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Energy Prices


MuckleMoo

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Offt!! Just received an email from SSE informing me that my direct debit payments will be increasing as of March. Gas has risen around £30 per month to £100 while my electric has risen by £16 per month to £60. All in it's an increase of around £600 for the year.

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Offt!! Just received an email from SSE informing me that my direct debit payments will be increasing as of March. Gas has risen around £30 per month to £100 while my electric has risen by £16 per month to £60. All in it's an increase of around £600 for the year.
And they'll be dying the same again in 2 months time.
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1 minute ago, MuckleMoo said:

Offt!! Just received an email from SSE informing me that my direct debit payments will be increasing as of March. Gas has risen around £30 per month to £100 while my electric has risen by £16 per month to £60. All in it's an increase of around £600 for the year.

Just plug in a set of jump leads to the lamp post outside of your house, f**k them.

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3 minutes ago, MuckleMoo said:

Offt!! Just received an email from SSE informing me that my direct debit payments will be increasing as of March. Gas has risen around £30 per month to £100 while my electric has risen by £16 per month to £60. All in it's an increase of around £600 for the year.

Mad how this is a positive story and you are £100 better off than average. 

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Surprised more people aren't talking about this. It's not hyperbole to say that people will quite literally freeze to death next winter as a result of this if things continue on their current trajectory. 

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I'm really worried about this, my main inclme is benefits which haven't risen in years. I work my allowed 15hr a week on min wage. I just don't see where I make up the extra 000's that's needed.
My heart goes out to you. It will mean cutting back on some crap but I'll be able to make the payments. Those on benefits and minimum wage are going to be absolutely screwed. Have a look on you're Local Authority website, there should be an energy advice team that might be able to help financially if you're struggling
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30 minutes ago, MuckleMoo said:
46 minutes ago, RH33 said:
I'm really worried about this, my main inclme is benefits which haven't risen in years. I work my allowed 15hr a week on min wage. I just don't see where I make up the extra 000's that's needed.

My heart goes out too you. It will mean cutting back on some crap but I'll be able to make the payments. Those on benefits and minimum wage are going to be absolutely screwed. Have a look on you're Local Authority website, there should be an energy advice team that might be able to help financially if you're struggling

It's been an utterly shite series of events.

2020 - "We've increased Universal Credit by £20 a week, aren't we brilliant?"

2021 - "Yeah, it was always temporary, we're binning it"

2022 - "Yeah I know energy prices are skyrocketing. Here's a loan you HAVE to take from the state which will barely scratch the surface. Yeah i know you're probably on your arse paying back UC advances and various other horrendous deductions, but tough shit"

What a fucking binfire of a country the UK is.

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9 minutes ago, Day of the Lords said:

It's been an utterly shite series of events.

2020 - "We've increased Universal Credit by £20 a week, aren't we brilliant?"

2021 - "Yeah, it was always temporary, we're binning it"

2022 - "Yeah I know energy prices are skyrocketing. Here's a loan you HAVE to take from the state which will barely scratch the surface. Yeah i know you're probably on your arse paying back UC advances and various other horrendous deductions, but tough shit"

What a fucking binfire of a country the UK is.

You forgot to mention the warm home payments which used to be around 22% of the average energy bill and with the latest price increase will be around 7%.

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2 minutes ago, strichener said:

You forgot to mention the warm home payments which used to be around 22% of the average energy bill and with the latest price increase will be around 7%.

Indeed. A full rundown of the various boots in the baws folk on low incomes/benefits have had over the last couple of years would probably crash P&B tbh

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This is where capitalism just gets silly. Just because the market price of gas and oil has gone up doesn't mean that BP and Shell etc have to charge that price, it's costing them the same to produce as last year. If there's a shortage they could ration it, the odd planned power cut or whatever. Encourage people to use less like they do when there's a water shortage. Someone needs to slap somebody around the ear with a lead weighted handbag, the big boys are being very naughty.

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1 hour ago, Day of the Lords said:

It's been an utterly shite series of events.

2020 - "We've increased Universal Credit by £20 a week, aren't we brilliant?"

2021 - "Yeah, it was always temporary, we're binning it"

2022 - "Yeah I know energy prices are skyrocketing. Here's a loan you HAVE to take from the state which will barely scratch the surface. Yeah i know you're probably on your arse paying back UC advances and various other horrendous deductions, but tough shit"

What a fucking binfire of a country the UK is.

yeah f**k living in the UK, where you can comfortably live your entire life never working. It's whats wrong with this country, we've no idea how good we have it.

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2 hours ago, welshbairn said:

This is where capitalism just gets silly. Just because the market price of gas and oil has gone up doesn't mean that BP and Shell etc have to charge that price, it's costing them the same to produce as last year. If there's a shortage they could ration it, the odd planned power cut or whatever. Encourage people to use less like they do when there's a water shortage. Someone needs to slap somebody around the ear with a lead weighted handbag, the big boys are being very naughty.

You won't find many companies selling commodities at a loss.

Although it's easy (and fun!) to blame well known European Oil plcs the fact is:

1) They make the overwhelming majority of their profits outside of the UK

2) Linked to 1, the commodity market is global. Even if BP and Shell decide to sell all their non contracted gas/oil generated in UK (not much, both have declining footprints and BP is especially small) below commodity price this would have precisely 0 effect on the market or people's energy bills. It would be a pointless, expensive gesture that might only benefit transmission companies.

3) Due to the commodity cycle the return on equity from O&G has been shit for years and the share prices reflect this (neither is close to their ATH)

4) The biggest producer in the UK is the little known private company Harbour Energy (and I think French statist Total is second) doesn't quite roll off the tongue in the same way though.

They could implement some sort of windfall tax (Osborne did the same is 2011) which is a fair enough policy - it just contributes to the UKCS being one of the most expensive regions to produce oil and gas in terms of taxation. One thing I do find fascinating is that in Canada there is a big disconnect in policies and attitude between non oil producing regions and the oil producing western regions. This doesn't exist at all in the UK context (I'd be willing to bet more than half of UK voters don't even know that there is an oil and gas industry in the UK) but you can certainly see it emerging in Scotland. Something the SNP can't do too much about either, it's a no win game for them.

As for gas and electric bills, there is always a disconnect as people can't easily see or enjoy what they are buying (the closest imperfect analogy is petrol) and if you ask people what they would be willing to pay the answers will vary greatly. It makes it a lightning rod for dissent around the world.

For those who are JAM it's a shit time no doubt, and so is inflation of any kind really.

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