Energy Prices (Strictly NO referrals!)

Mercenary Keyboard Warrior said:
The UK imports roughly 50% of our gas used and as such that 50% is directly able to go elsewhere should countries that currently source from Russia look elsewhere, ie we have to compete and pay market price for it.
I am not sure how much capacity the UK has to export our domestically produced gas but that also would in effect be at risk of going to a different country
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Yea, I did not know this before but it basically all works as a global market by the looks of it. Countries like USA manage to keep their prices down though. I guess it comes down to policy.

Bit like with our petrol/diesel. The government seems to be raking in the extra money as they have not adjusted their percentage of tax as the prices soared. They could easily target pre crisis tax revenue and pass the rest down, but then who is going to pay for the dodgy PPE that billions were wasted on no?
 
Zenduri said:
Russia only supplies 3% of our Gas, stop fear mongering. Prices would rise yes but we wouldnt "not have any gas and need to ration"
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It doesn't matter.
If there's a global shortage, the price will go up as its globally traded. Unless we have locked in deals for years (and I'm sure we don't) we won't escape.

At best big price increases.

It isn't fear. Mongering
 
TNA said:
Yea, I did not know this before but it basically all works as a global market by the looks of it. Countries like USA manage to keep their prices down though. I guess it comes down to policy.

Bit like with our petrol/diesel. The government seems to be raking in the extra money as they have not adjusted their percentage of tax as the prices soared. They could easily target pre crisis tax revenue and pass the rest down, but then who is going to pay for the dodgy PPE that billions were wasted on no?
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Indeed, when we owned our domestic production the government could control any exports, now its all private its market pricing.

The government could in theory ban any exports but its highly unlikely. Plus as said 50% is such a significant amount that we will remain tied to market prices (and forces!)
 
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We buy all our gas at market rates anyway, to suggest because we only import 3% from Russia so we will be shielded is wrong. But markets are future looking, a lot is already priced in and Europe is already planning for Russian gas to stop so it hasn't caught us pants down.
 
A vast majority of our natural gas comes from Norway and other EU countries, and Norway and most other EU countries imports a far chunk of its natural gas from Russia or Qatar. Some of it comes from the USA, very little is made here in the UK in comparison.

Suffice to say, gas will increase in cost and continue to rise as global markets are strained. Russia and the US account for most of the global natural gas production on the planet. Approx 1.6 trillion cubic meters of gas vs the rest of the world at ~1 trillion cubic meters.
 
VaderDSL said:
I’ve been trying to look into this as well for our usage. Currently a fix with EDF is around 37% higher than the current cap.

  • 58% increase on electricity unit (26.7p > 42.3p)
  • 5% increase on electricity standing charge (40.2p > 42.2p)
  • 80% increase on gas unit rate (7p > 12.6p)
  • 5% increase on gas standing charge (25.9p > 27.2p)
Whereas the prior cap change was
  • 39% increase on electricity unit (19.2p > 26.7p)
  • 73% increase on electricity standing charge (23.2p > 40.2p)
  • 82% increase on gas unit rate (3.9p > 7p)
  • 4% increase on gas standing charge (24.9p > 25.9p)
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Its tricky to judge as the fixed tariff rates are about the same as what the price cap is expected to be in October. So you would be paying more than you need to for a few months, mainly on the electric though as gas usage would be considerably lower in the Summer months.

A few days ago I was against fixing but if Russia are going to screw us over (and themselves) then prices will keep going higher. That might not impact the price cap rise until January though rather than October.
 
200sols said:
We buy all our gas at market rates anyway, to suggest because we only import 3% from Russia so we will be shielded is wrong. But markets are future looking, a lot is already priced in and Europe is already planning for Russian gas to stop so it hasn't caught us pants down.
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The electricity and Gas we are using today was bought a year ago and is under contract. Regardless of what the price is today or in 3 months time we have a contract for the gas supply from xyz suppliers. The prices we are paying now are paying for energy next year.
 
I'm 600 in credit so it is significant.
They are still trying to charge 80ppm. Even though at the moment we use 80ppm.

They keep pedaling "you use more in winter" so the system won't let me put the DD down to 20 let's say.

Im also fixed until 2024 so they can't claim its for the price rises either
 
Goodie said:
What’s the current opinion on fixing? My OVO fix is up next week and I’m offered elec at 35.79 unit / 54.1 standing and gas at 9.82 unit / 27.52 standing. I think that’s 32% above the current cap. I’m thinking it’s worthwhile to do that for piece of mind and see what a state were in come next June.
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So annoyed that I slept on this for the night and by the next morning it was gone :(
 
413x said:
I'm 600 in credit so it is significant.
They are still trying to charge 80ppm. Even though at the moment we use 80ppm.

They keep pedaling "you use more in winter" so the system won't let me put the DD down to 20 let's say.

Im also fixed until 2024 so they can't claim its for the price rises either
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Is £80 your current summer usage, or is that your annual usage divided by 12? If £80 is just your summer usage right now, I can see why they won't lower it, as it'll go up in the winter - that's on a variable direct debit, though, where you pay the month's usage without building up any credit.
 
darael said:
Is £80 your current summer usage, or is that your annual usage divided by 12? If £80 is just your summer usage right now, I can see why they won't lower it, as it'll go up in the winter - that's on a variable direct debit, though, where you pay the month's usage without building up any credit.
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But I have 600 credit. It'll only go up to about 130. And with the 400 that will Cover it.

130 is only 50 more. That would last 12 months of winter months. Not 6

I'd rather them return the cash and up the DD. Not many people carry 600 of credit.
 
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