| Energy prices in the UK 14:21 - Aug 4 with 3777 views | Illinoisblue |
I keep reading how energy bills are set to treble (or more) around October this year. Besides obscene profiteering, what is causing these insane price hikes? |  |
| |  |
| Energy prices in the UK on 14:25 - Aug 4 with 2404 views | usm |
Beats me, Illy.
Probably something to do with the poll tax. |  |
| |
| Energy prices in the UK on 14:25 - Aug 4 with 2401 views | unbelievablue |
Jeremy Corbyn. |  |
| |
| Energy prices in the UK on 14:26 - Aug 4 with 2392 views | SaleAway |
because we have a broken energy market. |  |
| |
| Energy prices in the UK on 14:27 - Aug 4 with 2387 views | SuperKieranMcKenna |
Strong dollar is also factor.
Wholesale price has gone up hugely about 3* where it was in early 2020. Demand - Europe dashing to find alternative sources of gas, and stockpiling before Putin turns off the taps this winter.
There’s also the VAT which I assume is not a factor in the US? [Post edited 4 Aug 2022 14:29]
| | | |
| That short bloke off Talking Town. (n/t) on 14:27 - Aug 4 with 2381 views | Bloots |
|  |
| TWTD Leadership Group/Elite Level Supporter/Anti-Bullying Crusader |
| |
| Energy prices in the UK on 14:28 - Aug 4 with 2384 views | Kieran_Knows |
Surprisingly this morning, the missus had an email from British Gas (it's the only bill in the house she deals with as she works in the energy market) saying our monthly direct debits are going down by £20.
Small gains and all that! |  |
| |
| Energy prices in the UK on 14:32 - Aug 4 with 2349 views | Steve_M |
| Energy prices in the UK on 14:27 - Aug 4 by SuperKieranMcKenna |
Strong dollar is also factor.
Wholesale price has gone up hugely about 3* where it was in early 2020. Demand - Europe dashing to find alternative sources of gas, and stockpiling before Putin turns off the taps this winter.
There’s also the VAT which I assume is not a factor in the US? [Post edited 4 Aug 2022 14:29]
|
Yep, basically that. Although the gas price increased in late 2021 as Asia re-started fully after covid so the baseline before Putin's war was already much higher than in recent years. |  |
| |
| Energy prices in the UK on 14:36 - Aug 4 with 2321 views | ElephantintheRoom |
Supply and demand. It’s only a couple of years ago that oil hit negative prices owing to a Covid-led drop in demand and oversupply leaving the world awash with oil and nowhere to store it.
Imagine being able to do a lot less work and being paid a lot more for it. A bit like NHS doctors under their new NHS contract in the last Labour government. That’s the envious position energy companies now find themselves in.
If you like you can also blame Brexit. Oil is priced in $. Brexit devalued Sterling 15% - and the Brexit-inspired recession we are stumbling into will make matters worse v the $. | |
| |
Login to get fewer ads
| Energy prices in the UK on 14:40 - Aug 4 with 2324 views | itfcjoe |
Brexit, the war, broken energy market, take your pick
This time last year I was paying £141 a month, I'm currently paying £333 or thereabouts, if I were to fix it today for 12 months with provider it would be £610.
I've just shelled out for solar panels which should be fitted soon which will help, but whilst it will help long term it's still costing over £10k for that |  |
| |
| Energy prices in the UK on 14:46 - Aug 4 with 2299 views | Illinoisblue |
| Energy prices in the UK on 14:40 - Aug 4 by itfcjoe |
Brexit, the war, broken energy market, take your pick
This time last year I was paying £141 a month, I'm currently paying £333 or thereabouts, if I were to fix it today for 12 months with provider it would be £610.
I've just shelled out for solar panels which should be fitted soon which will help, but whilst it will help long term it's still costing over £10k for that |
Is that 333 a month for gas and electric?
