[News] The Energy crisis

[nicko31]

Public now on the hook for £3B for the failure of Bulb

https://www.cityam.com/bulb-energy-...MbXGx75wOsGzbNuWyqA1gHUjN51cGcvAB23fqv39xR4NE

The original bill has doubled because no one in government considered any hedging.

We will all pay now...

 

[A mex eyecan]

One reason why I have not got a Smart Meter. On 31st March I'll be submitting some gas + electricity readings, and perhaps adding on a bit for some 'advanced' buying

technically that’s fraud

 

[Sirnormangall]

technically that’s fraud

Maybe, but a jolly good idea too!

 

[worthingseagull123]

I am on a low fixed rate till May.

So I set a meter reading now and suggest I have used my gas and electric than I really have, then in theory when I am on the higher rate from June onwards, I would in theory have used a lot less?

I don’t have a smart meter.

 

[deletebeepbeepbeep]

I am on a low fixed rate till May.

So I set a meter reading now and suggest I have used my gas and electric than I really have, then in theory when I am on the higher rate from June onwards, I would in theory have used a lot less?

I don’t have a smart meter.

This is illegal, but might be worth the risk?

 

[birthofanorange]

This is illegal, but might be worth the risk?

Yes - why is it any different to companies that buy fuel at the current price, in bulk, to avoid a likely rise in the future?
How about buying a train ticket in advance, knowing that it will cost more on the day of travel, even if you haven't actually taken the journey you've paid for?

 

[keaton]

https://mobile.twitter.com/RichardJMurphy/status/1502671563530948610?s=20&t=8NnQLz_rDiKbxSOyqWsxQw

Interesting bit of research on how much our bills should be going up

 

[beorhthelm]

https://mobile.twitter.com/RichardJMurphy/status/1502671563530948610?s=20&t=8NnQLz_rDiKbxSOyqWsxQw

Interesting bit of research on how much our bills should be going up

if its Richard Murphy its most certainly wrong, at least bias to make a preconceived point.

and lo, he's engineered calculations to pretend energy companies arent subject to change of energy prices, because he thinks the cost of production hasnt changed. its a weird world that an accountant can say market prices can be ignored.

something also ignored, and often overlooked, is the effect of marketing discounts and hedging in the prices. many of the lower priced deals were subbed, as those deals evaporated that affects average energy bills.

 

[Kinky Gerbil]

if its Richard Murphy its most certainly wrong, at least bias to make a preconceived point.

and lo, he's engineered calculations to pretend energy companies arent subject to change of energy prices, because he thinks the production cost hasnt changed. its a weird world that an accountant can say market prices can be ignored.

something also ignored, and often overlooked, is the effect of marketing discounts and hedging in the prices. many of the lower priced deals were subbed, as those deals evaporated that affects average energy bills.

I just had a quick scan of his page and he seems to think not having a lockdown over Christmas was a plot to sell of the NHS.

 

[golddene]

Just received my updated electricity supply rate changes for April 22 onwards.
KWH increases from 21.56 per unit to 29.49 per unit ( understandable due to resource increase)
Standing charge daily rate increases from 24.04p per day to 41.66p per day, (73.3% increase) how is this justified ? Have their delivery costs increased to this extent !

Really am dreading the gas updated price notification now. Both of these utilities are expected to rise even further later in the year.

 

[Brownstuff]

Just received my updated electricity supply rate changes for April 22 onwards.
KWH increases from 21.56 per unit to 29.49 per unit ( understandable due to resource increase)
Standing charge daily rate increases from 24.04p per day to 41.66p per day, (73.3% increase) how is this justified ? Have their delivery costs increased to this extent !

Really am dreading the gas updated price notification now. Both of these utilities are expected to rise even further later in the year.

Half of the increase in the electricity standing charge is to pay for the cost of failed energy suppliers, the rest of the increase is for things like warm home discount for vulnerable customers.
I don't think the gas standing charge is changing much but the unit rate will be 7p plus after the 1st April.
Come October who knows what gas prices will be, could be as much as 10p which will be out for reach for most consumers

 

[nicko31]

Half of the increase in the electricity standing charge is to pay for the cost of failed energy suppliers, the rest of the increase is for things like warm home discount for vulnerable customers.
I don't think the gas standing charge is changing much but the unit rate will be 7p plus after the 1st April.
Come October who knows what gas prices will be, could be as much as 10p which will be out for reach for most consumers

There are a handful suppliers in the renewables area that are not bound by the price cap. One such provider is up to 37p for elec and 8.8p for gas. This is a good indicator where things are heading.

Still the primary producers coining it in and will do for the foreseeable

 

[nicko31]

Windfall tax looks inevitable now.

The government will go ahead with one but for all the wrong reasons.

They will do it only because they realise its popular

They don't govern they just campaign

 

[Machiavelli]

Windfall tax looks inevitable now.

The government will go ahead with one but for all the wrong reasons.

They will do it only because they realise its popular

They don't govern they just campaign

Couldn't agree more. It's not just this lot, it's replicated around the world. It's all about winning, rather than governing.

 

[beorhthelm]

Windfall tax looks inevitable now.

The government will go ahead with one but for all the wrong reasons.

They will do it only because they realise its popular

They don't govern they just campaign

thats the only reason anyone wants it in the first place, popularity with their constituency. we dont hear much about what it will be spent on because the tax is more important. the £2bn suggested raise wont go very far on its own, and there's over double that raised due to increased licence revenue. probably already surplus to cover removing VAT and cardon levy saving ~£200 off bills, then some rebates focused at those on UC.

 

[TomandJerry]

The typical household energy bill is set to rise by about £800 a year in October, the energy regulator warns.

Ofgem boss Jonathan Brearley said the energy price cap, which limits how much providers can raise prices, is expected to increase to £2,800 a year, due to continued volatility in gas prices.

Mr Brearley said the price rises were a "once in a generation event not seen since the oil crisis in the 1970s".

He also said the number of people in fuel poverty may double to 12 million.

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[southstandandy]

Oh well. We'll just have to turn the heating off permanently. Thank god our winters are pretty mild.

 

[METALMICKY]

Oh well. We'll just have to turn the heating off permanently. Thank god our winters are pretty mild.

This big time! At the turn of the year my average monthly bill for dual fuel with Bulb was £90. In February it jumped to £149 and now email today confirms next bill will be £200 ! And I live in a modest 3 bed semi WTF!

 

[TomandJerry]

This big time! At the turn of the year my average monthly bill for dual fuel with Bulb was £90. In February it jumped to £149 and now email today confirms next bill will be £200 ! And I live in a modest 3 bed semi WTF!

That's why my season ticket went this year...

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[TomandJerry]

The energy price cap could reach nearly £3,000 in the Britain at the beginning of October, with the planned increase possibly being more than £1,000 according to a new forecast.

It is expected to rise to £2,980.63 for the next period, which runs between October and December, after another spike in wholesale demand prices last week



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