Energy suppliers going bust

[I am Ram]

Too much profit and bonus for the fatcats I'm afraid, this winter could break the working class. 

[BaaLocks]

Oh, and please don't read anything into the fact that the wife of a Shell executive donated £100k to the Liz Truss PM campaign. Totally unrelated.

[B4ev6is]

Hey buddy she capped £2500

But still hell of money to find

[1of4]

1 hour ago, B4ev6is said:

Hey buddy she capped £2500

But still hell of money to find

Isn't the figure being quoted based on the amount of an average family's usage? So I hope people aren't expecting to pay no more than £2500. Use more energy than an average family then be ready to get a bigger bill to pay for.

[RoyMac5]

3 minutes ago, 1of4 said:

Isn't the figure being quoted based on the amount of an average family's usage? So I hope people aren't expecting to pay no more than £2500. Use more energy than an average family then be ready to get a bigger bill to pay for.

Is there a price cap figure for kwh/ unit? Doesn’t help talking about average family if you’re not?

Edited September 8, 2022 by RoyMac5

[uttoxram75]

The price cap is for the standing charge (which is out and out theft, the CEO's of the energy companies and the politicians who allow the standing charge should all be in prison) and KWph.

Your actual bill will be dependent on how much you use.

[Boycie]

Yep, it’s as we all can’t understand why energy cost increases have increased standing charges and the government are just ignoring it?

I don’t even think Labours brought it up have they?

[TigerTedd]

It all makes me so angry. This has cost billions. I’ve got my solar panels and my batteries and my electric car. My bills are currently less than £100 a month, even including charging the car. I can say I’m alright Jack, but that doesn’t help the country. I had to go out and use my own initiative to do that.

the billions spent on a price cap all just go into the profits of the energy companies. And where do those billions come from? Tax payer money. So we still end up having to pay for the CEOs yacht one way or another. Just this way we’re paying it back over years, and it’s a couple less hospitals that can be built.

a price cap is fixing the symptom. It’s an incredibly expensive plaster on a massive wound. It was necessary as a quick fix, but it needs investigating at the source. Why are European countries not facing the same crisis, despite getting more energy from Russia than us? Why are the finalise seeing record profits. There’s something rotten in the industry in this country.

If the politicians hadn’t have been pissing about with unimportant things over the past 10 years, those billions could be put to much better use. Solar panels on every roof in the country. Electric cars in every drive. The world leaders in renewable energy technology, exporting our research and innovations. The economy would be boosted, no one would have energy issues, the environment would be better off, and we’d be setting the example for the rest of the world.

But it’s all too late now. A price cap is all we can do to solve the immediate issue. Put out this fire, then that fire, and never do anything to invest in the future, to fire proof the place.

I’m getting very, very disheartened with this country. I really thought the 21st century would be this great period of enlightenment, but things are just getting worse and worse. 

[uttoxram75]

15 hours ago, Boycie said:

Yep, it’s as we all can’t understand why energy cost increases have increased standing charges and the government are just ignoring it?

I don’t even think Labours brought it up have they?

Not as far as I can see. That is the whole problem in a nutshell. No opposition. All our major political parties are pretty much aligned on the big issues. A genuine opposition party could make a great case of reducing standing charges, if only we had one.?

[EtoileSportiveDeDerby]

4 minutes ago, uttoxram75 said:

Not as far as I can see. That is the whole problem in a nutshell. No opposition. All our major political parties are pretty much aligned on the big issues. A genuine opposition party could make a great case of reducing standing charges, if only we had one.?

The other thing I don't get is no other European country were facing price increases like the UK, pre government t intervention. We might still do anyway. We are also told that the price increases are driven by prices set internationally, so should not be vastly different, should it? 

What I do know is the French government have told EDF and GDF to limit their price increases to 4% as they are nationalised. The retail part of EDF selling electricity in the UK can do as they want.

[True Ram]

On 08/09/2022 at 22:32, uttoxram75 said:

The price cap is for the standing charge (which is out and out theft, the CEO's of the energy companies and the politicians who allow the standing charge should all be in priso8n) and KWph.