Solar panels,.. seeing a lot more of them over here in the last few years. Be interested to see the maths behind it. A large outlay up front and then X years to see any benefit. Seems like all new builds should have solar panels as standard | |
| |
| Energy prices in the UK on 14:49 - Aug 4 with 2283 views | itfcjoe |
| Energy prices in the UK on 14:46 - Aug 4 by Illinoisblue |
Is that 333 a month for gas and electric?
Solar panels,.. seeing a lot more of them over here in the last few years. Be interested to see the maths behind it. A large outlay up front and then X years to see any benefit. Seems like all new builds should have solar panels as standard |
Yep that is for both gas and electric
At worst ours should pay for themselves in 6 years, realistically it will be significantly quicker because we are getting a battery as well which can also charge up on night rate and be used in the day as well as storing energy so could knock that down a further couple of years, if prices continue to go up may be even quicker
There are new building regs now which will basically make solar panels a necessaity to get enough green credentials on a house with things like electric car charging points, triple glazing, much higher insulation, waste water heat removal, etc | |
| |
| Energy prices in the UK on 14:58 - Aug 4 with 2241 views | giant_stow |
The following could easily be simpleton thinking, but if the Govt capped energy prices (and paid the rest to the companies) wouldn't this help keep inflation lower? Would that not then break the inflationary spiral? No idea how much it was cost / be off benefit.... |  |
| |
| Energy prices in the UK on 15:05 - Aug 4 with 2146 views | Chrisd |
It appears they feel they can charge what they want, so they can replenish the profits they've missed out on the last couple of years. Not sure what they will do if millions of households can't pay their bills or refuse to, surely that would hit them hard and their precious profits? I'm amazed that not one of them has thought how their 'record' profits look to the general public, it's disgraceful and disgusting, but they continue to do what they like it seems. What does Ofgem do actually, just agree to stitch everybody up with price hikes? It's simply not sustainable especially the rate it is continuing to increase. I'd like to see an energy company actually do some 'out the box thinking' instead of profiteering and look to have less profit and share that with their customers to help reduce the energy cost. Here's me living in a dream world! [Post edited 5 Aug 2022 6:29]
| |
| |
| Energy prices in the UK on 15:16 - Aug 4 with 2078 views | SuperKieranMcKenna |
| Energy prices in the UK on 15:05 - Aug 4 by Chrisd |
It appears they feel they can charge what they want, so they can replenish the profits they've missed out on the last couple of years. Not sure what they will do if millions of households can't pay their bills or refuse to, surely that would hit them hard and their precious profits? I'm amazed that not one of them has thought how their 'record' profits look to the general public, it's disgraceful and disgusting, but they continue to do what they like it seems. What does Ofgem do actually, just agree to stitch everybody up with price hikes? It's simply not sustainable especially the rate it is continuing to increase. I'd like to see an energy company actually do some 'out the box thinking' instead of profiteering and look to have less profit and share that with their customers to help reduce the energy cost. Here's me living in a dream world! [Post edited 5 Aug 2022 6:29]
|
Of course you are aware that the suppliers margins are wafer thin and this many of them went bankrupt?
The issue is the wholesale prices on the global market. Even if it were nationalised and the element of profit (4pc ish) removed we’d still be F***! The wholesale price would be the same and we’d be paying it via tax instead of direct debit!
