Energy Prices (Strictly NO referrals!)

Surveyor · 24 Aug 2022 at 10:40

413x said:
It probably isn't an exaggeration to say she has many peoples lives in her hands. Politicians haven't had this much direct influence on the average persons life for a long time

2020/21 wasn't long ago.

potatolord · 24 Aug 2022 at 10:46

robgmun said:
Even as a true blue conservative I've been absolutely flabbergasted at the government's handling of the energy crisis. They can't see that the cap cannot rise any further. Because then the economy grinds to a halt as everyone stops spending because they have to spend it on the quadrupling of the leccy bill. Shops will fold because they have to keep up with the backbreaking rises and no customers and further shops will close, it will cause a downward spiral and It'll plunge us into a deep recession.

When you're energy bill is half what your mortgage is then somethings gone horribly wrong.

My wife and I have decent incomes, we're pretty frugal are lucky enough to have had an energy price fix in place that lasts until June 2023.

Even so, I am seriously worried about the impact on us of higher fuel prices when that fix ends. I know it's petty, but that price means our summer holiday is gone.

I feel sorry for those on low incomes. They are going to get smashed, and end up with debts that take years to repay.

413x · 24 Aug 2022 at 10:51

potatolord said:
My wife and I have decent incomes, we're pretty frugal are lucky enough to have had an energy price fix in place that lasts until June 2023.

Even so, I am seriously worried about the impact on us of higher fuel prices when that fix ends. I know it's petty, but that price means our summer holiday is gone.

I feel sorry for those on low incomes. They are going to get smashed, and end up with debts that take years to repay.

What really is life if you can't afford a holiday on an average wage?

It sounds privileged but if you're living hand to mouth even on an average salary there isn't much point. May as well quit work and get the benefits.

robgmun · 24 Aug 2022 at 10:54

413x said:
What really is life if you can't afford a holiday on an average wage?

It sounds privileged but if you're living hand to mouth even on an average salary there isn't much point. May as well quit work and get the benefits.

As tempting as that is, it feels like you've given up and I would consider myself a failure in life. So it wouldn't just feel right

jpaul · 24 Aug 2022 at 10:54

I think we now know that ofgen and the privatised market was not really working (sorry dear Martin) - Rishi/Truss would do well to acknowledge need for medium term review.
... even now the few fixed deals suggest the energy companies can lock in unit prices for a few customers, why not everyone !
- whilst the remaining needy customers on Cap have to pay a premium because some of the (limited) energy resource has been reserved.

413x · 24 Aug 2022 at 10:57

robgmun said:
As tempting as that is, it feels like you've given up and I would consider myself a failure in life. So it wouldn't just feel right

I know what you mean. I think if I was working (and I do not enjoy my work) and I really genuinely couldn't see either the world improving or my prospects, and the situation was as bad as constantly fighting debt that's when I'd call it a day.

Tbh I think I'd rather do something crazy like try and emigrate to a random country, teach English or just try my luck with something like that. The thought of just rotting away like many people do is horrible!

Uther · 24 Aug 2022 at 10:58

413x said:
What really is life if you can't afford a holiday on an average wage?

It sounds privileged but if you're living hand to mouth even on an average salary there isn't much point. May as well quit work and get the benefits.

How far would you get on £416 a month for a couple?

potatolord · 24 Aug 2022 at 10:59

413x said:
What really is life if you can't afford a holiday on an average wage?

It sounds privileged but if you're living hand to mouth even on an average salary there isn't much point. May as well quit work and get the benefits.

The thing is, I get inconvenienced, but those on low incomes get a crushing burden of debt, incurred on essentials.

We could be in for some serious public order problems as time goes on.

Crizzy · 24 Aug 2022 at 10:59

OVO have just quoted a 2 year fix for £400, seriously considering it at the moment given that we don't clear our usage at the moment and that will only increase come winter.

Firestar_3x · 24 Aug 2022 at 11:01

Crizzy said:
OVO have just quoted a 2 year fix for £400, seriously considering it at the moment given that we don't clear our usage at the moment and that will only increase come winter.

At what unit rates? Otherwise £400 is meaningless.

413x · 24 Aug 2022 at 11:02

Uther said:
How far would you get on £416 a month for a couple?

Probably have to pop out some kids. Maybe commit some crimes. Prison sounds good at that point to be fair. You're effectively a prisoner anyway.

Not sure at what level benefits becomes better than working tbh.

413x · 24 Aug 2022 at 11:04

potatolord said:
The thing is, I get inconvenienced, but those on low incomes get a crushing burden of debt, incurred on essentials.

We could be in for some serious public order problems as time goes on.

Short of giving people money (capping the cap, or increasing moving that 400 payment to 1000-2000 pounds) I think it will happen.

Especially as there will be so many people in difficulty. That's the big one. It has the potential to get to critical mass

zom247 · 24 Aug 2022 at 11:14

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dod · 24 Aug 2022 at 11:17

It's businesses I'm particularly worried about.

We work in this market and I've just been dealing with one where the wholesale price has increased by a factor of 13 from when their last contract was signed. Roughly looking at a year ahead wholesale increase from 5p per kWh to 65p. It's not sustainable, many businesses will simply go under.

Uther · 24 Aug 2022 at 11:23

413x said:
Short of giving people money (capping the cap, or increasing moving that 400 payment to 1000-2000 pounds) I think it will happen.

Especially as there will be so many people in difficulty. That's the big one. It has the potential to get to critical mass

The cap will apparently cost 100 billion so they're not keen on that. I expect some (not enough) targeted support for the poorest, and everyone else will just have to struggle on.

Foghorn Leghorn · 24 Aug 2022 at 11:34

dod said:
It's businesses I'm particularly worried about.

We work in this market and I've just been dealing with one where the wholesale price has increased by a factor of 13 from when their last contract was signed. Roughly looking at a year ahead wholesale increase from 5p per kWh to 65p. It's not sustainable, many businesses will simply go under.

This. The situation is going to get considerably worse over the coming months and for a lot of people still having a job to go to by the end of this winter could be quite an achievement.

413x · 24 Aug 2022 at 11:35

Foghorn Leghorn said:
This. The situation is going to get considerably worse over the coming months and for a lot of people still having a job to go to by the end of this winter could be quite an achievement.

Ah yes. This is another reason not to spend. Could be a huge amount of job losses.

Wouldn't want to be working in a pub right now!

Foghorn Leghorn · 24 Aug 2022 at 11:38

413x said:
Ah yes. This is another reason not to spend. Could be a huge amount of job losses.

Wouldn't want to be working in a pub right now!

It won't be limited to industries that are considered discretionary, it'll be every industry across the UK. Very few will be able to swallow the kind of rises some are beginning to see.

413x · 24 Aug 2022 at 11:40

Foghorn Leghorn said:
It won't be limited to industries that are considered discretionary, it'll be every industry across the UK. Very few will be able to swallow the kind of rises some are beginning to see.

Definitely.

Pub is an easy on for an typical Person to be able to visualise.

I was at a pub meeting a friend for a catch up last night. Nice independent pub. (few left).
Not many people. Pretty much dead inside. A few people outside. A couple of people with food.
Felt like a loss night. The kitchen was on and staffed.

Would be a shame to see it go

Uther · 24 Aug 2022 at 11:45

Wonder if a lot of businesses will push for people to WFH again, if they can ?