Tory's Market Economy

[WTFH]

I thought they looked blue?

Maybe in a bright enough light, but under normal circumstances they look black. Based on the one in front of me.

Anyway aren't they made in France?

They are made by Thales (Franco/Dutch): https://factcheckni.org/articles/are...-uk-companies/
I can't confirm the veracity of this link as it is part of DMG... https://metro.co.uk/2020/02/22/new-b...land-12283240/

https://www.google.com/maps/place/Th...7468587,14.43z

[GJABS]

Fan-*******-tastic - those who were wise to properly hedge risks can get penalised with extra tax.

They only pay the tax if they choose to take the profit out and let the company go bust. If they carry on trading as normal they don't pay the tax, so there is no penalization.

[d000hg]

Wow, WTFH nearly made a coherent post without demonstrating the incredibly biased chip on his shoulder. So near, so far.

[SueEllen]

That's what has been going on.
Electricity production from nuclear has be re-nationalised to the French.
Loans to build the next generation power stations have be re-nationalised to the Chinese.
The leader of the HoC has re-nationalised his business ventures to Ireland.

It's all re-nationalised, just outside dear old Blighty, hey but at least we have black passports...

I thought they looked blue?

Anyway aren't they made in France?

[WTFH]

Time to re-nationalise

That's what has been going on.
Electricity production from nuclear has be re-nationalised to the French.
Loans to build the next generation power stations have be re-nationalised to the Chinese.
The leader of the HoC has re-nationalised his business ventures to Ireland.

It's all re-nationalised, just outside dear old Blighty, hey but at least we have black passports...

[d000hg]

Time to re-nationalise

[DaveB]

"New ‘super tax’ to deter energy firm owners from gas profiteering

75% windfall tax aims to dissuade shareholders with lucrative advance gas contracts from cashing out and abandoning customers

Treasury officials have quietly introduced a new “super tax” to deter energy company owners from cashing out lucrative contracts for gas bought in advance before leaving their supply business to go under.

The government quickly pushed through the new laws late last week to counter industry concerns that Stephen Fitzpatrick, the founder of Ovo Energy, could use his almost two-thirds stake in the company to liquidate its long-term gas contracts and exit the supply market with a hefty profit.

Energy industry sources believe this loophole may have already been used by BP, which owned almost a quarter of Pure Planet before pulling the plug on the challenger brand last October. It is understood to have sold the energy it bought in advance, using the profit to pay back loans to BP.

Under the government’s new super-levy, called the public interest business protection tax, a 75% tax will be imposed on any future windfall that an energy company shareholder could hope to make by cashing out gas contracts while leaving millions without a supplier."

https://www.theguardian.com/business...s-profiteering

Fan-*******-tastic - those who were wise to properly hedge risks can get penalised with extra tax, where as those who did not hedge got a taxpayer bailout.



One would have thought that with totally anti-market "price cap" all consumer facing energy companies would have been required to hedge supplies in the first place.

Now all they have to do is stop them exporting gas overseas rather than supplying the domestic market so they can make more money.

https://threadreaderapp.com/thread/1...277134849.html

THREAD: Something curious turns up in the gas statistics released this morning by government. Curious because at a time of eye-wateringly high gas prices, with Vladimir Putin at the Ukraine's door, with warnings of dire outcomes everywhere and the oil industry telling us that continuing UK oil and gas extraction is necessary for energy security; at a time when politicians like @RobertJenricktelegraph.co.uk/news/2022/01/2… are urging 'us' to increase 'our production' of oil and gas to avoid exposure to internationally-sparked price hikes.
...and when supporters of #fracking say 'gas is the only answer' and the sensible response is to get drilling telegraph.co.uk/news/2022/01/0…...
...against this rhetorical backdrop painting British-produced gas as the only commodity standing between us and every Apocalyptic horseman...
...the stats show that the UK has been exporting unusually large amounts of gas. Yes, you read that right - exporting

The UK energy statistics tables gov.uk/government/sta… show that in the last three months for which data is available (Sept-Nov) – a period after the current 'crisis' entered full swing – the UK exported 31,975 GWh of gas.
Energy Trends: UK gasData on the UK's gas sector, including upstream production, trade and demand.https://www.gov.uk/government/statis...-energy-trends

The figure for the same three months of 2020 was 15,830 – about half as much. OK, you may say, but that was in Covid times so maybe that's the anomaly... except that the 2019 figure was 19,633; and for 2018, 16,439. This winter is the clear outlier

[AtW]

"New ‘super tax’ to deter energy firm owners from gas profiteering

75% windfall tax aims to dissuade shareholders with lucrative advance gas contracts from cashing out and abandoning customers

Treasury officials have quietly introduced a new “super tax” to deter energy company owners from cashing out lucrative contracts for gas bought in advance before leaving their supply business to go under.

The government quickly pushed through the new laws late last week to counter industry concerns that Stephen Fitzpatrick, the founder of Ovo Energy, could use his almost two-thirds stake in the company to liquidate its long-term gas contracts and exit the supply market with a hefty profit.

Energy industry sources believe this loophole may have already been used by BP, which owned almost a quarter of Pure Planet before pulling the plug on the challenger brand last October. It is understood to have sold the energy it bought in advance, using the profit to pay back loans to BP.

Under the government’s new super-levy, called the public interest business protection tax, a 75% tax will be imposed on any future windfall that an energy company shareholder could hope to make by cashing out gas contracts while leaving millions without a supplier."

https://www.theguardian.com/business...s-profiteering

Fan-*******-tastic - those who were wise to properly hedge risks can get penalised with extra tax, where as those who did not hedge got a taxpayer bailout.



One would have thought that with totally anti-market "price cap" all consumer facing energy companies would have been required to hedge supplies in the first place.