News round-up

In brief: British Gas, steel deal, Pfizer fined

British GasBritish Gas misses target

Ofgem has ordered British Gas to pay £4.5 million to the Carbon Trust after missing its deadline to supply some larger business customers through advanced electricity meters by April 2014.

The Government’s scheme to roll-out advanced meters to businesses began in 2009, as part of a national project to modernise the energy sector. British Gas Business had five years to fit around 43,000 customers with, and supply electricity through, advanced meters.

The supplier did not take all reasonable steps to fulfil the roll-out as it was legally required to do. Some customers were left without an advanced meter at the end of the roll out period.

Steel deal

An agreement has been reached to save the Port Talbot steelworks in Wales following talks today.

Unions say the commitment includes:

– A guaranteed minimum five year commitment to two blast furnace steel making

– A commitment to seek to avoid any compulsory redundancies for five years

– A comprehensive ten year £1bn investment plan to support steel making at Port Talbot

– A consultation on the closure of the British Steel Pension Scheme (BSPS), replacing it with a defined contribution scheme with maximum contributions of 10% from the company and 6% from employees.

Almost 7,000 are employed by Tata Steel across Wales, including more than 4,000 in Port Talbot.

Pfizer fined

Drugmaker Pfizer has been fined £84 million for over-charging the NHS for an anti-epilepsy drug.

Prices increased by up to 2,600% overnight in 2012, the Competition and Markets Authority said.

This added £2m to the the NHS’s bill, taking it to  £50m in 2013. Flynn Pharma, which distributed the drug, was fined £5.2m by the regulator.

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