'Ow Much!?

[Yorkhacker]

All this worry about not being able to afford heating. If you live up north, you just turn the heating off and put a jumper on.

 

[bobmac]

All this worry about not being able to afford heating. If you live up north, you just turn the heating off and put a jumper on.

And if you cant afford to put petrol in your car, I suppose your idea is to walk to work?

 

[Robster59]

Anyway, I still think that golf clubs have gone up in price way beyond any inflation or reasonable amount.

 

[bobmac]

How many times do you have to be told that the oil companies making massive profits are not the same companies that are increasing their retail energy prices to the householder?
Those household energy suppliers are not making big profits - indeed lots of them went bust because of the price cap.

Ok, I was paying £83 per month for my gas and electricity last Oct. Next October it will be £262.
So where is the extra £179 per month going and who should I be mad at?

 

[theoneandonly]

Ok, I was paying £83 per month for my gas and electricity last Oct. Next October it will be £262.
So where is the extra £179 per month going and who should I be mad at?

Covid, Putin, capitalism, government, NIMBYS come to mind.

 

[PNWokingham]

Ok, I was paying £83 per month for my gas and electricity last Oct. Next October it will be £262.
So where is the extra £179 per month going and who should I be mad at?

1. Putin!
2. Foolish European policies placing too much reliance on Russian Gas
3. Foolish European and US reactions to Russia invading Crimea in 2014 - the lack of any backbone to this meant Russian bonds trading back in line with credit ratings within a year. Hardly any sanctions gave Putin a free hand to plan what he has now done to Eastern Ukraine, all funded by continingly higher oil and gas prices that Europe in particular were giving him
4. Short sightened central bankers next
5. Not BP. 13% margin is not profiteering.

 

[Swinglowandslow]

Is it because they are in the business of making as much money as possible or am I missing something?

So that makes it morally correct. To conduct your business in any fashion , to increase your profit, is OK because that's what business does?
On that reckoning you would approve slavery...?...or all the other evils some men do in order to make money.?

Business, innit?

 

[cliveb]

Ok, I was paying £83 per month for my gas and electricity last Oct. Next October it will be £262.
So where is the extra £179 per month going and who should I be mad at?

You should be mad at the fact that the world population is too high and that hundreds of millions of people in Asia who used to live at subsistence level would now rather like to have the same standard of living as the West has been enjoying for decades, thereby increasing the demand for energy. The war in Ukraine hasn't helped, but this current crisis started before that.

 

[Tashyboy]

There’s a story today that people are returning to cash. Post office saying it’s cash transactions have gone up 20% in the same time as last year. People are already starting to watch the pennies.

 

[bobmac]

You should be mad at the fact that the world population is too high and that hundreds of millions of people in Asia who used to live at subsistence level would now rather like to have the same standard of living as the West has been enjoying for decades, thereby increasing the demand for energy. The war in Ukraine hasn't helped, but this current crisis started before that.

The question had 2 parts.......

''where is the extra £179 per month going?''

 

[Yorkhacker]

And if you cant afford to put petrol in your car, I suppose your idea is to walk to work?

Car share, bus, cycle, hitchhike, walk, train, moped, canoe

 

[Voyager EMH]

So that makes it morally correct. To conduct your business in any fashion , to increase your profit, is OK because that's what business does?
On that reckoning you would approve slavery...?...or all the other evils some men do in order to make money.?

Business, innit?

I believe you have made the same point as me, but with clarity rather than my facetiousness.

 

[cliveb]

The question had 2 parts.......

''where is the extra £179 per month going?''

OK, fair point, I see what you're getting at.
Yes, the extra £179 is ultimately going to the oil companies such as BP, Shell, etc.
You can hardly blame them for accepting the higher price that the world is willing to pay.
It's not like the UK government can force them to sell their oil and gas to us as a lower price.