Your actual bill will be dependent on how much you use.

Very true 

Why don't we start a government partition on the government website ? 

[Stive Pesley]

Has anyone done the sums on their current bill, last year's bill and next years bill if your supplier increases their prices up to the cap?

Based on my average electric and  gas usage

Last year I paid just under £800

This year I'm on track to pay £1200

If the unit costs go up to the price cap of 10p/kWh gas, 34p/kWh electric - I'm looking at £2600

Good job, they are giving me £400 to "soften" the blow eh?

[Boycie]

1 hour ago, Stive Pesley said:

Has anyone done the sums on their current bill, last year's bill and next years bill if your supplier increases their prices up to the cap?

Based on my average electric and  gas usage

Last year I paid just under £800

This year I'm on track to pay £1200

If the unit costs go up to the price cap of 10p/kWh gas, 34p/kWh electric - I'm looking at £2600

Good job, they are giving me £400 to "soften" the blow eh?

Hold on, Lizzy is saying we will have bills no more than £2500?

 

Yes I know it’s on an average house usage, but she makes it sound like I can have the hot tub on 40 deg all month and pay no more if I hit the cap.  It’s all smoke and mirrors.

[Stive Pesley]

11 minutes ago, Boycie said:

Yes I know it’s on an average house usage, but she makes it sound like I can have the hot tub on 40 deg all month and pay no more if I hit the cap.  It’s all smoke and mirrors.

It's really confusing that they keep stating that as a figure for the cap.

Seen people claiming that they are laughing cos they can charge their Tesla's all day and not pay above the £2500 cap. 

[Gaspode]

46 minutes ago, Boycie said:

Hold on, Lizzy is saying we will have bills no more than £2500?

 

Yes I know it’s on an average house usage, but she makes it sound like I can have the hot tub on 40 deg all month and pay no more if I hit the cap.  It’s all smoke and mirrors.

It’s already been debunked - basically she’s too thick to understand her own policy..

[sonofmidnight]

Spare a thought for those of us who live in rural Derbyshire and have no gas. We have oil central heating and it is costing nearly £1000 per tank. We usually have 3 deliveries a year. So that's £3000 already and we have the electricity bill on top. No cap on oil prices

[Boycie]

1 hour ago, sonofmidnight said:

Spare a thought for those of us who live in rural Derbyshire and have no gas. We have oil central heating and it is costing nearly £1000 per tank. We usually have 3 deliveries a year. So that's £3000 already and we have the electricity bill on top. No cap on oil prices

Lizzy would say that you need to work harder unfortunately. I hope costs come down mate.

[1of4]

 

Looks like wholesale gas prices have dropped dramatically over the last few weeks. I realise the gas companies buy their gas in advance and the high prices have still to hit us.

Anyone want to speculate on how fast our bills will go down compared to the speed of them going up?

[Boycie]

8 hours ago, 1of4 said:

 

Looks like wholesale gas prices have dropped dramatically over the last few weeks. I realise the gas companies buy their gas in advance and the high prices have still to hit us.

Anyone want to speculate on how fast our bills will go down compared to the speed of them going up?

?⬆️

?⬇️

[Stive Pesley]

Here's an interesting chart of the wholesale gas prices.

The middle peak is roughly where the war in Ukraine starts and the gas market starts to panic

It then drops off over summer as demand is much lower when it's warm, but slowly starts to ramp up again as we head into the winter

But look what has happened over the past couple of months. The price has fallen back down to the lows that they said wouldn't happen.

So what's going on?

The theory is that it's a combination of 3 things

1) Countries in their panic have been stockpiling gas supplies

2) Inflation and recession have slowed the economy, meaning less demand for energy

3)  Add to that a pretty mild autumn so far has also led to lower consumer demand and therefore the suppliers have an overstock of gas

These basic supply and demand principles have therefore driven the price down

So will we see cheaper bills?

Don't bank on it