Companies penalized for failing to meet installation goals
- UK energy suppliers to pay GBP10.8 million for missing smart-meter targets
- British Gas, OVO, Bulb, E.ON, Scottish Power, and SSE are the companies involved
- The shortfall was in installing 1.0 million smart meters by the required deadline
- British Gas will pay the largest sum of GBP3.4 million
- The Energy Industry Voluntary Redress Fund will receive the payments
- The fund helps consumers in vulnerable situations with cold homes and high energy bills
- No full investigation will be conducted as the suppliers agreed to make voluntary payments
- Over 33 million smart and advanced meters have been installed in the UK as of June 2023
UK energy suppliers British Gas, OVO, Bulb, E.ON, Scottish Power, and SSE will collectively pay GBP10.8 million for failing to meet smart-meter installation targets. The shortfall was in installing 1.0 million smart meters by the required deadline. British Gas will pay the largest sum of GBP3.4 million, followed by OVO and Bulb at GBP2.4 million and GBP1.8 million respectively. The payments will go into the Energy Industry Voluntary Redress Fund, which supports consumers in vulnerable situations. No full investigation will be conducted as the suppliers agreed to make voluntary payments. As of June 2023, over 33 million smart and advanced meters have been installed in the UK, accounting for 58% of all meters.
Factuality Level: 8
Factuality Justification: The article provides specific information about the smart-meter installation targets and the amount of money that each energy supplier will pay as a result of missing those targets. It also mentions the Energy Industry Voluntary Redress Fund and its purpose. The information provided is clear and factual without any obvious bias or opinion.
Noise Level: 7
Noise Justification: The article provides information on the penalties imposed on UK energy suppliers for missing smart-meter installation targets. However, it lacks in-depth analysis, scientific rigor, and intellectual honesty. It does not explore the consequences of the shortfall on consumers or hold the companies accountable. The article also does not provide actionable insights or solutions. Overall, it contains relevant information but lacks depth and critical analysis.
Financial Relevance: Yes
Financial Markets Impacted: Energy companies: British Gas, OVO, Bulb, E.ON, Iberdrola’s Scottish Power, SSE
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to financial topics as it discusses the financial penalties imposed on energy suppliers for missing smart-meter installation targets. However, there is no mention of an extreme event or its impact.
Public Companies: British Gas (Centrica-owned), OVO (undefined), Bulb (undefined), E.ON (undefined), Scottish Power (Iberdrola-owned), SSE (undefined)
Key People:
Reported publicly:
www.marketwatch.com 
