Gas and Electricity Crisis 🔥

Super market meat is the worst. People just don’t know what they’re buying, and to be fair it’s the same with veg

Unfortunately I don’t think anyone is putting out enough information on the options available.

The media are the worst for it. All the shouting about price hikes and zero info on how to manage it.

Do people know there are hardship funds? Or they their companies may have funds. Do they know to check what they’re entitled to from the government. Or what they can do to be more efficient with energy?

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What a stupid stupid view
" The steep increases reflect soaring wholesale energy costs driven by fears over gas and power shortages as Russia restricts gas supplies to Europe. Cornwall has said it does not expect wholesale prices to return to 2020-21 levels before 2030."

How can they come up with those sort of figures/dates.

I wish my crystal ball worked that well!!

The headline is a bit dramatic - it’s “only” those business who come out of a 2yr fixed rate arrangement in October which will face five fold increases in fuel bills.

Others emerging from 1 year fixes will see fuel bills doubling.

We have a pretty toxic economic environment - inflation, recession, diminishing fuel sources, rising fuel prices…

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I was reading the other day the the price for a barrel of oil is now lower than before the Russian invasion. Not entirely sure why all our energy prices are still sky high, unless there’s profiteering going on.

I’m not 100% sure either but I think it’s to do with the fact that they buy the goods at least 6 months in advance, ergo if the price was high then, the price they charge now will also be high.

Now the counter to that is that they always hike the price up immediately and then don’t lower it immediately, which unfortunately seems to be true. There is also the belief among some people that the companies are propping up the cash item on their balance sheets by charging people far more than they need and are hoarding their credit. Unfortunately I suspect there is also some truth to that.

Sure, but that can’t play that both ways. The Russian war hadn’t started 6 months ago, so in that case we should be still paying pre-war prices. But as we all know, the prices started going up almost immediately, but the price of e.g. petrol is still 50% higher than before the war started even with a substantial reduction in the tax component on fuel.

Check out the world price of gas that is considering higher than pre invasion prices.

The other thing that’s a con is that the price of electricity for the entire UK market is driven by the most expensive source, in this case gas [1]. Even though the proportion of electricity that is generated from gas is pretty small (38%), the price of all electricity including that from renewables has increased to match. So those suppliers are making a lot of money during this war, when a better solution would be to average the cost difference, as this would incentivise energy suppliers to reduce gas use even more.

[1] Why does the price of gas drive electricity prices, including renewables? | Good Energy

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Yes, that’s what I effectively said in my second sentence, albeit possibly not as well worded as it could have been.

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Oil will go back up. Supply is tighter than it has been and the premiums you have to pay are massive.

Wait and seeeeeeeeeee

US oil demands are currently lower than last summer, we’ve found the point where the price actually affects demand.