Energy Prices (Strictly NO referrals!)

Looking at the historical charts for natural gas cost, July vs Dec it pretty much increases 50%, and at the current price of 317GBP/therm that would put it at or near the 2 huge spikes in Dec/March where it hit 449/540GBP/therm.

For comparisons sake it was 95GBP/therm in July 2021, 13.5GBP/therm in July 2020, 28GBP/therm in July 2019 and 58GBP/therm in July 2018, in fact other than 2022 being a massive anomoly where prices have increase by 250%+ the highest price on record was back in 2005 where it spiked to 105GBP/therm, records date back to 1997.
 
delta0 said:
They will go through a process that will result in you having to have to a prepay meter installed.
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If millions join in, they wont have these options. Also energy isn't credit scored as a debt, they'd have to take you to debt collection to recover I believe. At which point you pay it, no credit score impact.

I'm not talking about the 5000 or so on the Twitter group. This isn't ready to pop yet but if it exploded it could be millions of people.
 
danlightbulb said:
If millions join in, they wont have these options. Also energy isn't credit scored as a debt, they'd have to take you to debt collection to recover I believe. At which point you pay it, no credit score impact.

I'm not talking about the 5000 or so on the Twitter group. This isn't ready to pop yet but if it exploded it could be millions of people.
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It wont happen, people said there would be mass civil unrest once petrol hit 1.80/litre. It got to 1.99 a litre and nothing happened. Sure there were a couple of go slow protests but there were bigger queues at the airport of people dropping thousands per person to go on price gouged COVID holidays...

Most people fully understand and are behind the world sticking two fingers up to Putin and are taking one for the team as a consequence.
 
b0rn2sk8 said:
Most people fully understand and are behind the world sticking two fingers up to Putin and are taking one for the team as a consequence.
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Perhaps people will support some emergency taxation changes then to support the poorest to get through it.

Can't expect those at the bottom to take the biggest hit in an economic war with Russia
 
Puzzled said:
Perhaps people will support some emergency taxation changes then to support the poorest to get through it.

Can't expect those at the bottom to take the biggest hit in an economic war with Russia
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Tax changes will barely scratch the surface for the group you cite. They barely pay any, direct or indirect. Tax changes mainly benefit the those that don’t need the support.

The targeted support packages are far more effective and reaching the right people and is ultimately something the government has already done. Sure we can debate the amounts given and whether they are enough or not but we can’t say they have not done anything.
 
b0rn2sk8 said:
Tax changes will barely scratch the surface for the group you cite. They barely pay any, direct or indirect. Tax changes mainly benefit the those that don’t need the support.
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I love your optimism! The "tax changes" wouldn't be a reduction in tax for those who need the support but an increase for everyone else to pay for that support!
 
touch said:
I love your optimism! The "tax changes" wouldn't be a reduction in tax for those who need the support but an increase for everyone else to pay for that support!
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Yeah exactly. Just because someone doesn't need the support to keep them off the poverty line doesn't mean they are rich. I won't get any support, but I'm not rich. If everyone in the middle is squeezed then those are the people who support the growth in the economy and support local businesses through their spending. Nothing to spend means no growth and local businesses who rely on discretionary spending going under.
 
delta0 said:
They will go through a process that will result in you having to have to a prepay meter installed.
Click to expand...

Not forgetting that the amount you pay per kWh will be a summation of what you owe from when you stopped paying and what you've used to make up the deficit, and that could be a lot. It'll just make the problem worse for you. How they'd manage to install prepay meters in every protestors home if the numbers run in to the millions of homes is anyone's guess and seems quite unlikely. Easier to just disconnect you unless it's deemed illegal due to being vulnerable (medical equipment etc).

In 2019 15% of all domestic meters (gas & electric) were prepayment meters. Taking electricity as an example, from a total of 28.4m electricity meters that means around 4.3m homes were on prepayment meters. For gas there were 23.4m domestic meters of which 3.5m were prepayment meters. These are the homes that don't have the option or ability of not paying while still being able to consume electricity or burn gas and running up a debt to just to pay it later; if they can't afford it they'll have to borrow or do without the essentials of living unless given more help. However the government can only give out so much for so long. Then there's the impact to businesses to consider which affects production and jobs and then the fan stops spinning due to all the **** that's hit it.

Source PDF

I don't think prices will get high enough for mass protests or disconnects; prices will peak, plateau and then eventually reach a lower equilibrium next year, just my opinion.
 
I fixed mid June when the predicted 51% price increase was doing the rounds. If my math is right on 51% I should save around £180 over the year fix, plus there were no exit fees on the fix.
 
Mysterae_ said:
I don't think prices will get high enough for mass protests or disconnects; prices will peak, plateau and then eventually reach a lower equilibrium next year, just my opinion.
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The October rise will put millions of families into financial distress, not just the reckless but ordinary families who were previously managing. I think the govt needs to offer a lot more support to mitigate the risk of unrest.
 
200sols said:
The October rise will put millions of families into financial distress, not just the reckless but ordinary families who were previously managing. I think the govt needs to offer a lot more support to mitigate the risk of unrest.
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The Government has already pledged payments for everyone, between £400 to £1400 depending on circumstances, probably more support coming once the PM is sorted.
 
I think prices might fall in 2023.
But I think they won't fall enough.

The most worrying thing is.. Is the new normal too much?


What's effectively happened is you've funneled 1k extra per year per house to the oil and refinery corps.
That 1k would be usually being spent on more usual econimc areas supporting jobs etc.

That extra is currently 2-3bln pounds a year
 
SDK^ said:
The Government has already pledged payments for everyone, between £400 to £1400 depending on circumstances, probably more support coming once the PM is sorted.
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The £400 energy bill help has already been more than wiped out by the predicted increase in the price cap.
 
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