week whether to raise the base rate.

Some mortgage lenders have raised their interest rates slightly, after a period of intense competition and ultra-low costs for borrowers.

Official forecasters say the biggest mortgage rate rises will be in 2023.

The Office for Budget Responsibility (OBR) - the government's official, independent forecaster - said inflation (which measures the cost of living) was likely to speed up to 4% next year.

In response, it predicted a rise in the Bank rate next year, and the year after, from its current record low of 0.1%. It said the Bank rate would not be expected to breach the 1% mark, although it could go as high as 3.5% if inflation went above 5%.

• Surge in house prices predicted to slow
• Eight ways the Budget affects you and your money
• Will mortgage costs go up? and other Budget questions

Such a change would generally feed through to the interest rates experienced by householders, meaning the cost of mortgages would rise, but returns on savings could get better too.

"Whether base rate rises or not, mortgage rates have started edging upwards as the markets have already priced in a rate rise, and possibly two or three more by the end of next year," said Mark Harris, chief executive of mortgage broker SPF Private Clients.

Simon Gammon, managing partner at Knight Frank Finance, said: "The market is now alive with talk that interest rates are set to rise and all signs suggest the best products available are on borrowed time.

"Though any hikes are likely to be slow and measured, this is the lowest mortgage costs are likely to be for some time."

Home ownership facts

Getty Images

• Some 74% of mortgage holders are on fixed-rate deals, so would only see a change in their repayments when their current term ends
• Of the remainder, 850,000 homeowners are on tracker deals, which usually move in line with Bank rate changes
• The other 1.1 million are on standard variable rates, often because they have been automatically moved at the end of their fixed deal term. The rate of interest they pay can been changed at any time by their lender, as is often the case if the Bank rate is altered
• Were there to be a 0.25 percentage point rise in rates, this would translate to approximately an additional £26 per month mortgage payment on average for a tracker rate customer and £16 for the typical borrower on an SVR

Source: UK Finance

Competition in the mortgage market has been intense, particularly in recent months.

That has led to historically low mortgage rates. Newly published figures from the Bank of England show that the effective interest rate typically paid on newly drawn mortgages fell slightly to 1.78% in September.

There has also been an improvement for first-time buyers unable to offer much in terms of a deposit to mortgage lenders, according to Rachel Springall, of financial information service Moneyfacts.

She said competition was still rife, despite "murmurings of a base rate rise".

"Away from headline-grabbing low rates, we have also seen notable improvements on deals for those with a low deposit this month, whereas last year, borrowers would have found it hard to find a deal as lenders pulled them due to coronavirus," she said.

Andrew Montlake, managing director of Coreco mortgage brokers, said: "It does now look like the era of ridiculously low rates is coming to an end, but we must remember that we are still in a low-price environment overall.

"As the Bank of England weighs up whether to finally raise the rate of interest themselves, there is now a whole generation of borrowers who have never experienced a rate rise of any kind."

If you are on a standard variable rate or tracker mortgage how would a rate rise affect you? Email haveyoursay@bbc.co.uk.

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