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energy bills set to jump 273% in 6 months
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Author:  edders23 [ Fri Aug 26, 2022 8:16 am ]
Post subject:  energy bills set to jump 273% in 6 months
So from October the 1st we are getting a whopping 80% increase in our energy bills with a forecast 50 percent further rise in January on top of the jump we have already had

How on earth can they expect anybody but the rich to heat their homes :roll:


I especially find it hard to understand the increases as when you look at Ofgem's charts back in may 2021 the wholesale gas price worked out at 1.71p per KWH and the most recent figure is 5.429p assuming I have understood correctly the units but it seems that standing charges are being upped in line with wholesale prices

up to June i was on an old deal so was getting my gas at 3.00 p per KWH I am now on Standard rate at 6.93p which i make is above the wholesale price but presumably not enough to cover the costs of delivery when I was on my old fixed price deal gas prices were averaging around 70% of may 2021 figure and my supplier was making money on that so I estimate that at current prices my supplier should in theory be making money at 9 to 10p a KWH but we are told it must go to around 12p a therm and then to about 18p in January

My prediction is that many of these energy suppliers are going to post record profits next year
Author:  grandad [ Fri Aug 26, 2022 10:07 am ]
Post subject:  Re: energy bills set to jump 273% in 6 months
To my mind the biggest issue is the algorithm used to calculate the price. It used the most expensive source of generating the energy, which is gas, and that sets the figure for everyone. This was a system that was, and is used by the EU to standardise prices across the whole of the EU regardless of where you live. Spain and Portugal have already told the EU where to go with this because neither of these countries use much, if any, gas to produce their electricity, it is solar and wind.
Now since we have left the EU there is no reason whatsoever that we have to stick with this algorithm at all and we could quite simply use the average price of producing our electricity rather than the most expensive and this would cut the price cap rather than increase it.
Some of the electric company's, Octopus in particular, have suggested this already because they do not want to put up the price but are being forced to do so and thus make obscene profits.
Hopefully someone will sort it out soon.
Author:  edders23 [ Fri Aug 26, 2022 10:12 am ]
Post subject:  Re: energy bills set to jump 273% in 6 months
Nearly every conversation I hear is about steps to reduce gas and electric use so this winter might see demand reduce and then prices might fall as demand is down
Author:  edders23 [ Fri Aug 26, 2022 6:49 pm ]
Post subject:  Re: energy bills set to jump 273% in 6 months
One thing I didn't realise is that we all have to pay a levy of £68 a year to cover the cost of collapsed suppliers :sad:
Author:  Sussex [ Fri Aug 26, 2022 9:49 pm ]
Post subject:  Re: energy bills set to jump 273% in 6 months
Quote:
How on earth can they expect anybody but the rich to heat their homes :roll:

If you mean the government, well they don't expect anyone bar the rich.

Which is why when we have a new PM major announcements will be made.

All those that question the above, remember this is a government that paid millions of people 80% of their wages for sitting at home.
Author:  wannabeeahack [ Fri Aug 26, 2022 10:11 pm ]
Post subject:  Re: energy bills set to jump 273% in 6 months
Back to the 60's

dolly tub washing for a start
Author:  Chris the Fish [ Fri Aug 26, 2022 10:19 pm ]
Post subject:  Re: energy bills set to jump 273% in 6 months
Just bloody glad I have a coal fire with a back boiler.

I also have several years supply of coal.

Sometimes the Scallopers pick up coal from the vicinity of Wrecks and I can give them the price of a Beer or two and get a big bag full.

The "Smokeless" stuff I get from the Coalman is ok..... But so much warmer when given a nice long soak in used engine oil before use.
Author:  wannabeeahack [ Sat Aug 27, 2022 11:23 am ]
Post subject:  Re: energy bills set to jump 273% in 6 months
Chris the Fish wrote:
Just bloody glad I have a coal fire with a back boiler.

I also have several years supply of coal.

Sometimes the Scallopers pick up coal from the vicinity of Wrecks and I can give them the price of a Beer or two and get a big bag full.

The "Smokeless" stuff I get from the Coalman is ok..... But so much warmer when given a nice long soak in used engine oil before use.