 

[KenL]

''This is a catastrophic situation of the like we have never seen before.'' Martin Lewis

If you were paying £1,277 for your gas and electricity last winter, this winter you will pay £3,616.
https://www.newstatesman.com/chart-of-the-day/2022/08/uk-energy-bills-price-cap-rise-again

Energy industry analysts Cornwall Insight estimated the typical domestic customer was likely to pay £3,358 a year from October.
Now that the cap can rise every three months, it expects it to go up again to £3,615 a year from January.
The average bill was £1,400 a year in October 2021.
https://www.bbc.co.uk/news/business-58090533

Due to continuous increases in global demand, industry sources have advised a further rise in the October price cap taking the average household energy bill to approximately £3500*, and with Ofgem announcing there will now be a review every 3 months, a further increase is expected to around £3600* in January.
https://www.britishgas.co.uk/energy-price-news.html

Call me a thicko if you want but that is not good news while energy companies make record profits.

The government need to put a stop to this.
A lot of people, those with a mortgage with increasing payments as well, will really struggle.

 

[bobmac]

How many times do you have to be told that the oil companies making massive profits are not the same companies that are increasing their retail energy prices to the householder?
Those household energy suppliers are not making big profits - indeed lots of them went bust because of the price cap.

OK, fair point, I see what you're getting at.
Yes, the extra £179 is ultimately going to the oil companies such as BP, Shell, etc.

?????????
My energy supplier is Shell

You can hardly blame them for accepting the higher price that the world is willing to pay.

Does the world have a choice?

It's not like the UK government can force them to sell their oil and gas to us as a lower price.

So what's the point of the price cap?

 

[sjw]

I just the other day bought 5 polos from County Golf at £3.75 each. I'm not sure some of them will be quite big enough, but at that price it's worth a go. Adidas, FWIW.

Update: They fit a dream. Will be shopping there much more often!

 

[cliveb]

My energy supplier is Shell

Shell Energy is operating in a competitive market against others.
You could argue that Shell plc could afford to allow Shell Energy to sell at a lower price, meaning Shell Energy operates at a loss while Shell plc remains profitable overall.
But companies like Shell are not philanthropic - they are not going to voluntarily make less profit than they could.
So the only way this could be fixed is via government intervention.

Does the world have a choice?

Yes, it does. The world could choose to consume less energy. Do you think that's likely to happen?

So what's the point of the price cap?

My recollection was that the price cap was introduced to prevent the domestic energy suppliers (mainly the big 6) making obscene profits when the going was good.
That works in the UK when you're controlling a domestic supplier, but you can't do the same thing in a global market. The electricity generating companies have to buy their fuel on the open market.

 

[PJ87]

?????????
My energy supplier is Shell



Does the world have a choice?




So what's the point of the price cap?

The price cap protects domestic customers

If we didn't have it we would be paying this rise already

 

[GB72]

I am just massively relieved that certain things fell as they did.

My electricity fixed rate ended in September last year and was replaced with a new 2 year fixed and so I am OK until September 2023 which is a relied, albeit a potential big hit later next year.

My mortgage fixed rate ended in August last year and so was put on a nice 5 year fixed that takes me almost to the end of my mortgage.

I do not have gas in my village and so I am stalking the price of heating oil so as I can fill up when there is a deal to be had plus I have a log burner in the lounge that will heat the downstairs of the house at a push.

Purely by luck rather than judgement, I am as well placed as a I can be for all of this and that is a massive relief.

 

[PJ87]

I am just massively relieved that certain things fell as they did.

My electricity fixed rate ended in September last year and was replaced with a new 2 year fixed and so I am OK until September 2023 which is a relied, albeit a potential big hit later next year.

My mortgage fixed rate ended in August last year and so was put on a nice 5 year fixed that takes me almost to the end of my mortgage.

I do not have gas in my village and so I am stalking the price of heating oil so as I can fill up when there is a deal to be had plus I have a log burner in the lounge that will heat the downstairs of the house at a push.

Purely by luck rather than judgement, I am as well placed as a I can be for all of this and that is a massive relief.

Sometimes things just work out in your favour

2018 when we remortgaged I took out a 10 year fix because of the b word I was worried about interest rates rising.. thought eldest would be 11 when it ends so it's good to know that out going for a decade

Hopefully by time that renews rates should level off

I'd been pushing for solar with the Mrs for years and finally got the green light at the start of this mess so again fortunate to insulate a bit.. can't do anything about gas just hope the saving on one pays for the other

I feel for those who can't do anything

One of my closest friends she rents , her landlord won't let them get a smart metre or change providers .. well he wouldn't .. she finally got permission just as this all started so is stuck on pre pay , price cap the only protection in a poorly insulated house that he has little interest in fixing