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Gas and Electricity Prices

Caledon1297 said:
Ofgem's guesstimate in May (£2800) for the so-called 'Price Cap' in October is looking increasingly over optimistic; surging future contract prices through June & July have seen energy analyst Cornwall Insight raise its previous forecast of £2980 to today's forecast of £3244. :eek:
(as a reminder, April's 'Price Cap' is £1971)

Perhaps reflecting the above, Octopus Energy have just released their July fix with electricity unit rates of circa 50p/kWh, and gas circa 17p/kWh. :eek:
(current SVT is circa 27p/kWh & 7p/kWh)

A bad situation is getting much worse! :(
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Not good.

https://www.bbc.co.uk/news/business-62094435
 
My supplier, Octopus, have just increased my monthly payments from £182 a month to £299 a month, we’re only £90 in debit at the moment both electric and gas are £157 a month, electric usage @ £97 a month which will remain pretty static even through the winter although gas usage will go up in the winter obviously but that’s a huge jump and looks like it will get worse.

There’s only two of us living here too and we hardly use electricity.
 
Based on the October rise my £150 will become £250. That’s in a nice efficient, very well insulated house. There are going to be plenty in big draughty places with £8K - £10K+ a year gas and electricity bills. Then there are the businesses….

One could be forgiven for thinking China and Russia had got together a few years ago and planned all this…
 
Mine is currently £145 up from £88 or something, so I guess that will put on about £100 or so. It will drive a lot of folk into real poverty and obviously finish a lot of businesses. A recession beckons.
 
There’s going to have to be another helicopter drop into energy accounts. However, some suggest the govt can print whatever currency it likes. Why not just print and pay everyone’s energy bills for the next 12 months, hell, make it forever. Doesn’t matter what the price is, what’s the problem?
 
Ponty, I generally enjoy your blunt replies. FYI, the reported average current level of Current Account is £300, nowhere enough to counter the predicted rise in energy prices let alone food and other costs, the payments to assist the poorest are woefully poor according to the latest predictions..
A vast swath of working people will be slaughtered by these cost rises.Did you not learn anything from the real life impact about Zero hours contracts? Coupled with a reported larger than expected Interest rate rise indicates a likely massive recession is heading towards the UK with repercussions not seen for many generatons.
You may be largely immune from the increases but you’re not an island and the wider country will have an effect on you, in time.
 
Ponty said:
However, some suggest the govt can print whatever currency it likes. Why not just print and pay everyone’s energy bills for the next 12 months, hell, make it forever. Doesn’t matter what the price is, what’s the problem?
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You are showing wilful ignorance here. No one, Keynesian nor MMT, is even remotely suggesting money should be generated for anything aside from economic stimulus that generates private sector growth and employment to offset that spending. It’s only Tories that create magic money trees just to pocket the money.
 
Joco said:
Ponty, I generally like your blunt replies but the conflation is somewhat ill advised. The average current a/c is £300, nowhere enough to counter the predicted rise in energy prices let alone food and other costs. A vast swath of working people will be slaughtered by these cost rises.Did you not learn anything from the real life impact about Zero hours contracts? Coupled with a reported larger than expected Interest rate rise indicatess a likely massive recession is heading towards the UK with repercussions not seen for many generatons.
You may be largely immune from the increases but you’re not an island and the wider country will have an effect on you, hopefully.
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No , this is going to be a nightmare. Forgive my sarcasm in my last post, but some say the govt can print whatever it likes, in which case why can’t it absorb the forthcoming energy tsunami which is about to hit? People are going to get mullered by this.
 
Ponty said:
No , this is going to be a nightmare. Forgive my sarcasm in my last post, but some say the govt can print whatever it likes, in which case why can’t it absorb the forthcoming energy tsunami which is about to hit? People are going to get mullered by this.
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Again no one is saying that. Stop being so bloody thick. Yes, the shit will hit the fan of the Tories economic mismanagement continues to drive masses of people into poverty. It will likely end up as mass civil unrest/riots as Tory policy so often does. Cause and effect.
 
Mass civil unrest & riots? Your having a laugh Tony. Possibly in France but highly unlikely in the United Serfdom.
 
Not a single person has said any government can 'print whatever it likes'.Except the uninformed critics, they seem to say it a lot.

On the good side I got a €587 energy rebate yesterday.
 
Tony L said:
Again no one is saying that. Stop being so bloody thick. Yes, the shit will hit the fan of the Tories economic mismanagement continues to drive masses of people into poverty. It will likely end up as mass civil unrest/riots as Tory policy so often does. Cause and effect.
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If money can be created by the govt, why not create it to fix these issues? Come winter, many literally won’t be able to turn the lights on at this rate.
 
Si74 said:
Mass civil unrest & riots? Your having a laugh Tony. Possibly in France but highly unlikely in the United Serfdom.
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Depends how bad it gets. There is a lot of real anger in this country at present. I’m isolated from it as I’m sufficiently independent and comfortable. Sure, these proposed rises will piss me off, but they won’t ‘hurt’ me or drive me into any debt or even close to it. I can afford them, as I’m sure can pretty much everyone here. Huge swathes of people genuinely can’t, and through no fault of their own. I remember the anger of the Toxteth riots, the poll tax riots etc. I sense something similar is not far away. There is only so much obvious economic decline and reduction of opportunity a society can take and the younger generations have been through an utter shitshow this century and they haven’t blown yet. They deserve to. My generation did and I’d argue things are worse now. The way the far-right Tory government are removing basic rights to protest, removing human rights legislation and accountability makes me suspect they think something is coming their way too. We’ll see.
 
Ponty said:
If money can be created by the govt, why not create it to fix these issues? Come winter, many literally won’t be able to turn the lights on at this rate.
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For the 900th time; a government can’t create magic money trees, it can however can run a deficit to create core infrastructure as a balance against private sector growth, productivity, employment etc. The answer to the current situation would have been to build power independence (nuclear, green etc) 30 years ago, i.e. proper long-term infrastructure thinking.
 
Ponty said:
If money can be created by the govt, why not create it to fix these issues? Come winter, many literally won’t be able to turn the lights on at this rate.
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Because the governments are wedded to the ideology of state shrinking measures and unemployment inflation buffers to tackle inflation (and state shrinking at any time). That's what the Tories have advocated for 45 years.
 
Tony L said:
The way the far-right Tory government are removing basic rights to protest, removing human rights legislation and accountability makes me suspect they think something is coming their way too. We’ll see.
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Just recently I read a short book called 'Repression', by a French author (though she has an Italian name). It has a very closely-argued outline of how so many governments have redrawn the lines on protest and strike protest to criminalise it as 'public disorder' and in the worst cases 'domestic terrorism'. The most important element has been the attempt at depoliticisation of it, to make it mere criminal behaviour. Also a lot of time and money spent (they always have money) on PR to sell it to the public as such. Hence the Gilets Jaunes marked out as everything from domestic terrorists, to climate deniers to far-right activists. And anti-war protesters jailed on redrawn laws. Strike action is going the same way.
 
matt j said:
What's betting fracking will get rushed through with little resistance? How many Tories have their fingers in that pie?
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Yes, I’d put money on it. The fact the earth is on the edge of a mass extinction event will be conveniently forgotten. IIRC most of the potential sites are in red areas too, I doubt much will occur on Tory land.
 
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