When I first got married we had a NCB house, as a mine worker we got 10cwt free in summer, 12cwt free in winter, we had the stuff coming out our ears, often sold it on in fact, some of the delivery firms would buy it, even so, most of us would wrap up a brick sized lump of the Ryder seam coal we had at work, our small back boiler freestanding stove with top lid would last all day on that one lump and provide hot water and heating

and you could put a whistling kettle on top...
Author:  edders23 [ Sat Aug 27, 2022 11:50 am ]
Post subject:  Re: energy bills set to jump 273% in 6 months
the house I grew up in had a coal fired back boiler but sadly long since removed

the trouble is it isn't considered acceptable to have a coal fire these days

Anyhow have done some digging around and realised that the ofgem charts are misleading

September 2021 gas was 4.265p a KWH it has been hovering around 14 p a KWH this year but at the moment is just under 18p per KWH so now I can see where the 15p a KWH quoted in the cap comes from once you add in all the other things we pay for in our bills :sad:

but the USA sells LNG to China at a lot less than they sell to Europe :-k

and next to the Finish border Russia is flaring off it's production which it can't sell drastically increasing CO2 emissions :sad:
Author:  wannabeeahack [ Sat Aug 27, 2022 4:55 pm ]
Post subject:  Re: energy bills set to jump 273% in 6 months
Paying so high for gas/electric means disposable incomes will fall meaning no purchases meaning shops will shut, its a simple carousel of money, you will see this happen, fewer holidays, fewer flights, fewer car journeys meaning less VAT/road fuel duty for the government, it will also mean oldies will work longer meaning fewer jobs for younger people who will then be on benefits longer...
Author:  wannabeeahack [ Sat Aug 27, 2022 10:10 pm ]
Post subject:  Re: energy bills set to jump 273% in 6 months
The blame for rising fuel costs is the increase in wholesale prices but if thats so, how come the energy companies are making record profits?...
Author:  grandad [ Sun Aug 28, 2022 12:30 am ]
Post subject:  Re: energy bills set to jump 273% in 6 months
wannabeeahack wrote:
The blame for rising fuel costs is the increase in wholesale prices but if thats so, how come the energy companies are making record profits?...

Read my post above. The answer is there.
Author:  edders23 [ Sun Aug 28, 2022 6:21 am ]
Post subject:  Re: energy bills set to jump 273% in 6 months
wannabeeahack wrote:
The blame for rising fuel costs is the increase in wholesale prices but if thats so, how come the energy companies are making record profits?...



it's the downstream producers such as shell, bp, Statoil et al who are creaming it in the middlemen such as SSE, Ovo etc are restricted by the price cap from making big profits but some of them such as British Gas also have "downstream" operations
Author:  wannabeeahack [ Sun Aug 28, 2022 10:57 am ]
Post subject:  Re: energy bills set to jump 273% in 6 months
grandad wrote:
wannabeeahack wrote:
The blame for rising fuel costs is the increase in wholesale prices but if thats so, how come the energy companies are making record profits?...

Read my post above. The answer is there.



Quote:
Some of the electric company's, Octopus in particular, have suggested this already because they do not want to put up the price but are being forced to do so and thus make obscene profits.



So they are FORCED to treble the retail price? i smell BS

They could give all customers a big rebate for a start

Sooner or later a retailer will break cover (its starting with petrol now, 199.99 down to 175.9) and consumers will get to move supplier
Author:  grandad [ Sun Aug 28, 2022 11:09 am ]
Post subject:  Re: energy bills set to jump 273% in 6 months
wannabeeahack wrote:
grandad wrote:
wannabeeahack wrote:
The blame for rising fuel costs is the increase in wholesale prices but if thats so, how come the energy companies are making record profits?...

Read my post above. The answer is there.



Quote:
Some of the electric company's, Octopus in particular, have suggested this already because they do not want to put up the price but are being forced to do so and thus make obscene profits.



So they are FORCED to treble the retail price? i smell BS

They could give all customers a big rebate for a start

Sooner or later a retailer will break cover (its starting with petrol now, 199.99 down to 175.9) and consumers will get to move supplier

Yes, FORCED to put the prices up. Some of them are volunteering to pay extra to help people through the winter.
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