FINWIRES · TerminalLIVE
FINWIRES

UK Utility OVO Agrees to $14 Million Settlement Over Inadequate Monitoring of Customers

By

UK energy regulator Ofgem has ended its investigation into procedural failings at utility company Ovo Energy over handling of customers using prepayment meter systems after the company agreed to a settlement of 10.4 million British pounds ($14 million), Ofgem said on Wednesday.

Ofgem said that Ovo's monitoring of its customers using pre-payment meters was inadequate and breached rules designed to protect vulnerable customers, potentially exposing them to harm.

The settlement comprises 7 million pounds to the Ofgem Voluntary Redress Fund and a 3.4 million pound package of credit and debt relief for some of its most vulnerable customers in lieu of compensation to them.

Ovo will separately pay 1.1 million pounds to customers in the Scottish Highlands and Islands over a lack of engineer support over the 2022 to 2024 period, the statement said.

Ovo undertook remedial actions to support these customers, including welfare visits to customers who faced power outages of more than 72 hours, without any communication from the company.

Related Articles

Commodities

Asia Biofuels Update: Malaysian Palm Oil Retreats on Profit-Taking, Weak Fundamentals

Malaysian palm oil futures slipped from two-week highs after traders took profits on Thursday, and as bearish exports and inventory estimates weighed on sentiment.The Bursa Malaysia Derivatives' July and August crude palm oil contracts eased around 1.4% to 4,575 Malaysian ringgit ($1,148.03) per metric ton and 4,612 ringgit/mt, respectively.Prices also tracked lower rival soybean oil and crude oil prices, after Israel and Lebanon agreed to implement a ceasefire, buoying hopes for a peace deal between the US and Iran.Fundamentals appeared weak after a survey by Reuters showed an 8.8% to 15.5% month-over-month drop in May exports. This offset the impact of lower output, resulting in inventory buildup for a second straight month.In top importer India, palm oil imports rose to 551,000 metric tons in May from 513,403 mt in April, according to dealers cited by the news agency, but volumes remained below average.Indian refiners reportedly turned to rival soybean oil due to reduced economics for palm oil. As such, soybean oil purchases jumped 38% month-over-month to 497,000 mt in May, the highest in five months.In Indonesia, the impact of the new single-gate export system, implemented on June 1, remains unknown, Jakarta Globe reported, citing Pudji Ismartini, a deputy at the Central Statistics Agency.Ismartini reportedly said that the agency had not calculated the impact of the new policy on exports, which would have to wait for the availability of June data.Indonesia's shipments of crude palm oil and its derivatives from January through April totaled 7.72 million tons, up 20.38% versus year-ago levels of 6.41 mmt.

Commodities

NWS Warns of Thunderstorms in Northern High Plains, Midwest US

The US National Weather Service said parts of northern High Plains and the region extending into the lower elevations of the northern and central Plains will on Thursday experience severe thunderstorms, with potential for large to very hail and damaging winds.Parts of Midwest is likely to face thunderstorms, and heavy to excessive rainfall, which make result in flooding.The NWS early Thursday issued a red flag warning for Colorado's Craig, Rangely, Rifle, and Meeker. Xcel Energy (XEL) and Black Hills (BKH) unit Black Hills Energy are the primary electricity providers in the state.A similar warning was raised for Utah's Vernal, Manila, and parts of Moab. Utah mostly falls under the service area of PacifiCorp unit Rocky Mountain Power.A flood warning was issued for areas near Beloit and Phillipsburg in Kansas, where Evergy (EVRG) is among the major power providers.A similar warning was issued for Searcy in Arkansas, served by Entergy's (ETR) Arkansas unit; areas near Winthrop in Washington, where Puget Sound Energy is among the major service providers; and Nevada and Clinton in Missouri.Evergy, Ameren's (AEE) Missouri unit, and Algonquin Power & Utilities (AQN) subsidiary Liberty are the major service providers in Missouri.South Dakota's Watertown, Holdrege in Nebraska, areas near George West and Freer in Texas, and Vidalia in George were among the other affected places.

$AEE$AQN$BKH$ETR$XEL
Commodities

Iberdrola's Avangrid to Start Commercial Operation of 166-MW Oregon Solar Project in Coming Weeks

The 166-megawatt-dc (120 MWac) Tower solar project, featuring 250,000 US-assembled solar panels, is set to start commercial operation in the coming weeks, constructor Avangrid, part of Spain's Iberdrola Group, said on Tuesday.The project in Morrow County, Oregon, will supply power to Portland General Electric's (POR) grid, supporting QTS operations.The panels for the project were assembled by SEG Solar at its Houston manufacturing plant, Avangrid said.Avangrid's portfolio spans more than 11 gigawatts of installed capacity over 25 US states.

$POR