Thames Water has requested an increase in average water bills by £18.99 per month, or £228 per year, to fund much-needed investment. The company stated that Ofwat’s proposed spending cuts were too severe and would require bill increases to cover expenses. Thames Water’s CEO, Chris Weston, emphasized the importance of securing necessary investment for the company’s turnaround and recovery.
In response to potential tax increases on the oil sector by the Labour party, Equinor has suggested that it may reconsider investments in the UK, including the Rosebank oilfield off Scotland. Philippe Francois Mathieu, who leads oil exploration and production for Equinor, expressed concerns about the impact of tax increases on investments in the UK.
On a different note, Polestar has announced a change in leadership, with Michael Lohscheller replacing Thomas Ingenlath as CEO. The company aims to expand its range of electric vehicles and hybrid cars in response to changing market demands.
Hyundai has also shifted its focus towards hybrid cars, doubling the number of hybrid models it offers in response to softening demand for electric vehicles. The company aims to increase total sales by 30% and is continuing efforts to sell 2 million electric vehicles by 2030.
Amidst discussions about rising energy bills and fuel poverty, industry leaders are calling for enduring support for household bills and investments in green energy. Emma Pinchbeck of Energy UK emphasized the need for policies that balance costs between electricity and gas and provide support to vulnerable households. The industry is also facing scrutiny over concerns about the life insurance market, with the FCA launching an investigation into insurers to ensure fair value for consumers.
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