Topic: Fuel & energy prices

[TepidT2O]

Previous record British Gas profited were 2012.

£291m.

If only there were some reason for their monster profits?

[jonnypb]

Still way too high 

Big drop in energy bills from April, Ofgem announces
The energy price cap will fall to £1,690 from April, Ofgem has announced.

This means a reduction of £238 (12.3%) from the current cap, £1,928 a year for a typical household.

It is the lowest level in more than two years, after post-COVID demand, a global squeeze on gas supplies and Russia's invasion of Ukraine sent bills soaring.

[Red-Soldier]

Still way too high 

The days of super cheap energy prices, are over, my friend.  Unless you have solar panels, of course 

[reddebs]

Still way too high 

And they've given the greedy bastards the option of adding an extra £28 to everyone's bills to cover the debts built up from those who can't keep up!!

Wankers!!  As if the twats can't afford to write it off or reduce the tariffs for those struggling.

[Nobby Reserve]

And they've given the greedy bastards the option of adding an extra £28 to everyone's bills to cover the debts built up from those who can't keep up!!

Wankers!!  As if the twats can't afford to write it off or reduce the tariffs for those struggling.

And THAT's the most fucking annoying thing.

Standing charges have tripled in the past 3 years. All so power company executives don't miss out on their bonuses and shareholders still get their big dividends.

The entire economic system in this country is designed to hand big money to a minority of already wealthy people.

[jonnypb]

The days of super cheap energy prices, are over, my friend.  Unless you have solar panels, of course 

They were never super cheap anyway pre covid, especially compared to other European countries? I’d be happy with them just going back to those prices….. I mean if the wholesale prices were still sky high then you could see why the cost is still so high.

And they've given the greedy bastards the option of adding an extra £28 to everyone's bills to cover the debts built up from those who can't keep up!!

Wankers!!  As if the twats can't afford to write it off or reduce the tariffs for those struggling.

It doesn’t make sense. They keep the prices high so more people can’t afford to pay, therefore they add a levy to those people who can pay. How about they put the prices back to a more affordable level and less people will be in this situation, or like you say reduce the tariffs for those who struggle. It’s infuriating that they’ve done this when their profits are insane and increasing all the time.

[TepidT2O]

Note that my energy supplier hasn’t bothered to reduce my monthly payment since last summer.

Do check on your supplier and ensure that they are adjusting your payment rather than just fleecing you dry

[Musketeer Gripweed]

Note that my energy supplier hasn’t bothered to reduce my monthly payment since last summer.

Do check on your supplier and ensure that they are adjusting your payment rather than just fleecing you dry

Because I had built up a bit of money with my payments, my supplier automatically reduced my payment to £11 a month in January. Obviously I changed it back to my normal rate as soon as I could.

It was just a weird thing for them to do.

[PaulF]

Robbing bastards
https://www.bbc.co.uk/news/science-environment-68381160

[Red-Soldier]

Thames Water lobbying government to let it increase bills by 40%

UK’s largest water company also calls for dividend payouts and lower fines for breaches to avoid taxpayer bailout

Thames Water has been lobbying the government and regulators to let it increase bills by 40%, pay lower fines for breaches and keep paying out dividends as part of efforts to avert a taxpayer bailout, according to a report.

The UK’s largest water company was trying to strike a deal with the watchdog Ofwat that would give it permission to charge customers more to avoid having to be taken over by court-appointed special administrators, the Financial Times reported.

That plan would give Thames Water permission to increase bills by 40% by 2030, while also offering more leniency around regulator fines and rules around the dividends it can pay to shareholders.

It comes as the company, which serves more than 15m households, attempts to deal with a debt pile of £14bn and widespread criticism over sewage dumping.

If the government or Ofwat felt that Thames Water was unable to pay its debts it could apply to the high court to invoke the special administration process, in which administrators would be brought in to help manage the company.

Last week, the Department for Environment, Food and Rural Affairs (Defra) updated 30-year-old legislation on the special administration regime, which would allow existing shareholders to retain a stake in the company and make it less likely that failing water companies could be fully renationalised.

According to the FT, officials at Defra have in place contingency plans for Thames Water if it collapses, under the name Project Timber. As part of this, it hopes Ofwat would allow “regulatory easements” on the issuing of hefty fines, which would put further pressure on the company.

In December, the parent company of Thames Water, Kemble Water Holdings, was told by auditors that it could run out of cash by April if shareholders did not inject more funds into the company.

The company has raised £500m and says shareholders would inject more than £3bn more – but this would be dependent on Thames Water getting what it wants from the regulator.

