| Cost of Greed Energy Crisis. 11:19 - Aug 10 with 1791 views | BlacknGoldnBlue |
I entered my energy consumption into a price comparison site yesterday. The best offer was from Scottish Power and it was £465 a month. This is an annual increase of £3602. This amount is bigger than my current monthly mortgage repayments for my modest 3bed end terraced house.
As it stands I'm on a fixed deal till next September but this is horrifying. I couldn't afford to pay it. I see arguments on here regarding national strikes, boycotting certain media, calling for renationisation of services with arguments against all.
I'd loved to hear how much you're being offered on comparison sites and how that will personally effect you and your family and your personal solutions - will you cut back everything, borrow, refuse to pay, etc..
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| Cost of Greed Energy Crisis. on 11:27 - Aug 10 with 1725 views | C_HealyIsAPleasure |
That price will be the cheapest fixed deal, not the variable rate which is what you’ll move to when your current fixed deal expires. The variable rate is markedly lower than the fixed prices being offered currently, and although it will be going up in October this will almost certainly still be below those fixed prices as the energy companies have naturally factored in those expected increases within their fixed arrangements
Obviously that isn’t to say the prices aren’t ridiculous as clearly they are and your price will increase massively, but given you say you’re on a fixed deal until next September at what appears to be under £2k a year I’d probably just enjoy the fact you’re on a good deal for now! |  |
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| Cost of Greed Energy Crisis. on 11:28 - Aug 10 with 1725 views | J2BLUE |
British Gas offered me a fixed tariff October to October which is a 64-67% increase based on what i've used in the last year.
I then read that based on the predicted caps you could expect it to go up about 40% overall but that was before the recent increase in the predicted cap. No idea what to do to be honest. |  |
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| Cost of Greed Energy Crisis. on 11:30 - Aug 10 with 1700 views | BlacknGoldnBlue |
| Cost of Greed Energy Crisis. on 11:27 - Aug 10 by C_HealyIsAPleasure |
That price will be the cheapest fixed deal, not the variable rate which is what you’ll move to when your current fixed deal expires. The variable rate is markedly lower than the fixed prices being offered currently, and although it will be going up in October this will almost certainly still be below those fixed prices as the energy companies have naturally factored in those expected increases within their fixed arrangements
Obviously that isn’t to say the prices aren’t ridiculous as clearly they are and your price will increase massively, but given you say you’re on a fixed deal until next September at what appears to be under £2k a year I’d probably just enjoy the fact you’re on a good deal for now! |
It's actually a variable deal. Fixed deals were more expensive! | |
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| Cost of Greed Energy Crisis. on 11:58 - Aug 10 with 1630 views | giant_stow |
I haven't done a comparison, but our standing order will go upto c.£140 per month with the next rise in sept. Granted, we live in a tiny 2 bed house smaller in sq ft than a lot of flats, but it feels like a cockup, so bracing for the worst. |  |
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| Cost of Greed Energy Crisis. on 12:04 - Aug 10 with 1611 views | cressi |
| Cost of Greed Energy Crisis. on 11:58 - Aug 10 by giant_stow |
I haven't done a comparison, but our standing order will go upto c.£140 per month with the next rise in sept. Granted, we live in a tiny 2 bed house smaller in sq ft than a lot of flats, but it feels like a cockup, so bracing for the worst. |
I think there will lots of trouble ahead worse riots than the poll tax Marches everything is gone through the roof |  | | |
| Cost of Greed Energy Crisis. on 12:17 - Aug 10 with 1559 views | Cheltenham_Blue |
| Cost of Greed Energy Crisis. on 12:04 - Aug 10 by cressi |
I think there will lots of trouble ahead worse riots than the poll tax Marches everything is gone through the roof |
Agree with this. Think we are headed for a winter of strikes and civil disobedience.
Wasn’t it Corbyn that was meant to take us back to the 70s? |  |
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| Cost of Greed Energy Crisis. on 12:33 - Aug 10 with 1526 views | SuperKieranMcKenna |
I’m amazed that so few people are aware of the underlying commodity price crisis. The wholesale price of gas has gone from $100-$400 since 2020. Amongst other things being driven by shortages from the Ukraine war.
This is not a defence of the energy companies - rather highlighting the underlying reasons. The price of gas has quadrupled, and is being felt all across Europe - more so since many are reliant on Russian pipelines. | | | |
| Cost of Greed Energy Crisis. on 12:35 - Aug 10 with 1518 views | SouperJim |
We're on British Gas standard variable having been through the supplier of last resort process twice. Cheapest fixed tariff on uswitch currently is an increase of over £2k a year.
