Thetownend.com

Absolute joke this whole situation.

How are the energy companies getting away with charging so much? I get some if it is down to Ukraine but cant be all the reason surely?

Those tossers in goverment letting them rise the price cap again in March to suit their own agenda and increase the energy companies profits.

Put the heating on for 45 mins and watch the smart meter increase by about £1.50.

Its totally wrong this should be allowed to happen.

Luckily we can get by, but i really worry for the people that cant etc, what a shitty situation.

Slight side subject but kinda related.

Obviously cost of everything is going up and us postal workers are out on strike every week. These last two weeks and next week it’s two days.

I’m fortunately financially secure but there will be people who aren’t.
People that are probably going to have to cross the picket lines to keep a roof over their heads and food on their families table.

I worry what sort of reaction people like that will get from the Union themselves for doing so.

Whilst, naturally I agree with what we are fighting for and as someone with a lot of years of working left the long term ramifications matter to me - but - I’m never ever going to put the Unions beliefs/battles over providing for my family. We don’t live in that sort of world anymore where people can afford to forgo a days pay.

In our place there are alot of couples who work there. So they are taking a double hit. Close friend of mine works there as does his wife - they have 4 kids to provide for ffs. They arent going to managing losing 40% of their households income every week.

Ultimately I think that’s what RM are banking on but I think I’ve gone on enough of a tangent for now.

I look at it that the government need some payback from the covid payments. You are right about the Ukraine situation, hardly any of our oil and gas is from Russia, 5% I think. We never saw similar price hikes with the invasion of Iraq etc. Shops have pissed me off too, price hikes of 50% on the essentials like butter, milk, eggs and bread plus many other lines. Some are benefitting from this but it ain't the public.

The one I never understand are the energy companies who state they use 100% renewable energy,  why would they be raising charges?

I think I read some posts encouraging us to not pay bills.  Has that had any effect?

Imagine if we hadn't had the government £66 per month hand out.

Indeed, and even so that wont be enough for some people etc.

Absolutely not Tans but even more worrying is the energy cap rising in April and the government saying there won't be any hand outs next winter but hopefully that will change with a general election predicted the following spring.

I put the kettle on, and the cost went up by 60p.

If the government wanted any sort of payback the simple and easy way to do so would be to strongly tax the windfalls that the energy companies have been making, whilst they seem to now have been dragged kicking and streaming to something approaching that at 25% now, increasing to 35% from January 2023, and stay in place until March 2028, they remain offset against the scheme that lets firms claim tax savings worth 91p of every £1 invested in fossil fuel extraction in the UK.

In this addition we have the rather strange system that whilst these levels relate to fossil fuels, the government has also introduced a temporary higher 45% levy on profits from low-carbon electricity generators in the UK. Its almost like the government and their think tanks in Tufton St get a load of funding from the fossil fuel companies.


Because energy prices are all grouped together and that charged (and capped) takes account of the gas and oil generated prices as well, its another thing that desperately needs sodding reforming but apparently legislating to stop the 1 or 2 cases of electoral fraud a year are considerably more important than stopping people freezing their tits off this winter.

The house was 14 degrees when I got home yesterday. As it was much colder this week, I've used the (very expensive to use, electric) radiators for the first time, but rationed them to 30/45 mins once per evening which gets the temperature up to 17/18. The electric throw for the sofa, and electric blanket for my bed are a big help. It was 15.6C inside when I went to bed last night.

I used the radiators sparingly last winter, before the unit rates doubled, and my bills went from £20 per Summer month to £130 per winter month. If I used them in the same way it'd be at least £280 now as I'm on a fixed tariff but the unit rate doubled and standing charge went up too. The forecast says it's going to reach sub-zero temperatures towards the middle of next week and I'm not looking forward to the cost of heating the home when I'm off for two weeks over Christmas.

That said, I feel very lucky that I'm not having to choose between heating and eating, like some are. And it's not even that cold yet.

Mothers care home fees have just gone up £500 a month,  that’s my foreign holidays fucked !!.