A crucial part of this is getting permission to issue dividends to services its debt. However, new rules introduced by the government last year can take enforcement action against water companies issuing dividends if they are performing badly against financial and environmental targets.

Thames Water has said investors will not take any money out of the business until the turnaround is completed but the rules do not distinguish between internal and external dividends.

Thames Water revealed this month that it expected more leaks than initially thought, after its ageing pipes were overwhelmed by heavy rain this winter.

An Ofwat spokesperson said: “Ofwat does not comment on speculation. Thames Water needs to continue to deliver on its turnaround plan to improve its operational and environmental performance. It is for the company to secure shareholder backing to improve its financial resilience. We will continue to closely monitor the company’s progress as they do so to protect customers’ interests.”

Thames Water declined to comment. Defra has been contacted for comment.

https://www.theguardian.com/business/2024/feb/28/thames-water-lobbying-government-bills-dividends-fines-breaches-taxpayer-bailout

[PaulF]

Let's hope tw can remain solvent until Labour can nationalise them.  Unless shareholders are providing funds to invest in tw at a lower cost than the govnt can then there is no point in private ownership.

[Red-Soldier]

Let's hope tw can remain solvent until Labour can nationalise them.  Unless shareholders are providing funds to invest in tw at a lower cost than the govnt can then there is no point in private ownership.

Is that a joke...?  No way will the next Labour government nationalise anything.  The whole water monopoly does need renationalising, but our mainstream, politicians, wont do it.

[Nobby Reserve]

Let's hope tw can remain solvent until Labour can nationalise them.  Unless shareholders are providing funds to invest in tw at a lower cost than the govnt can then there is no point in private ownership.

Yep, fuck 'em. The fucking parasites.

Allow them to fall into insolvency, then take them into public ownership as an 'emergency measure'.

Nationalisation on the cheap!! 


(then regulate every other privatised water company into insolvency - with the added bonus of environmental improvements - and take ownership.... again, privatisation on the cheap!)

[fowlermagic]

What would happen if everyone just stopped paying? Reduce your crazy profits, give the people a chance to get back to where we were prior to the greed kicked in, the smaller businesses are getting squeezed beyond belief. Never going to happen but in Ireland about 10% of people stopped paying their tv license. Has led to the government rethinking what's next as might even scrap the license fee. Of course they will get the loss revenue elsewhere but it's getting to the stage people need to do something other than scrapping every penny together to "live" "

[bradders1011]

Price of petrol is creeping up again - 137p at Costco yesterday.

[fowlermagic]

Petrol prices always go up just before schools close and people go off on holidays. Heating costs always creep up before winter. So do profits

[TSC]

Price of petrol is creeping up again - 137p at Costco yesterday.

No obvious reason why, as the price of oil has been relatively static from before Xmas.  Think it crept up marginally after the Red Sea attacks earlier this year, but then settled again.

[PaulF]

What would happen if everyone just stopped paying? Reduce your crazy profits, give the people a chance to get back to where we were prior to the greed kicked in, the smaller businesses are getting squeezed beyond belief. Never going to happen but in Ireland about 10% of people stopped paying their tv license. Has led to the government rethinking what's next as might even scrap the license fee. Of course they will get the loss revenue elsewhere but it's getting to the stage people need to do something other than scrapping every penny together to "live" "

Too many people fear being cut off or getting a bad credit rating to do this. In fact I suspect if you refuse to pay. They put you on a meter, then if you don't pay you have no power. Not sure they can do that with water.

[fowlermagic]

Too many people fear being cut off or getting a bad credit rating to do this. In fact I suspect if you refuse to pay. They put you on a meter, then if you don't pay you have no power. Not sure they can do that with water.

Not paying would be a step too far but every small business n 50% of the energy customers would be on the street marching if we had any spine at all. Record rates = Record profits = Record executive bonuses on the back of customers who are struggling to put food on the table. The open sea pirates of bygone years have sailed into the corporate offices and have no empathy at all for us.

[reddebs]

Finally Scottish Power have realised the direct debit payments they've been telling me I should be paying for my electric were too high and reduced them to less than what I have been paying.

It's probably still too high due to us coming into the summer and prices starting to reduce but it's a start.

[Wabaloolah]

Finally Scottish Power have realised the direct debit payments they've been telling me I should be paying for my electric were too high and reduced them to less than what I have been paying.

It's probably still too high due to us coming into the summer and prices starting to reduce but it's a start.

you should switch to Octopus, you can update the direct debit yourself in their app

[Jules01]

Finally Scottish Power have realised the direct debit payments they've been telling me I should be paying for my electric were too high and reduced them to less than what I have been paying.

