| Energy prices in the UK 14:21 - Aug 4 with 3781 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? |  |
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| Energy prices in the UK on 17:11 - Aug 4 with 829 views | jaykay |
i can't remember what happened to north sea gas. i believe it was early seventies when the gas board came to my house and converted from town gas to north sea gas.
the bloke told me there was so much gas there that they would probably give it away.
i expect we used it all up |  |
| forensic experts say footers and spruces fingerprints were not found at the scene after the weekends rows |
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| Energy prices in the UK on 18:13 - Aug 4 with 828 views | You_Bloo_Right |
https://www.bbc.co.uk/news/59897048
Winter 21-22
Total annual cost £1277
Wholesale £528
Network £268
Operating £204
Govt schemes £159
VAT £61
Other £34
Profit £23
https://www.bbc.co.uk/news/business-58090533.amp
Summer 22
Total annual cost £1971 54% (You'll be lucky I reckon to come in under £2K even now)
Wholesale £1077 104%
Network £371 38%
Operating £185 -9%
Govt schemes £153 -3%
VAT £94 54%
Other £56 65%
Profit £35 52% |  |
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| Energy prices in the UK on 18:23 - Aug 4 with 815 views | Bent_double |
| 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 |
Let us know how it goes with the solar panels - I posted a question a few days ago asking for recommendations, so far the only quote I have for a fully installed system (30 panels) is north of £16k |  |
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| Energy prices in the UK on 18:54 - Aug 4 with 797 views | mutters |
| 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 |
Just out of interest are you consuming £333 per month or are you building a buffer for winter? If not what is your currently monthly spend.
I pay £157 a month (though they keep trying to up it to £300+) and currently only spending £75 a month. I live in a larger than average house so am always trying to understand why others are so high.
Am currently with bulb |  |
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| Energy prices in the UK on 09:15 - Aug 5 with 706 views | Bury_St_Edmundson |
| Energy prices in the UK on 18:23 - Aug 4 by Bent_double |
Let us know how it goes with the solar panels - I posted a question a few days ago asking for recommendations, so far the only quote I have for a fully installed system (30 panels) is north of £16k |
Back in 2010 (think it was 2011/2012 when the Feed in Tariff really dropped) you could get REALLY good value from your panels.
For a lot of people, renting their roof for 25 years meant the offset in electricity was good, but if you could afford the outlay for the panels themselves... you'd make your £15k back in about 5-7 years and then you were laughing, solely on Feed in Tariff payments alone.
Then the tariff dropped from 54p to about 20p overnight and loads of solar providers calculated they couldn't make enough profit to carry on.
we'd be in a MUCH better situation nationally for elec if this hadn't dropped overnight. I remember the "depression" in companies at that point, just before Christmas too... |  | | |
| Energy prices in the UK on 10:19 - Aug 5 with 676 views | Steve_M |
| 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. |
One of the reasons that those privatisations saw cheaper bills in the short term was because there was a big reduction in investment in infrastructure. That became a problem in the early 2000s, and increasing so since. That said, the CEGB (Central Electricity Generating Board) did tend to gold plate everything, so there were logical savings to be made there.
I'm not as certain as everyone else seems to be at the moment that privatisation was a failure for UK energy policy but Ofgem's rigid adherence to economic theory certainly has been because it prioritised short-term 'efficiency' ahead of the longer-term and brought us all of those half-arsed suppliers that have gone bust in recent years.
Even a nationalised UK energy industry would have seen enormous increases in prices in the current environment because the fundamentals - Russia's war and global demand - are external to the UK. |  |
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| Energy prices in the UK on 10:33 - Aug 5 with 664 views | SuperKieranMcKenna |
Totally aligns with how I see the situation. Successive UK governments have avoided any tough choices in terms of transition planning for the last 30+ years we’ve know about climate change, made us totally reliant on a belligerent China for nuclear technology (or perhaps French.
The other point which I feel is not covered enough, is how we squandered all the income from North Sea production over the years. Rather than building up a sovereign wealth fund of investments which could have buffered us from these kind of shocks it was spent by successive governments to prop up tax receipts. |  | | |
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| Energy prices in the UK on 10:40 - Aug 5 with 658 views | Steve_M |
| Energy prices in the UK on 10:33 - Aug 5 by SuperKieranMcKenna |
Totally aligns with how I see the situation. Successive UK governments have avoided any tough choices in terms of transition planning for the last 30+ years we’ve know about climate change, made us totally reliant on a belligerent China for nuclear technology (or perhaps French.