Reliance on fossil fuels has screwed us basically! | | | |
| Energy prices in the UK on 15:16 - Aug 4 with 2078 views | hoppy |
| Energy prices in the UK on 15:05 - Aug 4 by Chrisd |
It appears they feel they can charge what they want, so they can replenish the profits they've missed out on the last couple of years. Not sure what they will do if millions of households can't pay their bills or refuse to, surely that would hit them hard and their precious profits? I'm amazed that not one of them has thought how their 'record' profits look to the general public, it's disgraceful and disgusting, but they continue to do what they like it seems. What does Ofgem do actually, just agree to stitch everybody up with price hikes? It's simply not sustainable especially the rate it is continuing to increase. I'd like to see an energy company actually do some 'out the box thinking' instead of profiteering and look to have less profit and share that with their customers to help reduce the energy cost. Here's me living in a dream world! [Post edited 5 Aug 2022 6:29]
|
But the energy cap is changing from being a 6 monthly review to a 3 monthly... I'm not sure if that's to help the energy companies, or the end consumer... but I suspect I know. |  |
| |
| Energy prices in the UK on 15:22 - Aug 4 with 2050 views | Steve_M |
| Energy prices in the UK on 14:58 - Aug 4 by giant_stow |
The following could easily be simpleton thinking, but if the Govt capped energy prices (and paid the rest to the companies) wouldn't this help keep inflation lower? Would that not then break the inflationary spiral? No idea how much it was cost / be off benefit.... |
Ultimately the government will have to do something like that, just that they won't do anything until it's far too late.
The cap was always a stupid idea as it tried to break the link between wholesale and retail prices which just doesn't work in terms of where the UK gets energy from and how the wholesale market operates. California tried to fix retail prices whilst leaving wholesale prices free to float in the early 2000s and it went badly wrong as the market was manipulated by the likes of Enron.
Fortunately we're not in that situation yet ,just highly dependent on global markets and very vulnerable to external events like Russia's actions over the past six months but also Asian demand. | |
| |
| Energy prices in the UK on 15:23 - Aug 4 with 2038 views | Illinoisblue |
| Energy prices in the UK on 14:49 - Aug 4 by itfcjoe |
Yep that is for both gas and electric
At worst ours should pay for themselves in 6 years, realistically it will be significantly quicker because we are getting a battery as well which can also charge up on night rate and be used in the day as well as storing energy so could knock that down a further couple of years, if prices continue to go up may be even quicker
There are new building regs now which will basically make solar panels a necessaity to get enough green credentials on a house with things like electric car charging points, triple glazing, much higher insulation, waste water heat removal, etc |
Those green regs all sound very sensible and necessary. Wonder how far behind the US is when it comes to that stuff! | |
| |
| Energy prices in the UK on 15:24 - Aug 4 with 2030 views | SuperKieranMcKenna |
| Energy prices in the UK on 15:16 - Aug 4 by SuperKieranMcKenna |
Of course you are aware that the suppliers margins are wafer thin and this many of them went bankrupt?
The issue is the wholesale prices on the global market. Even if it were nationalised and the element of profit (4pc ish) removed we’d still be F***! The wholesale price would be the same and we’d be paying it via tax instead of direct debit!
Reliance on fossil fuels has screwed us basically! |
https://www.bbc.co.uk/news/business-58090533.amp
Here is how your energy bill is broken down. In actual fact the profit is even less.
The reliance on fossil fuels is the issue. Worth noting as well that the biggest help we could get is a VAT holiday. | | | |
| Energy prices in the UK on 15:25 - Aug 4 with 2016 views | giant_stow |
| Energy prices in the UK on 15:22 - Aug 4 by Steve_M |
Ultimately the government will have to do something like that, just that they won't do anything until it's far too late.
The cap was always a stupid idea as it tried to break the link between wholesale and retail prices which just doesn't work in terms of where the UK gets energy from and how the wholesale market operates. California tried to fix retail prices whilst leaving wholesale prices free to float in the early 2000s and it went badly wrong as the market was manipulated by the likes of Enron.
