Energy Prices

[Jacksgranda]

The lights went out yesterday for approximately 30 seconds. 7 year old granddaughter - "Granda, have you forgotten to pay the electric bill?"

[MONKMAN]

8 hours ago, oaksoft said:

I don't know how these people sleep at night

On piles of £100 notes.

[Todd_is_God]

A further 6% increase yesterday.

April's cap projection now a staggering £5,400

Auxilione Price Cap Daily 20220815.pdf

[Hard Graft]

When is the SG going to announce the start of their low cost energy company? It will be a great benefit at this time and should help out the majority of people.

[Todd_is_God]

22 minutes ago, Hard Graft said:

When is the SG going to announce the start of their low cost energy company? It will be a great benefit at this time and should help out the majority of people.

Haha. Another SG soundbite that sounds good but will never happen. Especially so now they sold off the North Sea windfarm space on the cheap.

To do it now, they would need to buy gas on the wholesale market, and would increase the price.

[Dawson Park Boy]

41 minutes ago, Hard Graft said:

When is the SG going to announce the start of their low cost energy company? It will be a great benefit at this time and should help out the majority of people.

I think you’re at it?

SG- low cost - benefit. You must be joking.

[Eddie Hitler]

2 hours ago, Hard Graft said:

When is the SG going to announce the start of their low cost energy company? It will be a great benefit at this time and should help out the majority of people.

Jettisoned almost a year ago.

Think SNP party members then tried to bring a motion to their party conference to push it back onto the agenda and were roundly ignored.

[Todd_is_God]

https://www.theguardian.com/business/2022/aug/15/centrica-and-octopus-back-plan-to-freeze-uk-energy-bills-for-two-years

The replies to this on fb are comical, and typical of the cannot see beyond the end of their nose approach to anything - "I don't want higher bills for 10 years" etc. A surprising number of people seemingly cannot see that if the cap is below £2k in 24 months it will be a miracle.

Personally I think this is a good idea.

Edited August 16, 2022 by Todd_is_God

[Left Back]

15 minutes ago, Todd_is_God said:

https://www.theguardian.com/business/2022/aug/15/centrica-and-octopus-back-plan-to-freeze-uk-energy-bills-for-two-years

The replies to this on fb are comical, and typical of the cannot see beyond the end of their nose approach to anything - "I don't want higher bills for 10 years" etc. A surprising number of people seemingly cannot see that if the cap is below £2k in 24 months it will be a miracle.

Personally I think this is a good idea.

Doesn't sit right with me.  The commercial banks putting money into a fund are going to want paid.  They aren't charities.  The shysters making the huge windfall profits will essentially be getting away with it while we all pick up the tab.

ETA this is pure self interest from the energy companies as well.  They don't care who pays them.  If it's money essentially borrowed from a bank that pays them they're happy.  That's a far better scenario for them than someone being unable to pay them.

Edited August 16, 2022 by Left Back

[Todd_is_God]

7 minutes ago, Left Back said:

Doesn't sit right with me.  The commercial banks putting money into a fund are going to want paid.  They aren't charities.  The shysters making the huge windfall profits will essentially be getting away with it while we all pick up the tab.

ETA this is pure self interest from the energy companies as well.  They don't care who pays them.  If it's money essentially borrowed from a bank that pays them they're happy.  That's a far better scenario for them than someone being unable to pay them.

I understand where you are coming from, but the price cap limits the profit energy suppliers can make from domestic variable rates at 1.9% - it's not them who are making the massive profits (yes their parent companies may well be, but that's a different question.).

Energy suppliers do need the shortfall made up in the event of a price cap freeze or else they will fail.

Personally I'd much rather be paying a few hundred a year on top of a more sensible base rate over a 10-15 year period a few years down the line than a few thousand a year extra over 2023 & 2024.

If a few banks make some money off that then so be it. Afterall, they'd only be able to do so because the sitting Government was not willing to do anything. If they can actually come up with a reliable way to generate the funds via windfall taxes on the energy generation companies that would negate the need to pay the banks back then that would be even better, but I wouldn't be holding my breath on that.

