Here are some key events that are related to the energy and gas industry.

Project Nexus Launch

Project Nexus is the upgrade of the current central IT systems which links the UK gas network, sponsored by the energy regulators, Ofgem. The current system, UK Link, operated by Xoserve isn’t compatible with some new technology and a full upgrade was deemed necessary – this was completed early June. Read more here.

1st June 2017

Contracts for Difference Auction

A Contract for Difference (CFD) is a contract between a low carbon electricity generator and the government. The generator is paid the difference between the strike price and the reference price for the electricity they produce, limiting exposure to price volatility, while ensuring consumers are protected from paying higher support costs when prices are high. Generators must take part in an auction in order to acquire these contracts and benefit from the scheme.

1st September 2017

Autumn Budget Announcement

The Chancellor of the Exchequer will present his autumn statement, providing a comprehensive summary of how the UK’s budget will be utilised & what impact this will have on Energy.

1st November 2017

173rd OPEC meeting

The meeting between OPEC (Organisation of the Petroleum Exporting Countries) will take place in Vienna in order to discuss its production cut agreement and help stabilise the market; which will have a significant impact on oil prices.

1st November 2017

End of current OPEC deal

In 2016, OPEC members agreed to cut production levels in their respective countries in order to support the market, this deal was then extended until March 2018.

1st March 2018

New Water Wholesale Price

New wholesale water prices will be effective in April 2018 as part of the Open Water Market which is regulated by Ofwat.

1st April 2018

DCP161 - Changes to Distribution Connection and Use of System Agreement

OFGEM is introducing new legislation from April 2018 which will impose penalty rates on half hourly supplies that exceed their authorised available capacity. Excess penalty rates could be more than three times higher than the standard rate. Read more here.

1st April 2018

Start of Storage Year

The UK’s gas storage year runs from the start of May to the end of April and the amount of storage capacity at sites can strongly impact gas prices.

1st April 2018

End of Carbon Reduction Commitment

The Carbon Reduction Commitment (CRC) scheme will be abolished following the 2018/19 compliance year. In parallel, there will be an increase in the Climate Change Levy (CCL) ensuring the change is a fiscally-neutral reform for the Government.

1st March 2019

Proposed Brexit date

The proposed date for the United Kingdom's withdrawal from the European Union, with 52% of voters choosing to leave in the June 2016 referendum, this is expected to lead to volatility on the energy markets.

1st March 2019

Increase to Climate Change Levy

The Climate Change Levy is a tax on the amount of energy a business (in industry, commerce and the public sector) uses. The tax is added to energy bills before VAT and often appears as a separate item on bills. All money collected through the Climate Change Levy is then recycled back to businesses via a 0.3 per cent cut in employers’ national insurance contributions and via support towards energy efficiency and carbon-reduction equipment. The significant increase proposed is a result of the abolishment of the CRC scheme.

1st April 2019

Start of new ESOS Compliance period

The second phase of the Energy Savings Opportunity Scheme which helps businesses minimise the cost of meeting energy efficiency measures. Read more here.

1st December 2019