Because the wholesale gas market has gone mental and energy companies don't set the price, "the market" does. Energy companies are being forced to buy gas at vastly inflated prices themselves, which then gets passed on to us punters.

Some energy companies also happen to be energy wholesalers and will benefit from this, but on the whole most energy companies are as pissed about this as we are.

Any idea why it has gone mental? Apart from the war?

the official 2021 reasons were

Current prices reflect a number of factors including:

as the world comes out of COVID-19 lockdowns and economies reopen, we are seeing an uptick in global gas demand this year.

combined with a cold winter (which has an impact on gas demand as gas is often used for heating homes) this has led to a much tighter gas market with less spare capacity

in particular, high demand in Asia for Liquified Natural Gas (LNG), natural gas transported globally by ship, means less LNG than expected has reached Europe

some essential maintenance projects rescheduled from 2020 due to coronavirus coincided with necessary scheduled projects in 2021, while weather events in the US have adversely affected their LNG exports to Europe
------
But shutting off Russian gas pipes has created extra demand elsewhere, pushing prices up

I’m sure I read somewhere recently that energy suppliers make about £100 profit per annum from an average house…. Tough shit if you’re a business user because any profits are going to come from you if that is accurate. I could be wrong but Jesus no wonder a lot of ‘small’ energy providers have been fucked over.

Ffs.

https://www.bbc.co.uk/news/business-64647854

The cap is going up again next month as well isn't it?

Yep, 500 notes to 3 grand.

Anyone else have oil central heating?

If so, have you received the “alternative fuel payment” yet?

I don't, but am eligible for the AFP - we got an email from the supplier telling us we'd be credited automatically and didn't need to apply, but it hasn't actually been credited yet.

If you don’t mind me asking who are you with?
We have Scottish Power but haven’t heard anything yet

SSE/Ovo. From speaking to other people, every supplier seems to have administered the other government support schemes differently, SSE have been crediting us £70 a month or whatever it is whilst then immediately debiting us £300 odd quid, rather than reducing the direct debit, which is what other suppliers seem to have done.

We’ve had the same, them collecting our normal DD & then paying £67 about a week later

Obviously making interest on your money !.

Strange. This nationalised energy giant seems to be doing well. Imagine how much they would made with privatisation!!

From that article:

Its UK consumer energy supplier lost more than £200m in the year. EDF blamed the cost of buying energy for customers which was higher than the prices set under the energy price cap.

Presumably that means they're making a loss on domestic energy supply and raking it in from corporate accounts?

It means the money sits in the Extraction/Refining/Wholesale units - most of the Billing businesses are owned by a parent that sells them the energy.  I imagine it helps reduce tax exposure as well.

Which is why the energy providers that don't *have* energy production sides (hello Bulb) are fucked. If you own the whole chain, then quids in, but actual retail provision of energy is a big money loser at the moment.


To go back on this - the payment has just come through by automated transfer.

And the production side can't sell their wares to their own supplier side at reduced rates due to monopoly rules, the dice seems incredibly weighted in favour of these companies vs. consumers.

On that issue something I had never thought of until today when it was mentioned on a podcast was the fact that privatisation is supposed to open up the market to competition of the benefit of consumers, yet in the privatised water market I have no choice but to buy my water services from United Utilities, so all it has actually done is set up a beautiful private monopoly!

Apparently I’m not eligible according to Scottish Power (presumably because nobody has told them that I am) so have to wait for the 1st March to be able to apply

The real money in the water industry is made in the Capital Investments.  Lend yourself the money to build stuff, charge the customers over the next 5 years to pay the loan with interest, make sure your investment arm is located in the Cayman's.

I've just moved onto the Octopus tracker tariff, which at the moment is 20-30% than the EPG.  They now have a waiting list to join up to 6 months (I can't see it taking that long though).

The tariff follows the wholesale market costs, as costs are lower now it means they can offer lower prices.

I'm on their Fixed Green Tariff up until Sept 2023. I was meant to go onto their Octopus Go Tariff ages ago but it never happened; as it happens I'm better off having fixed on the tariff I'm on. Thankfully not paying the 34p/kWh national average for leccy...yet.