Nothing to be done but stay as we are and hope for a miracle between now and October. |  |
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| Cost of Greed Energy Crisis. on 12:39 - Aug 10 with 1500 views | DanTheMan |
| Cost of Greed Energy Crisis. on 12:33 - Aug 10 by SuperKieranMcKenna |
I’m amazed that so few people are aware of the underlying commodity price crisis. The wholesale price of gas has gone from $100-$400 since 2020. Amongst other things being driven by shortages from the Ukraine war.
This is not a defence of the energy companies - rather highlighting the underlying reasons. The price of gas has quadrupled, and is being felt all across Europe - more so since many are reliant on Russian pipelines. |
I don't think many are unaware of what is causing it, but that doesn't really change the problem at hand that many people are going to be unable to pay.
Was just reading an article in the economist about the different approaches taken. We've got very targeted whereas other countries have gone for slashing fuel duty. As a result our inflation is higher (57% vs. 42% in the Euro area).
I don't think the energy companies can do much to deal with it as although it doesn't help when you see companies like E.On reporting lovely profits. |  |
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| Cost of Greed Energy Crisis. on 12:42 - Aug 10 with 1486 views | SuperKieranMcKenna |
| Cost of Greed Energy Crisis. on 12:39 - Aug 10 by DanTheMan |
I don't think many are unaware of what is causing it, but that doesn't really change the problem at hand that many people are going to be unable to pay.
Was just reading an article in the economist about the different approaches taken. We've got very targeted whereas other countries have gone for slashing fuel duty. As a result our inflation is higher (57% vs. 42% in the Euro area).
I don't think the energy companies can do much to deal with it as although it doesn't help when you see companies like E.On reporting lovely profits. |
Spot on. | | | |
| Cost of Greed Energy Crisis. on 12:47 - Aug 10 with 1446 views | BlacknGoldnBlue |
| Cost of Greed Energy Crisis. on 12:39 - Aug 10 by DanTheMan |
I don't think many are unaware of what is causing it, but that doesn't really change the problem at hand that many people are going to be unable to pay.
Was just reading an article in the economist about the different approaches taken. We've got very targeted whereas other countries have gone for slashing fuel duty. As a result our inflation is higher (57% vs. 42% in the Euro area).
I don't think the energy companies can do much to deal with it as although it doesn't help when you see companies like E.On reporting lovely profits. |
Suppose you renationised energy, all that "profit" that currently goes to bosses and shareholders could be used by the government. The government could use it to cap the increase at 4% (like the French have with EDF) and subsidise any potential lose. They could certainly compensate to avoid huge spikes in foreseeable future.
Privatisation was meant to provide a competitive market to give the best outcome for the consumer. | |
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| Cost of Greed Energy Crisis. on 12:52 - Aug 10 with 1428 views | SuperKieranMcKenna |
| Cost of Greed Energy Crisis. on 12:47 - Aug 10 by BlacknGoldnBlue |
Suppose you renationised energy, all that "profit" that currently goes to bosses and shareholders could be used by the government. The government could use it to cap the increase at 4% (like the French have with EDF) and subsidise any potential lose. They could certainly compensate to avoid huge spikes in foreseeable future.
Privatisation was meant to provide a competitive market to give the best outcome for the consumer. |
That’s true although any nationalised energy company is still exposed to market forces in terms of the commodity price. This makes up a far greater proportion of the cost than profit. So you would have to be prepared to also nationalise the cost of any price volatility.
Wouldn’t it have been great if we’d built up a sovereign wealth fund from the North Sea oil and gas production to help us at times like these?! | | | |
| Cost of Greed Energy Crisis. on 12:56 - Aug 10 with 1405 views | J2BLUE |
| Cost of Greed Energy Crisis. on 12:47 - Aug 10 by BlacknGoldnBlue |
Suppose you renationised energy, all that "profit" that currently goes to bosses and shareholders could be used by the government. The government could use it to cap the increase at 4% (like the French have with EDF) and subsidise any potential lose. They could certainly compensate to avoid huge spikes in foreseeable future.
Privatisation was meant to provide a competitive market to give the best outcome for the consumer. |
I don't understand any who opposes the nationalisation of essential transport and utilities. | |
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| Cost of Greed Energy Crisis. on 13:09 - Aug 10 with 1331 views | DanTheMan |
| Cost of Greed Energy Crisis. on 12:47 - Aug 10 by BlacknGoldnBlue |
Suppose you renationised energy, all that "profit" that currently goes to bosses and shareholders could be used by the government. The government could use it to cap the increase at 4% (like the French have with EDF) and subsidise any potential lose. They could certainly compensate to avoid huge spikes in foreseeable future.
