The move will affect around a third of homes supplied by Scottish Power (around 960,000), Iberdrola (Amsterdam: ID6.AS - news) -owned Scottish Power said.
"The price change follows rising wholesale energy costs and compulsory non-energy costs, such as delivering low-carbon electricity and upgrading meters," the firm said in a statement.
The move follows similar announcements by Centrica (Frankfurt: A0DK6K - news) -owned British Gas and EDF Energy. (Reporting by Nina Chestney Editing by Hugh Lawson)
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The embattled owner of British Gas said February's extreme cold weather and a slowdown in customers fleeing for other providers buoyed its financial performance in the year-to-date, but it warned that more political tinkering in the energy market could harm its future prospects.
Centrica, Britain’s largest energy supplier, revealed it had lost 110,000 UK domestic customers since the start of the year amid “high levels of competitive intensity”. But it said that losses had “slowed materially relative to the average of 2017”.
The company said it remains on target to slash costs by £200m this year, partly by cutting 1,000 jobs, in a £1.25bn efficiency drive aimed at reviving its prospects in the face of tough competition.
The drastic action follows a dramatic £1.6bn drop in its stock market value in November after it revealed a hike in prices cost it 823,000 customers in just four months.
The cold weather also kept Centrica's services division busy as it attended 145,000 boiler breakdowns in one week, twice the usual number
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(Reuters) - British Gas owner Centrica (CNA.L) stuck to its financial targets for the year, citing higher energy demand after a cold end to winter and a slowdown in consumer account losses.
The company, which stepped up plans for job cuts and cost savings in February after posting a 17 percent fall in 2017 operating profit, also said there had been "good progress" on the delivery of the next phase of cost efficiency.
Shares of the FTSE 100 company rose as much as 1.7 percent in morning trading and were up 0.5 percent by 0910 GMT.
Centrica, which has been refocusing on core customer-facing energy and services business, said that net consumer customer account losses slowed materially despite strong competition.
The company's UK home energy supply accounts fell by 110,000 this year, much lower than the 261,000 fall a year ago.
British Gas has said it will raise the price of its most widely used standard tariff for customers getting electricity and gas by an average of 5.5 percent from May 29.
Other major suppliers among the "Big Six" who dominate the British energy market have followed suit, prompting criticism from politicians and consumer groups.
Britain said in October it would apply a temporary price cap to all standard variable tariffs (SVT) in the energy market -- the basic and most common form of billing -- to try to drive down prices.
Centrica said it assumes a temporary cap will be in place by the end of 2018, adding that it continues to believe that price controls are not good for customers.
Centrica said it expects customers on SVT to fall to around 3 million by the end of 2018 from the current 3.8 million. It had about 4.3 million SVT customers at the end of 2017.
The company has been encouraging customers to actively choose one of its fixed-term tariffs instead of the standard variable tariff ahead of the cap.
Morgan Stanley said the proposed tariff cap is the biggest near term risk for Centrica and the brokerage expects legislation to be passed by parliament in the coming months.
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Carbon Dynamic designs and manufactures cost effective and low energy buildings using locally-sourced and sustainable materials, and is working in partnership with the Albyn Housing Society and NHS Highland to deliver a pioneering smart home initiative that could transform the way health and social care is delivered.
A first of its kind in the UK, the ‘Fit Home’ concept aims to enable people to continue to live safely and independently in their own homes for as long as they choose and to provide a viable, lower cost alternative to full-time residential care and prolonged stays in hospital. The project combines the latest smart technologies with homes that can easily be adapted to meet the changing needs of their residents. Residents will benefit from non-intrusive connected devices, digital health and assisted living technologies, helping them to maintain a sense of wellbeing as they respond to the physical and emotional changes of their condition.
Carbon Dynamic has also manufactured eleven homes for the Social Bite Village in Edinburgh, which aims to provide a low-cost, safe living environment for people currently living in temporary accommodation and shelters. The first residents are set to move into their new homes this month.
Matt Stevenson, Managing Director of Carbon Dynamic said: “We are dedicated to delivering social, environmental and economic building solutions. We created the Fit Homes concept to help Highland residents take charge of their own wellbeing and health needs through innovative technology and design. Thanks to the support we’ve had from Centrica, both financially and advisory, we will be able deliver digital health and assisted living technologies in a way that has not been possible before.”
The investment has been made by Centrica’s Ignite social impact investment fund, which now forms part of Centrica Innovations. Established in 2017, Centrica Innovations aims to invest £100 million by 2022 in new technologies that will transform the way people live, work and move.
Sam Salisbury, Centrica Innovations Labs Director said: “As a market leader in connected home products, we are always on the lookout for opportunities to solve real world problems with new technology and innovation.
“The lack of affordable, energy efficient, desirable homes is one that is affecting families across the country so we’re delighted to be able to support an initiative that shows such potential in transforming how people, young and old, live in their homes.”
In addition to the investment, Centrica Innovations will provide Carbon Dynamic with mentoring, coaching and business support. To find out more about Centrica Innovations, go to https://www.centrica.com/CI.
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France's EDF owns the other 80 percent of the nuclear plants, which generate around 20 percent of Britain's electricity.
"We have had a number of people calling us saying they would be interested but we haven't started marketing it yet," Centrica CEO Iain Conn said on the sidelines of the FT Energy Transition Strategies Summit in London without identifying any interested parties.
Conn said as early as last June that the company would consider selling the stake if the right offer came along.
Centrica is moving away from large, centralised power generation while increasing its services offerings.
The company sold its last large power stations last year, with its generation now focusing on smaller, flexible plants that can react quickly to produce electricity at peak times when it is most needed.
Analyst have said it could be difficult to attract buyers for the nuclear assets, with large financials shying away from nuclear investment and half of the plants expected to close in 2024.
Last week Britain said it would consider investing in a new plant to be built by Japanese company Hitachi in northern Wales, with private investors reluctant to take on the huge costs of new nuclear power infrastructure.
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The company stepped up plans for job cuts and cost savings in February after posting a 17 percent fall in 2017 operating profit, leading to questions over its ability to maintain its dividend. [nL4N1QC23N]
"We expect to be able to pay the current level of dividend," Conn said at the FT Energy Transition Strategies Summit in London.
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