Fortunately we're not in that situation yet ,just highly dependent on global markets and very vulnerable to external events like Russia's actions over the past six months but also Asian demand. |
thanks mr. | |
| |
| Energy prices in the UK on 15:51 - Aug 4 with 1926 views | jaykay |
i've good idea . i will get the government to build a distribution network for electric and gas with all our money. that way we can charge all the energy supplies a fee to get the power to our homes etc.
nah that will never work as they will sell it off to some foreign companies so they can make millions. |  |
| forensic experts say footers and spruces fingerprints were not found at the scene after the weekends rows |
| |
| Energy prices in the UK on 15:55 - Aug 4 with 1924 views | Illinoisblue |
| Energy prices in the UK on 15:51 - Aug 4 by jaykay |
i've good idea . i will get the government to build a distribution network for electric and gas with all our money. that way we can charge all the energy supplies a fee to get the power to our homes etc.
nah that will never work as they will sell it off to some foreign companies so they can make millions. |
Don’t forget to tell Sid | |
| |
| Energy prices in the UK on 16:02 - Aug 4 with 1891 views | Chrisd |
| Energy prices in the UK on 15:16 - Aug 4 by hoppy |
But the energy cap is changing from being a 6 monthly review to a 3 monthly... I'm not sure if that's to help the energy companies, or the end consumer... but I suspect I know. |
I know what you're thinking Hoppy and I agree with you. | |
| |
| Energy prices in the UK on 16:17 - Aug 4 with 1855 views | STYG |
| Energy prices in the UK on 14:36 - Aug 4 by ElephantintheRoom |
Supply and demand. It’s only a couple of years ago that oil hit negative prices owing to a Covid-led drop in demand and oversupply leaving the world awash with oil and nowhere to store it.
Imagine being able to do a lot less work and being paid a lot more for it. A bit like NHS doctors under their new NHS contract in the last Labour government. That’s the envious position energy companies now find themselves in.
If you like you can also blame Brexit. Oil is priced in $. Brexit devalued Sterling 15% - and the Brexit-inspired recession we are stumbling into will make matters worse v the $. |
You've posted some rubbish but this is up there.
NHS doctors were paid more to do less were they? They still worked themselves for death but for something slightly closer to what they deserved, but still nowhere near enough?
That's alright then! | | | |
| Energy prices in the UK on 16:34 - Aug 4 with 1778 views | Bury_St_Edmundson |
| Energy prices in the UK on 15:16 - Aug 4 by hoppy |
But the energy cap is changing from being a 6 monthly review to a 3 monthly... I'm not sure if that's to help the energy companies, or the end consumer... but I suspect I know. |
Technically it's in both interests
the argument was, when the market finally died down, that the customer wouldn't see the benefit for up to 6 months.
with this, when the market does go back, then at consumer level, we'll see results (lower bills) quicker
On a wider note, I don't think the general public are aware of the Energy Market spike and how actually insane it's been over the last year+
as per the BBC link, the breakdown of a bill of £1,971 that profit for the supplier is all of £35... that's pretty generous too. |  | | |
| Energy prices in the UK on 16:47 - Aug 4 with 1695 views | SuperKieranMcKenna |
| Energy prices in the UK on 16:34 - Aug 4 by Bury_St_Edmundson |
Technically it's in both interests
the argument was, when the market finally died down, that the customer wouldn't see the benefit for up to 6 months.
with this, when the market does go back, then at consumer level, we'll see results (lower bills) quicker
On a wider note, I don't think the general public are aware of the Energy Market spike and how actually insane it's been over the last year+
as per the BBC link, the breakdown of a bill of £1,971 that profit for the supplier is all of £35... that's pretty generous too. |
“On a wider note, I don't think the general public are aware of the Energy Market spike and how actually insane it's been over the last year”
This surprised me too. Much better for the media to whip up ranting and raving about the energy companies, whilst ignoring that the Natural Gas index has gone from under $100 in 2020 to peaking at over $400 since the invasion of the Ukraine. Quadrupled! Even if it was sold at cost we’d be screwed.
Failure to secure long term energy policy has left us incredibly vulnerable to geo-political shocks. Still at least we didn’t go big into Russian gas, Germany are in for a tough winter. [Post edited 4 Aug 2022 16:48]
| | | |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