Privatisation was meant to provide a competitive market to give the best outcome for the consumer. |
I agree personally, I was trying to avoid the issue of nationalisation as essentially it could have helped in this situation if it had been done as we wouldn't have to worry about prices although we'd probably still pay in the long run as the Government would be taking on the debt. In my mind that's better than individual people being ruined.
I agree with J2, I personally don't understand why we don't just nationalise these industries and run them properly. You could always go hybrid and run them as non-profits which is similar to how France does their medical insurance.
I'm probably talking complete bollix here. | |
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| Cost of Greed Energy Crisis. on 17:16 - Aug 10 with 1106 views | ElephantintheRoom |
| Cost of Greed Energy Crisis. on 13:09 - Aug 10 by DanTheMan |
I agree personally, I was trying to avoid the issue of nationalisation as essentially it could have helped in this situation if it had been done as we wouldn't have to worry about prices although we'd probably still pay in the long run as the Government would be taking on the debt. In my mind that's better than individual people being ruined.
I agree with J2, I personally don't understand why we don't just nationalise these industries and run them properly. You could always go hybrid and run them as non-profits which is similar to how France does their medical insurance.
I'm probably talking complete bollix here. |
Nationalisation costs money. And then you come to the reasons the government privatised public owned utilities the huge and unaffordable cost of modernising infrastructure that private companies would magically be able to do whilst making a profit.
No body seems to be mentioning the high cost of green energy- nor the somewhat slow to non-existant creation of new power stations or reservoirs - or a national grid for water
Or the fact that you have an off switch on heating and electricity. | |
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| Cost of Greed Energy Crisis. on 17:33 - Aug 10 with 1083 views | SuperKieranMcKenna |
| Cost of Greed Energy Crisis. on 17:16 - Aug 10 by ElephantintheRoom |
Nationalisation costs money. And then you come to the reasons the government privatised public owned utilities the huge and unaffordable cost of modernising infrastructure that private companies would magically be able to do whilst making a profit.
No body seems to be mentioning the high cost of green energy- nor the somewhat slow to non-existant creation of new power stations or reservoirs - or a national grid for water
Or the fact that you have an off switch on heating and electricity. |
https://www.economist.com/business/2022/07/25/state-run-oil-giants-will-make-or-
Actually there’s an element of truth in that -typically the western multinationals are outpacing state owned oil and gas firms in renewables investment.
That doesn’t mean to say it HAS to be the case but we know it would be at risk of being starved of investment depending on who was in power.
I would assume the argument is more for privatisation of the utility companies than the E&P companies, as their assets would be worth billions, aren’t all in Uk legislation, and indeed the complexity that most E&P is done on a joint venture basis. | | | |
| Cost of Greed Energy Crisis. on 17:49 - Aug 10 with 1064 views | mikeybloo88 |
| Cost of Greed Energy Crisis. on 12:17 - Aug 10 by Cheltenham_Blue |
Agree with this. Think we are headed for a winter of strikes and civil disobedience.
Wasn’t it Corbyn that was meant to take us back to the 70s? |
Corbyn hasn’t, but his Russian mates have... |  | | |
| Cost of Greed Energy Crisis. on 17:53 - Aug 10 with 1049 views | positivity |
| Cost of Greed Energy Crisis. on 17:49 - Aug 10 by mikeybloo88 |
Corbyn hasn’t, but his Russian mates have... |
the tories are the ones with the russian mates, as the list of donations will tell you! | |
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| Cost of Greed Energy Crisis. on 18:01 - Aug 10 with 1029 views | Pinewoodblue |
EON increased our dual feed monthly figure from £155 to £199 a month a lot less than expected. This is first month at the higher tariff, not had any formal notification. |  |
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| Cost of Greed Energy Crisis. on 20:16 - Aug 10 with 936 views | factual_blue |
| Cost of Greed Energy Crisis. on 17:16 - Aug 10 by ElephantintheRoom |
Nationalisation costs money. And then you come to the reasons the government privatised public owned utilities the huge and unaffordable cost of modernising infrastructure that private companies would magically be able to do whilst making a profit.
No body seems to be mentioning the high cost of green energy- nor the somewhat slow to non-existant creation of new power stations or reservoirs - or a national grid for water
Or the fact that you have an off switch on heating and electricity. |
Before privatising the water industry, thatcher stopped the various water boards from borrowing money at the very advantageous rates they'd enjoyed for a long time. By 1980, water industry investment was one-third of what it had been in 1970.
It was then easy to lambast the water boards for ineffectiveness and lack of investment, and promise privatisation would sought all this out.
Now of course the legal requirement to put shareholders first effectively hamstrings the colossal investment in water industry infrastructure.
But, whatever you do, don't blame the tories for all this when you're stood in a collapsed sewer.
The same is basically true of all privatised industries. |  |
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