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Doom: Energy Price Cap

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    Doom: Energy Price Cap

    Up 80%

    https://www.moneysavingexpert.com/ne...ew-price-cap-/


    Energy bills will rise by a typical £1,578/year for 24 million households in October, as regulator Ofgem confirmed the largest ever hike to the energy price cap this morning. We’ve been warning for months this catastrophic rise was coming, and now we know how bad it’ll be. Here’s what you need to know – including what you’ll pay under the new rates and whether it’s worth fixing.


    The 80% increase is due to Ofgem raising the price cap on standard and default tariffs from £1,971/year for a typical user paying by direct debit to £3,549/year from 1 October, amid record wholesale costs (what firms pay). And with suppliers typically pricing their standard tariffs within a pound of the cap, it will be a tough winter for many.







    "You’re just a bad memory who doesn’t know when to go away" JR

    #2
    Are EV and heat pump owners still thinking their not green solutions are working for them? At least I can feed the furniture and energy company executives into the log burner if needed

    Comment


      #3
      OK they present these price caps as if its what you'll pay but its simply what an average consumer might pay. What's the actual real unit price and if the energy companies are simply tracking the real cost in setting their prices then how do they make windfall profits unless they've bought the energy they're now selling a while ago on the futures market? Is there a source that lays out the actual energy cost rather than the fictitious price cap and this is what we can get away with charging prices?

      We need to dump net zero and various green policies until the world can accommodate these policies. Currently Russia is flaring of millions of units of gas daily to keep the network ticking over and there are many other examples of pointless energy wastage as well as false accounting as to the real environmental cost of green policies

      Comment


        #4
        And the government's response to this is...

        Market prices for anything energy related are off the charts, so this is exactly what you get passed on to consumers (+ whatever mark up the is), it was simply delayed. I'm more worried about actual shortages:

        https://www.bloomberg.com/opinion/ar...ery-very-scary

        Then again if you have no money to pay for energy, what difference does it make.

        Grim times, best of luck to all small / mid sized businesses, they will be battling dropping demand (for anything non-critical) and high running costs.

        Comment


          #5
          Originally posted by tazdevil View Post
          OK they present these price caps as if its what you'll pay but its simply what an average consumer might pay. What's the actual real unit price and if the energy companies are simply tracking the real cost in setting their prices then how do they make windfall profits unless they've bought the energy they're now selling a while ago on the futures market? Is there a source that lays out the actual energy cost rather than the fictitious price cap and this is what we can get away with charging prices?
          Energy suppliers are the ones who implement the price cap as they buy energy to supply it to consumers and/or businesses.

          Energy producers are the ones making the money.

          Some companies do both. My provider is only an energy supplier.

          Originally posted by tazdevil View Post
          We need to dump net zero and various green policies until the world can accommodate these policies. Currently Russia is flaring of millions of units of gas daily to keep the network ticking over and there are many other examples of pointless energy wastage as well as false accounting as to the real environmental cost of green policies
          If we don't do net zero and green policies then the cost will continual go up and up.

          We need to ensure all homes are fully insulated and use as minimal energy as possible. Some people thanks to the daily standing charge implemented by OFGEM are working out how to disconnect themselves from the grid.
          "You’re just a bad memory who doesn’t know when to go away" JR

          Comment


            #6
            Meanwhile the CEO of SSE had a 45% pay increase to £4.5m
            "A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George Orwell

            Comment


              #7
              Originally posted by Paddy View Post
              Meanwhile the CEO of SSE had a 45% pay increase to £4.5m
              And guess what Comrade Putin is ordering?

              https://www.bbc.co.uk/news/science-environment-62652133


              As Europe's energy costs skyrocket, Russia is burning off large amounts of natural gas, according to analysis shared with BBC News.

              They say the plant, near the border with Finland, is burning an estimated $10m (£8.4m) worth of gas every day.

              Experts say the gas would previously have been exported to Germany.

              Germany's ambassador to the UK told BBC News that Russia was burning the gas because they couldn't sell it elsewhere."


              Scientists are concerned about the large volumes of carbon dioxide and soot it is creating, which could exacerbate the melting of Arctic ice.

              The analysis by Rystad Energy indicates that around 4.34 million cubic metres of gas are being burned by the flare every day.

              It is coming from a new liquefied natural gas (LNG) plant at Portovaya, north-west of St Petersburg.

              The first signs that something was awry came from Finnish citizens over the nearby border who spotted a large flame on the horizon earlier this summer.

              Portovaya is located close to a compressor station at the start of the Nord Stream 1 pipeline which carries gas under the sea to Germany.

              Supplies through the pipeline have been curtailed since mid-July, with the Russians blaming technical issues for the restriction. Germany says it was purely a political move following Russia's invasion of Ukraine.

              But since June, researchers have noted a significant increase in heat emanating from the facility - thought to be from gas flaring, the burning of natural gas.

              "You’re just a bad memory who doesn’t know when to go away" JR

              Comment


                #8
                That's great. How long have we known about the risks of depending on fossil fuels and how much time did the world have to invest on alternatives such as renewables? And yet, here we are.

                Comment


                  #9
                  Boris to the rescue....

                  Or not..

                  https://www.theguardian.com/business...-business-live

                  Outgoing prime minister Boris Johnson has said the government will announce further support next month for consumers struggling with energy bills.

                  Johnson told reporters that previously announced support was coming this autumn - such as the £650 payment for the eight million most vulnerable households, and £300 cost of living payment for pensioners.

                  That support is “clearly now going to be augmented, increased by extra cash that the government is plainly going to be announcing in September”, Johnson said.

                  However, Johnson doesn’t give details of this extra cash – and as he has less than two weeks in office, we’ll have to wait for his successor to announce their plans.

                  Johnson adds that the government can’t cap bills for ‘absolutely everybody’, and should focus on the most vulnerable, saying: “But what I don’t think we should be doing is trying to cap the whole thing for absolutely everybody, the richest households in the country.”
                  "You’re just a bad memory who doesn’t know when to go away" JR

                  Comment


                    #10
                    Originally posted by SueEllen View Post
                    However, Johnson doesn’t give details of this extra cash – and as he has less than two weeks in office, we’ll have to wait for his successor to announce their plans.
                    They are probably oiling the printers as we speak now. Good luck trying to tame inflation (and this isn't just the UK, whole of Europe will be fecked for a long time).

                    Comment

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