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whilst repeatedly reporting increased profits quarter on quarter in the billions yeah
Energy Prices (Strictly NO referrals!)
- Thread starter DXP55
- Start date
I've noticed that, according to my 'Smart' meter that my costs are half what they were..
I used to get back from work and it'd be just over £10 at about 1730h when I got back from work, yet now its just under £5 at the same sort of time..
Shell keep sending me emails about different tariffs and the likes, might have a look at the weekend and do some spreadsheeting and see what's worth what..
Weathers getting a bit colder though so might be time to start mining on my rig again to warm things up..
I used to get back from work and it'd be just over £10 at about 1730h when I got back from work, yet now its just under £5 at the same sort of time..
Shell keep sending me emails about different tariffs and the likes, might have a look at the weekend and do some spreadsheeting and see what's worth what..
Weathers getting a bit colder though so might be time to start mining on my rig again to warm things up..
Mining? In the UK now? Surely not profitable?
Comical thing is you're alreayd paying 17p a day more in standing charge because a poorly run companies were allowed to fail
We are carrying a lot of consumer debt at the moment. It's not uncommon to see someone in £2-4k debt that hasnt paid anything since mid 2021 and we've not been able to chase the debt due to gov and ofgem moratoriums from covid, the cost of living crisis and the suspension of prepay installsI'm sorry but why do we as a customer base have to foot the possible bill for a company that could mayhaps possibly go bust?
If they dont go bust do we get a refund?
Utterly ridiculous article 2.6Bn of energy debt... lets increase costs, what logic is this?
This country really is getting royally ****** over from all directions
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Most of those profits will be coming from SME and Large business'. There has never really been any money in residential supply especially now. When Npower was carved up, we only wanted to take their SME/Large business customers as they were profitable whereas residential was bleeding money. Ofgem wouldnt approve the SME/Large business acquisition unless we took the loss making residential customers so we ended up having to take everything.
Soldato
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- 25 Nov 2005
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Ofgem - "pay more to protect the companies dividends and lack of investment to protect yourself"
Jokers
Jokers
High quality graph that. Super useful.
The red line is the standard variable gas price so its still cheaper.
Prices have jumped a bit due to events in Israel and the pipeline in Finland
Finland investigates suspected sabotage of Baltic-connector gas pipeline
It is still unclear what caused a leak on the Baltic-connector, which is shared with Estonia.
www.bbc.co.uk
This pretty much sums it up. OFGEM, who provided the licences to these companies, then simply offloads any accrued debt from failures on to the UK energy householders. What a racket!
Soldato
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Just to temper the conversation a little
If they didnt do this how would people react to the energy suppliers refusing to take on certain customers?
If they didnt do this how would people react to the energy suppliers refusing to take on certain customers?
well ofgen gave customers the option of flip-flopping (cheer led by martin lewis) - this churn is inefficient, customer leaves a company who pre-purchased their energy,
for another with slightly more favourable rate - a race to the bottom, where the guys with big pockets survived.
it's a bit like the 2008 financial crisis.
I've not looked into it yet this year, but usually mining warms the house for less than turning the heating on just to warm 2 rooms up on the bottom floor.
Just checked the 'Flexible 12' tarrif I am on now, vs the ones they are offering me.
Currently their estimates are £907.55/£885.97 (E/G), Energy November 2024 v4 is £940.43/£905.29, Energy January 2025 is £1008.07/£885.52...
Seems kWh varies 3p from the cheapest tarrif on Electric and then 1.5p on Gas, yet the standing charges 11p on Electric and 10.1p on Gas differences between lowest and highest...
Seems like someones trying to have peoples pants down here..
Breathing cold air is bad for you and you pay for it long term health wise. Money is nothing.
If who did not do what?
With respect to unwilling non-bill payers; I would imagine the usual dispute process would occur with the potential of loss of supply etc. Debt should then be written off and not simply pushed on to other customers (and in OFGEMS case, other suppliers’ customers).
With respect to households unable to pay for bills; I was under the impression there are allowances for certain benefit / universal credit recipients. Private companies should also provide ethical initiatives along the lines of a social tariff or allowance as part of their licencing agreements with OFGEM.
Just further the highlights the failure of the regulator and it's licensing criteria along with a private companies failed supply strategy for the consumer energy sector.
Proper in the suppliers pockets now, profits have gone up sharply, and when has a Ofgem increase been temporary?
Debt management has been handled poorly for a while, Fixed DD is a payment system thats asking for trouble as it allows long term build up of energy debt, yet its still the most promoted form of payment, even ministers have told the suppliers to start making frequent usage adjustments to fixed DD billing systems, but there has been little changes made, and after years of debt building up suppliers might finally start treating it as debt at which point they probably long past the point of no return on having a reasonable chance of recovering it all.
Still no social tariff yet water companies have managed one, the whole industry just seems waiting for Ofgem now to announce policy after policy to keep propping them up. (usually funded by SC increases)
The only thing I see the suppliers did right was when they tried to advise the government how bad the new WHD is, whilst the charities sat back and took it, but the gov ignored them which will contribute further to energy debt.
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Isn’t this the exact purpose of prepayment meters?
I get there are other issues with them in that people have higher rates if they use them but that is easily solved by just regulating it out of the market.
Soldato
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- 16 Aug 2009
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Oil and gas produced is sold on the world market and suppliers have to buy on the world market, consequently we pay high prices because suppliers are paying market price and the producers make huge profits from selling the same. Sunak gave the go ahead for lots of new oil fields consequently huge profits for oil companies and lots of taxes on it to fill govt coffers, meanwhile we get raped because market prices. Meanwhile the govt scrapped the agency that was promoting home insulation and blocked the cheapest form of energy, wind onshore and effectively offshore by offering so low a price for generation that no producers could be persuaded to buy a single contract. Yes, your government is screwing you over. What a life, eh.
Oh forgot to mention - govt have recently blocked new solar farms from being built on farmland so no cheap solar energy, all to avoid spoiling the view from Tory shire MP's constituency windows, probably.
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