[Todd_is_God]

As if to highlight just how out of tune many people are with real world events...

https://www.facebook.com/323696678669/posts/pfbid02VubEHb7Hfamz133zgyE4x1nY9U1t3ZQmA9eUgg1yANESxYU9XFhWQJm4LvVig9uFl/

[scottsdad]

3 hours ago, Hard Graft said:

When is the SG going to announce the start of their low cost energy company? It will be a great benefit at this time and should help out the majority of people.

Same time as they replace council tax with a local income tax. 

[flyingscot]

1 hour ago, Eddie Hitler said:

Jettisoned almost a year ago.

Think SNP party members then tried to bring a motion to their party conference to push it back onto the agenda and were roundly ignored.

Largely because the 'not for profit' public or publicly backed energy companies such as Bristol Energy, Robin Hood Energy and Together Energy all shut down. Warrington Council is going to lose millions over Together Energy. 

[helicopter]

1 hour ago, Todd_is_God said:

https://www.theguardian.com/business/2022/aug/15/centrica-and-octopus-back-plan-to-freeze-uk-energy-bills-for-two-years

The replies to this on fb are comical, and typical of the cannot see beyond the end of their nose approach to anything - "I don't want higher bills for 10 years" etc. A surprising number of people seemingly cannot see that if the cap is below £2k in 24 months it will be a miracle.

Personally I think this is a good idea.

"Freezing" is an apt choice or wording here. 

[Todd_is_God]

2 minutes ago, oaksoft said:

This isn't surprising though. So many people seem to live for today only, without much regard for what's coming in a few weeks time.

My gut instinct was and remains that the forthcoming rise simply hasn't sunk in yet and this kind of poll backs that up.

I still have hope that now the energy suppliers themselves are coming up with solutions that we'll end up with a cap freeze for the next 2 years and avoid what would otherwise be a national catastrophe. If Sunak gets in, he's already spoken about this and Truss isn't going to be able to brazen her way out of this either without taking some action.

It's all being left to the last second though...

Of course it is. The more people sign up to those unrestricted fixed tariffs the less of a gap to bridge if/when the cap is then frozen.

[Left Back]

29 minutes ago, Todd_is_God said:

Of course it is. The more people sign up to those unrestricted fixed tariffs the less of a gap to bridge if/when the cap is then frozen.

A lot of people will be mighty unhappy about that if the cap does get frozen.  The people's champion Martin Lewis could be getting a hard time about it.

[strichener]

None of this helps those that are "off grid".  

Would be nice if the government would stop ignoring the 14% that are not on the gas network.

[Todd_is_God]

6 minutes ago, Left Back said:

A lot of people will be mighty unhappy about that if the cap does get frozen.  The people's champion Martin Lewis could be getting a hard time about it.

It wouldn't really be his fault, though. His advice on whether to fix or not is valid so long as the cap does as is it projected to, and there is no hint currently of any government intervention to prevent it doing so.

Personally I've held off as I cannot see a scenario where the cap is actually allowed to reach the amounts predicted (i.e. £5,400), but if nothing is done then I will have lost out a bit.

Both are gambles (fixing or waiting to see if the cap is frozen), but this is a great example of where people need to take personal responsibility for their affairs, review all the information available to them, and make a decision on what to do instead of just doing what someone else says.

Edited August 16, 2022 by Todd_is_God

[Left Back]

7 minutes ago, Todd_is_God said:

It wouldn't really be his fault, though. His advice on whether to fix or not is valid so long as the cap does as is it projected to, and there is no hint currently of any government intervention to prevent it doing so.

Personally I've held off as I cannot see a scenario where the cap is actually allowed to reach the amounts predicted (i.e. £5,400), but if nothing is done then I will have lost out a bit.

Both are gambles (fixing or waiting to see if the cap is frozen), but this is a great example of where people need to take personal responsibility for their affairs, review all the information available to them, and make a decision on what to do instead of just doing what someone else says.

Since when does that stop people having a dig .  I wouldn't want to be on his social media team if the price does get frozen.

[Bairnardo]

You would have to assume any major move is getting held back to be announced by the new PM, as some sort of boost to them with thw ider electorate, after a race to the bottom style campaign having to appeal only to Tory party members and torch their appeal elsewhere.

Don't think it would be wise to sign up to anything until their nasty wee rat race is over and the winner wants to score some quick points.