The other point which I feel is not covered enough, is how we squandered all the income from North Sea production over the years. Rather than building up a sovereign wealth fund of investments which could have buffered us from these kind of shocks it was spent by successive governments to prop up tax receipts. |
Even Texas had a stabilisation fund to utilise oil revenues when required, not the UK though.
The most frustrating thing regarding energy policy is that around 15 years ago every energy company had it's own version of a graph which showed the current generation mix (coal 30%, gas 40%, nuclear 20%, renewables and other making up the rest) and future projections as coal closed under environmental legislation and nuclear stations, other than Sizewell reached the end of their operating life. It all pointed to being very dependent on imported gas round about now in the full knowledge that a) a lot of that gas would come from Russia and b) LNG would go where the market incentivised it too.
Now, in reality the growth of renewable energy has actually been better than projected but coal has probably reduced by rather more as Drax repeatedly makes ploys for better subsidies. The gas dependency still holds and new nuclear is arriving far too slowly (not Christmas 2017 as EDF once promised). | |
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| Energy prices in the UK on 10:42 - Aug 5 with 653 views | cbower |
| 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. |
Did you see the recent documentary about the Thatcher/Reagan relationship? One of the things they fell out about was Britain 's development of gas supplies from USSR. Reagan wanted to stop it, Thatcher told him to mind his own business and went ahead withe developing a second pipeline. Made me chuckle as my kids think I blame everything on Thatcher more than 30 years after she was ousted and hey presto - our reliance on Russian gas goes back to her! Oh, and all of the privatisation of utility companies too! |  |
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| Energy prices in the UK on 10:55 - Aug 5 with 637 views | SuperKieranMcKenna |
| Energy prices in the UK on 10:42 - Aug 5 by cbower |
Did you see the recent documentary about the Thatcher/Reagan relationship? One of the things they fell out about was Britain 's development of gas supplies from USSR. Reagan wanted to stop it, Thatcher told him to mind his own business and went ahead withe developing a second pipeline. Made me chuckle as my kids think I blame everything on Thatcher more than 30 years after she was ousted and hey presto - our reliance on Russian gas goes back to her! Oh, and all of the privatisation of utility companies too! |
“ our reliance on Russian gas goes back to her”
Point of order - most natural gas consumed by the UK is still extracted in the North Sea in UK or Norwegian waters, and some LNG from the Middle East.
Only 3pc of our gas comes from Russia. | | | |
| Energy prices in the UK on 11:25 - Aug 5 with 612 views | The_Flashing_Smile |
Is that the less successful follow up to Anarchy In The UK? |  |
| Trust the process. Trust Phil. |
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| Energy prices in the UK on 11:28 - Aug 5 with 608 views | DinDjarin |
| Energy prices in the UK on 10:42 - Aug 5 by cbower |
Did you see the recent documentary about the Thatcher/Reagan relationship? One of the things they fell out about was Britain 's development of gas supplies from USSR. Reagan wanted to stop it, Thatcher told him to mind his own business and went ahead withe developing a second pipeline. Made me chuckle as my kids think I blame everything on Thatcher more than 30 years after she was ousted and hey presto - our reliance on Russian gas goes back to her! Oh, and all of the privatisation of utility companies too! |
In 2021 imports from Russia made up 4% of gas used in the UK, 9% of oil and 27% of coal. In 2021, imports of gas, oil and coal from Russian to the UK were worth a combined £4.5 billion. According to Eurostat, in 2020, imports from Russia made up 39% of the gas used in the EU, 23% of oil imports and 46% of coal imports. |  | | |
| Energy prices in the UK on 11:56 - Aug 5 with 582 views | chicoazul |
My energy bill has gone down for the last two months. It went up in March like everyone else’s. |  |
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| Energy prices in the UK on 12:06 - Aug 5 with 572 views | itfcjoe |
| Energy prices in the UK on 09:15 - Aug 5 by Bury_St_Edmundson |
Back in 2010 (think it was 2011/2012 when the Feed in Tariff really dropped) you could get REALLY good value from your panels.
For a lot of people, renting their roof for 25 years meant the offset in electricity was good, but if you could afford the outlay for the panels themselves... you'd make your £15k back in about 5-7 years and then you were laughing, solely on Feed in Tariff payments alone.
Then the tariff dropped from 54p to about 20p overnight and loads of solar providers calculated they couldn't make enough profit to carry on.
we'd be in a MUCH better situation nationally for elec if this hadn't dropped overnight. I remember the "depression" in companies at that point, just before Christmas too... |
My mate has done it for years, and basically like you see when feed in tarrifs dropped below about 10p no one was bothering bar new houses who needed to for a SAP test, but demand has gone mad again now with the batteries and energy prices going up so severely |  |
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| Energy prices in the UK on 12:10 - Aug 5 with 564 views | itfcjoe |
| Energy prices in the UK on 18:54 - Aug 4 by mutters |
Just out of interest are you consuming £333 per month or are you building a buffer for winter? If not what is your currently monthly spend.