It's probably still too high due to us coming into the summer and prices starting to reduce but it's a start.

You can adjust it through their app(Scottish power) It does suggest a recommended direct debit amount on it too.

[reddebs]

you should switch to Octopus, you can update the direct debit yourself in their app

You can adjust it through their app(Scottish power) It does suggest a recommended direct debit amount on it too.

I haven't been paying what the app recommended since last October despite it telling me I'd be hundreds in debt if I didn't increase it which I'm not. 

They've finally reduced it to a bit below what I've been paying so I've reduced it a bit more seeing as the days are longer and there's a price reduction happening next month.

[stewil007]

I've just moved my tariff to the Octopus Agile Tracker, which so far sems to be the right thing to do.

It essentially, changes what you paying by the half hour - you are made aware of the next days rates in advance, between 4pm and 7pm, the tariff is higher, but outside of this time, much lower.

I had an EV tariff before which was 7.5p/kwh between midnight and 5am and approx 30p/kwh the rest of the time.

Now, its averaging about 30p/kwh between 4pm and 7pm, but around 8p - 15pkwh for the rest of the time.

It is rising slightly at the moment, but we are being more conscious about using electricity during peak times.

The disclaimer on this is nuts tho.......the price is capped at 100p/kwh and although in 2 or 3 years of this tariff being available, the price has never got that high, it has peaked at around 85p/kwh before.

My plan going forward is to get a battery retro-fitted to our solar panels to try and get a 'smarter' household as well as removing all gas from the house - for that i'm hoping to get  air source heating this year and an electric hob too!

[Jules01]

I haven't been paying what the app recommended since last October despite it telling me I'd be hundreds in debt if I didn't increase it which I'm not. 

They've finally reduced it to a bit below what I've been paying so I've reduced it a bit more seeing as the days are longer and there's a price reduction happening next month.

Yeah the recommended amount it suggests is usually way off,never bother with it myself.I just adjust the amount within the app as and when.

[Wabaloolah]

I see Fixed Price deals below the April energy cap are now morphing back onto the market.

Had an offer today from EDF of £109 per month,  it's a £100 early exit fee, although you can move to a lower fixed rate with them if one becomes available but I doubt it would be offered if they thought energy prices were going to rise in the next 12 months so I'll stick with Octopus for now I think.

[west_london_red]

I see Fixed Price deals below the April energy cap are now morphing back onto the market.

Had an offer today from EDF of £109 per month,  it's a £100 early exit fee, although you can move to a lower fixed rate with them if one becomes available but I doubt it would be offered if they thought energy prices were going to rise in the next 12 months so I'll stick with Octopus for now I think.

Octopus are offering a 12 month fixed now at slightly below the cap price and with no exit fee.

[Wabaloolah]

Octopus are offering a 12 month fixed now at slightly below the cap price and with no exit fee.

thanks I'll take a look

[reddebs]

What a farce Scottish Power are. 

Just gone to open the app on my phone to check something and there's a 1hr 4mins queue time to login.

I don't 'login' as I'm permanently logged in!!  I'm not trying to access my account on their website FFS 😡

[thaddeus]

Octopus are offering a 12 month fixed now at slightly below the cap price and with no exit fee.

I've been itching to ditch British Gas ever since we were moved to them when People's Energy ceased trading.

[gazzalfc]

What a farce Scottish Power are. 

Just gone to open the app on my phone to check something and there's a 1hr 4mins queue time to login.

I don't 'login' as I'm permanently logged in!!  I'm not trying to access my account on their website FFS 😡

Yesterday was the start of the new capped rates so everyone getting their meter readings in to make sure they get the best value from their usage

[reddebs]

Yesterday was the start of the new capped rates so everyone getting their meter readings in to make sure they get the best value from their usage

I know, I did mine yesterday mate my point is why is there a queue for access to an app?  Especially over an hours queue!!

I'm not phoning someone or need to speak to someone or the internet's running slow, it's a fucking app.  How can access be restricted because lots of people want to use it?

It's fucking ridiculous from a tech POV.

[PaulF]

I know, I did mine yesterday mate my point is why is there a queue for access to an app?  Especially over an hours queue!!

I'm not phoning someone or need to speak to someone or the internet's running slow, it's a fucking app.  How can access be restricted because lots of people want to use it?

It's fucking ridiculous from a tech POV.

Possibly to stop thousands of transactions hitting the dB at once
. Possibly because there is protection in place against too many requests in case they are a dos attack.
Both can be mitigated but at a cost. Which the customer would have to bear.