Thania Garcia Universal Music Group has been awarded the Ukraine Peace Prize, a recognition bestowed by Ukrainian President Volodymyr Zelensky, for the music company’s wartime support and humanitarian relief efforts in the region. At a ceremony at UMG’s Belgium headquarters in Brussels, Olha Stefanishyna (pictured at left), Ukraine’s deputy prime minister for European and Euro-Atlantic integration, presented the award to Frank Briegmann, UMG’s chairman and CEO of Central Europe (pictured at right). “[UMG] was one of the first to support Ukraine and join the sanctions against Russia,” said Stefanishyna. “UMG is the first music company in the world to receive such an award. Since the beginning of the full-scale invasion, Universal Music has proven that they are true friends of Ukraine and entertainment/culture sphere shouldn’t stand aside the war.”
Energy price cap rise: The economic circumstances forcing yet another increase
26.08.2022 - 13:33 / manchestereveningnews.co.uk
Household face paying an estimated £3,549 per year from October for average use of gas and electricity - equating to a devastating 80 per cent rise in energy bills in a move that will deepen the soaring cost of living crisis even further for millions of people.
But what economic factors lie behind the energy price cap rise announced today by regulator Ofgem, and why is it happening? The energy price cap is a backstop protection from the government, calculated by Ofgem, and applies if a household is on a default energy tariff, whether bills are paid by direct debit, standard credit or by a pre-payment meter.
The price cap limits the rates a supplier can charge for their default tariffs, including the standing charge and price for each kWh of electricity and gas - the units a bill is calculated from. It updates and tracks wholesale energy and other costs, stopping energy companies from making excessive profits and ensuring customers pay no more than a fair price for their energy.
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But Ofgem said the rises are a result of record increases in global gas prices, with the war in Ukraine leading to a huge reduction in supply of gas from Russia.
It said the increase reflected the continued rise in global wholesale gas prices, which began to surge as the world unlocked from the Covid pandemic. Prices, added Ofgem, have been driven still higher to record levels by Russia slowly switching off gas supplies to Europe.
The cap will come into effect for around 24 million households in England, Scotland and Wales on default energy tariffs on October 1, and will remain in place until December 31, when it will be adjusted again.
The 4.5 million pre-payment meter customers meanwhile, who are often the most vulnerable and
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Millions of households across Scotland and the rest of the UK are preparing for a shift in seasons which will force everyone to tighten their spending and put an even tighter squeeze on budgets as energy bills are set to rocket by more than 80 per cent from £1,971 to £3,549. Ofgem announced the new energy price cap on August 26 and it will come into force on October 1.
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Energy prices are set to skyrocket again - what support has already been announced by the government and could more help be coming?
Ofgem announced on Friday (August 26) that the energy price cap will rise to £3,539, resulting in an 80 per cent rise in bill costs.
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Regulator Ofgem today announced that the typical household energy bill will hit £3,549 a year from October 1. This is a huge increase on the current energy cap of £1,971 for the average household.
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Households are set to find out later today how much they will be paying for their energy bills in October when the price cap is announced.
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