I pay £157 a month (though they keep trying to up it to £300+) and currently only spending £75 a month. I live in a larger than average house so am always trying to understand why others are so high.
Am currently with bulb |
There is some build up, but from 2nd April until 3rd May we have used £210 in that time, currently with Octopus but on an old Avro tarriff | |
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| Energy prices in the UK on 12:13 - Aug 5 with 553 views | hype313 |
| Energy prices in the UK on 12:10 - Aug 5 by itfcjoe |
There is some build up, but from 2nd April until 3rd May we have used £210 in that time, currently with Octopus but on an old Avro tarriff |
Similar for me, unfortunately if this trend continues and gets even more expensive then things like ST will have to be stopped. |  |
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| Energy prices in the UK on 13:11 - Aug 5 with 533 views | J2BLUE |
British Gas have offered me a fixed tariff that based on the last year of energy bills is 67% higher.
I then read on This Is Money that we can expect energy bills to be about 40% higher in the year from October based on the price rises per quarter.
So my thinking is not to bother with the fixed tariff and take my chances. Anyone think that’s the wrong move? |  |
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| Energy prices in the UK on 13:34 - Aug 5 with 522 views | Steve_M |
| Energy prices in the UK on 13:11 - Aug 5 by J2BLUE |
British Gas have offered me a fixed tariff that based on the last year of energy bills is 67% higher.
I then read on This Is Money that we can expect energy bills to be about 40% higher in the year from October based on the price rises per quarter.
So my thinking is not to bother with the fixed tariff and take my chances. Anyone think that’s the wrong move? |
If Asian gas demand rises strongly and we end up in a bidding war between Europe and Asia for LNG then prices could still climb even more. I think we'll probably see demand destruction globally in that scenario though.
The next price rise is coming in October that is guaranteed, not sure the increases after that will be as big but they will just compound the issue for all consumers.
When you say the last year's bills, is that Sep 21 to August or 2021 as a whole? If the former then it's probably 50/50 which way to go on the fixed tariff, if for 2021 or even April 21 to March this year than 67% looks pretty good. | |
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| Energy prices in the UK on 13:41 - Aug 5 with 521 views | C_HealyIsAPleasure |
| Energy prices in the UK on 13:11 - Aug 5 by J2BLUE |
British Gas have offered me a fixed tariff that based on the last year of energy bills is 67% higher.
I then read on This Is Money that we can expect energy bills to be about 40% higher in the year from October based on the price rises per quarter.
So my thinking is not to bother with the fixed tariff and take my chances. Anyone think that’s the wrong move? |
Martin Lewis’ latest advice is that if you can fix at below 70% increase on your existing tariff then it could prove worthwhile. Not guarantees as obviously future rises are unknown but based on most recent estimates
https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-d |  |
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| Energy prices in the UK on 13:54 - Aug 5 with 503 views | SaleAway |
My current offer for fixing is essentially double my current rate.
Its really not fun. | |
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| Energy prices in the UK on 13:59 - Aug 5 with 492 views | textbackup |
| Energy prices in the UK on 14:28 - Aug 4 by 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! |
Couldn’t Chuck me £7.50 of that a month could ya buh?
Our fixed rate with E-on next ends this month and the £115 DD we pay is jumping to £235 a month on a variable rate 😂😂
£405 a month if we want to fix it…. I mean, what! |  |
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| Energy prices in the UK on 14:02 - Aug 5 with 487 views | textbackup |
| Energy prices in the UK on 18:23 - Aug 4 by Bent_double |
Let us know how it goes with the solar panels - I posted a question a few days ago asking for recommendations, so far the only quote I have for a fully installed system (30 panels) is north of £16k |
If you are in the Suffolk area give green scape energy a shout | |
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| Energy prices in the UK on 14:05 - Aug 5 with 478 views | cbower |
| Energy prices in the UK on 10:55 - Aug 5 by SuperKieranMcKenna |
“ our reliance on Russian gas goes back to her”
Point of order - most natural gas consumed by the UK is still extracted in the North Sea in UK or Norwegian waters, and some LNG from the Middle East.
Only 3pc of our gas comes from Russia. |
Stop ruining it for me!!!! Would it be fair to say she didn't help the situation by selling off British Gas et al and closing down our pits whilst still importing coal from elsewhere?
It's still her fault!!!! | |
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