Current price is 22p for Electric and 6p for gas

On the tracker tariff yup, with a 49ppd standing charge too.

I was reflecting the OfGem cap and average of 34p/kWh for Electric and 10p/kWh for Gas, which obviously lots of customers will be paying that or near to it.

I'm currently paying (Electric only) 19p/kWh - Day and 13p/kWh - Night, with a 27ppd standing charge. I'm pretty happy with that all things considered. Might be interesting come September though when that term ends but I'll be moving to dual fuel around then so will look at what options I have closer to the time.

Yeah the standing charge is the same as the EPG though. i was on a fix until the company went bust, so this is working out c20-30% cheaper than the EPG.  Well done on fixing that low!

I'd probably trial the tracker on dual fuel and possibly in less volatile times but the good thing about Octopus is, if you feel the tracker prices are going to be high for a while you can dip out and switch tariff within a day.

The fix on that I think was just good timing/luck. I previously was on a fantastic rate with YE - Yorkshire Energy, something like 17p/kWh - Day and 7p/kWh - Night on a fixed 24m rate from March 2020 to 2022 I think?? But they went under about halfway through the term and OfGem decided to let Scottish effing Power take over their customers. Couldn't agree a favourable tariff with them and they were incredibly useless so moved to Octopus in September 2021, although I had tried to switch in the May and June, which SP blocked on both occasions due to a nominal amount of about 40 quid apparently owing, even though I had already instructed them that I wanted to leave - since I hadn't chosen them as my provider and reminded them that they had inherited me via OfGem. Even Octopus said it was odd that they blocked the move twice - even with any outstanding amount.

Apologies, long route to basically getting Octopus Super Green Fixed 24m May Tariff, which they kindly honoured the rates as I had attempted to switch in the May 2021. I was a smidge miffed at the higher night rate compared to YE but it was the best fixed rate combined for an Eco7 Tariff that I could hope to get at the time. With hindsight and as we know, as soon as April 2022 hit, rates really ramped up.

Which doesn't explain why they are now pumping evermore amounts of shite into the rivers and the sea due to lack of investment since privatisation!

My 1 year current fixed deal with Eon, duel fuel,  is for electric 28.45 p/kwhr and standing charge of 43.39 p/day. Gas is 7.48 p/kwhr and 27.22p/day

The fixed deal ends on 26th of this month, when I can't get another fixed deal, and have to go with their Next Flex variable deal. Electric rises to 34.28, charge 44.41/day, and gas 10.46, 28.48p/day.

I haven't bothered to shop around but I understand most of us will be paying about that.

And yet wholesale gas prices are plummeting due to a mild winter.

same issue here Normy. Why didn't we do the 2 year fixed!

Quite right Batch, I'm kicking myself!

Ah well, 'no use crying over spilt milk' as my great aunt Doris would say.

Ssssshhhhhh you are not supposed to notice that! (I also believe that they are actually now lower than when Russia invaded Ukraine, so that excuse is starting to wear a little thin).

https://www.theguardian.com/business/2023/jan/03/why-are-wholesale-gas-prices-falling-cut-uk-bills-power-cuts

Was just reading if things stay as they are we should see a more competitive market in July.

Phew, just in time for summer. That's lucky.

The way the energy markets work is that the energy companies hedge the expected use 6 months ahead, so they are still locked in to pay the higher prices and why they are predicting from July onwards bills will start to get lower.

They are now lower than before the war but still atleast triple the price of the years before.

What £500m losses?  ???

2022 £72m profit
2023 £750m profit

Unbelievable.

https://www.bbc.co.uk/news/business-68303647

A bit like Swindon Town then mate.

You lot are idiots!

Utilities was privatised to ensure competition and thus drive prices down.

open your eyes!!

Just off to London from Nam for £10 and will sit down all the way.....another success story for Privatisation.

Those tossers have just whacked my bill up by £50 a month

Smart meter not working due to software issue meaning i have to send meter readings

Keep being fobbed off saying it will be fixed

That company are utter frauds

What, on a privatised  broom stick ?.