Energy Prices (Strictly NO referrals!)

SDK^ said:
In a nutshell :
Russia reduced Europe gas flows by 80%, pushing wholesale prices up.
Most of our gas comes from Norway at the market rates, which have increased from about 80p per therm in summer 21 to over 450p per therm now.

Hence energy prices going ballistic and increasing 4x to 8x next year.
[About 45% of UK electricity comes from burning gas and all electricity is priced at the same cost as gas generated elec].
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There's a bit more to it than that, and it dates back further than Ukraine
  • Mass negative public opinion on Nuclear (despite it being safe, low CO2, less raw materials than wind etc)
  • Plans to exit Carbon fuels too quickly
    • Investment into replacement capacity has not been quick enough, and technology hasn't been there till now
  • German errors over Gas imports
    • Nordstream 2 games from Russia have been going on for a while
    • They don't have any land based LNG ports
  • UK strategic errors over it's own energy security
    • Reduction of gas storage capacity (WHY?!?)
    • Not doing fracking or similar
  • Pushing Western Oil and Gas companies away from investing in further production capacity, despite ever increasing global demand
  • Issues at LNG export locations (Fires, equipment failure etc)
  • Sanctions on Russia due to their invasion
  • etc etc etc
The irony is, switching from Coal to natural gas has arguably done more for CO2 reduction than the deployment of Wind/Solar

neocon said:
Is there anything on the horizon which could lower the price of gas? Like other sources?
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In theory, yes. But lots of it will take time as most require significant investment/construction
  • Once EU nations have reached their winter storage targets, prices might drop
  • America will frack more
  • Qatar will boost it's LNG exports
  • Croatia and Azerbaijan increases
  • Rivers that were dry (e.g. France and Germany) will re-fill improving energy supply
  • Germany will build an LNG port
  • Accelerated timeline for the Spain-France interconnect
  • The UK will deploy SMR Nuclear on a massive scale
    • But, 10 year timeframe
    • Similarly our offshore wind will jump (but it's not always windy)
  • High prices will force a reduction in Western demand
    • Domestic customers will seek savings (e.g. Solar, heat pumps, lowering thermostats, turning stuff off)
    • Commercial customers will diversify their energy supply and also seek efficiency
    • Renewables and Nuclear will receive more investment
    • China and India however, could be a problem....
Probably won't ever go back to where it was, but hopefully by 2025 it will be a lot less than it is now
 
dunker said:
of course it is'nt, i was being sarcastic. you are excusing them are you not?
big oil making 50billion this year oh but its not the company you pay money to, right, cool.
4x for a cup of tea and a piece of toast. i am not happy about that. why has our
government done this to us is my question?
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You think the government have chosen to increase the price of gas? Do you know how world commodity markets work?
 
I'm going to start over submitting my gas and electric meter readings to build up a buffer at the current rate. Should save me a few quid come the winter.

Just a little each month.
 
dunker said:
of course it is'nt, i was being sarcastic.
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Really?

dunker said:
you are excusing them are you not?
big oil making 50billion this year oh but its not the company you pay money to, right, cool.
4x for a cup of tea and a piece of toast. i am not happy about that. why has our
government done this to us is my question?
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I'm not excusing anyone, I'm pointing out the companies making the large profits aren't the ones supplying you even at four times the cost.
 
dunker said:
yeah i think they have, cos if not then they are idiots to inflict this on uk
citezins is awful, like...i'll never vote tori again, like ever.

i'm just a stupid pleb i don't know how stock works, other than ppl making money on others loses.
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The government have no control over this. Every single country is going through this as the price on the global market has gone through the roof due to the extreme supply reduction caused by Russian gas flows being reduced. Less supply means higher prices for all, not just this little island in the Atlantic. The best the government can do in the short term is subsidise the cost a bit (which they are doing, but could do more) but we will be paying this off through more debt. Long term getting our energy production and fuels for this completely within our border and isolated from global market prices (like wind, solar and for the UK as they own more plutonium than anyone else nuclear) will help a lot but this will take decades.
 
alexakasloth said:
www.bbc.co.uk

Plans to cut energy bills if peak-time use avoided

How homes can get discounts if they use less electricity at peak times are close to being announced.
www.bbc.co.uk

Plans which push off peak usage to give lower energy bills.

I mean, I'd gladly use my washing machine at night to have a lower electricity bill. It's a start I guess.
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Be interesting to see how this will work in practice. Perhaps I could switch on a load of electric heaters at 8:01pm, cost 50p/kWh to run and get a £6 rebate for every kW used.
 
My plan as I'm retired, buy a duvet suit and live in it most of winter. Reduce showering to once or maybe twice a week. Otherwise good old sixties style cold basin washes. Wear clothes, hang up to air and wear again several times.

Really, it is going back to pre-central heating, pre-constant hot water and laundry done a maximum once a week for a family. Luckily I have been there and done it.
 
Hagar said:
My plan as I'm retired, buy a duvet suit and live in it most of winter. Reduce showering to once or maybe twice a week. Otherwise good old sixties style cold basin washes. Wear clothes, hang up to air and wear again several times.

Really, it is going back to pre-central heating, pre-constant hot water and laundry done a maximum once a week for a family. Luckily I have been there and done it.
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Bought a house in 2000 with no heating and survived 2 winters v like that, it's tough getting used to it again but as a kid we just had open fires.


Getting into bed you really appreciate a good duvet and a woman to snuggle up too
 
LabR@t said:
It was honest must gov, didn't have my glasses on.

I'm just talking a few hundred kWh a month leading to Dec/Jan then use them, as long as you don't take the p they will never know
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Whatever you do the new price cap comes into effect on 1 October so you haven't got much time to fraudulently give readings misread your meters.
 
There is certainly an element of expectation that we can have "all of the things" now and we're used to it. Even the poorest people usually live better than most of the worlds population does.
 
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