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dowie · 5 Jul 2018 at 19:14

Nasher said:
We have the same companies setting the wholesale price and selling it to us as suppliers, they make record profits every year yet complain about costs. Politicians look the other way (probably because many of them have a stake in it).

It's a cartel basically.

Well that isn't true for a start.

PlacidCasual · 5 Jul 2018 at 19:57

It would be nice for someone to demonstrate these record profits because to the best of my knowledge profits are much lower than 10+ years ago.

Deleted member 77746 · 5 Jul 2018 at 20:19

Just don't turn on the boiler. Keep it turned off at the wall until you need it. Try keep all appliances off when not using them.

Psycho Sonny · 6 Jul 2018 at 10:17

Nasher said:
We have the same companies setting the wholesale price and selling it to us as suppliers, they make record profits every year yet complain about costs. Politicians look the other way (probably because many of them have a stake in it).

It's a cartel basically.

far from a cartel. competition is rife.

the companies providing the energy are based from all around the world. they then sell it onto utility companies who then sell to us.

so the utility company needs to make money. the energy company needs to make money too. it costs what between 8-13p per kwh of electricity. that is cheap. people say it costs them £15 a month to run a lazy spa 24/7 for a month. i also had another guy on here saying it costs him £12 a month to have hot water on 24/7.

energy is actually very cheap. the problem is people not buying energy efficient products, leaving stuff turned on, etc. just pure ignorance and laziness as you have demonstrated about the market.

https://www.outfoxthemarket.co.uk/Home.aspx

click this link - these guys don't appear on comparison sites. they are the cheapest on the market. comparison sites make money from referrals. so they tend to have the more expensive companies on them.

cheesyboy · 6 Jul 2018 at 10:45

The profits thing is a bit unlikely.

Take npower. This Mirror article announces a "27% jump in profits - days after landing one million customers with another price hike."
https://www.mirror.co.uk/news/business/npower-announces-27-surge-profits-12534620

Some figures in the article.

£37m profit for quarter - let's assume £148m for the year

4.4 million domestic customers. let's assume the profits are all attributed to domestic.

That's £33.64 profit per customer per year. With an average bill of about £1,200 per year (dual fuel), that's not a huge margin.

GGizmo · 6 Jul 2018 at 17:09

I wonder how high the price will go until it reaches a plateau and the average person can't afford it.

PlacidCasual · 6 Jul 2018 at 18:40

Given our lords and masters desire for 80% reduction in CO2 by 2050 and 50% reduction by 2035 prices are set to rise remarkably in my opinion. Because we’re going to have to deploy VAST amounts of storage and renewables and nukes in a short space of time. Added to which the majority of domestic heating and cooking will need to go electric too so demand can be expected to double. The UKs housing stock is old an inefficient and it’s not really practical to retrofit large parts of them to genuinely modern standards.