GB72
Money List Winner
Certainly been glad to have oil heating as, whilst there are no fixed deals etc, I am free to top up whenever I want and so the odd check on the app for the retail price means I can keep the spending under control.
'Ow Much!?
- Thread starter Robster59
- Start date
Certainly been glad to have oil heating as, whilst there are no fixed deals etc, I am free to top up whenever I want and so the odd check on the app for the retail price means I can keep the spending under control.
PJ87
Journeyman Pro
Sounds a good way of managing it. Luckily the Mrs and I don't feel the cold as much inside so we use the air conditioning units as heat pumps as they work both ways .. so that's been cost effective as im still on a fix until Feb
Once the battery arrives (told due in the country this week!) I can store all my excess solar or in winter charge of the cheaper night rate
Every little helps
sunshine
Well-known member
PIF. The Saudi wealth fund has stakes in major energy companies across the world, and of course owns Saudi Aramco, which is by far the largest oil company in the world and influences global pricing through production. Bp is small fry.
Where do you think all the crazy Liv money is coming from? They have so much they don’t know what to do with it.
bobmac
Major Champion
''The latest spike in year-ahead wholesale price means the OCT cap prediction is now UP 78% (so £3,500/yr on typical bills) & likely up again in Jan.''
PJ87
Journeyman Pro
In response to your earlier post. The energy companies done make much on the product , so it's not profiteering as such just ofgen failing to regulate the market so any man and his dog could go into the energy game then went bust putting everyone's bills up a bit
Coupled with the wholesale price with covid and Ukraine war
D-S
Well-known member
SocketRocket
Ryder Cup Winner
So how does that account for a five fold increase of profits in the first half of this year.
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upsidedown
Tour Winner
Had our oil boiler serviced today, day after putting £1060 in the tank and this bit of news had slipped past me that from 2026 you will not be able to replace oil or gas boilers in your house. ?
Thankfully only 9 years old and engineer says we can still repair and he's very confident we will still be able to get the bits and he's got a guy who can even weld the water jacket.
https://thenegotiator.co.uk/beware-...-publicised ban on,will face a heating crisis.
GreiginFife
Money List Winner
Which energy supplier has announced 5 fold profit increases?
SocketRocket
Ryder Cup Winner
Centrica apparently.
https://leftfootforward.org/2022/07...-energy-price-cap-measure-to-the-end-of-2022/
https://www.independent.co.uk/news/business/british-gas-profits-centrica-energy-prices-b2133672.html
www.msn.com/en-gb/money/other/centrica-profits-increase-fivefold-to-1-3bn-as-energy-prices-continue-to-soar-for-uk-households
PNWokingham
Journeyman Pro
Centrica has been a dreadful investment over the past few years, showing that the norm has been tough for utility companies
GreiginFife
Money List Winner
Are Centrica a fair comparator to the likes of EDF, e-On, Octopus etc?
They aren’t a specific energy supplier per se, they own and operate the energy network and supply system IIRC.
How much of that profit comes from services work and charging other utility suppliers to use or to service their usage of Centrica’s equipment (bit like how BT used to profiteer off of LLU internet suppliers using BT exchange equipment and last mile copper), rather than from, say, the British Gas element?
That’s a genuine question as I don’t know the answer but find it odd that Centrica would be one of very few suppliers, doing basically the same thing on the supply front, posting such profit levels.
Unless of course, British Gas customers are being well and truly ripped off to the tune of 5 fold prices. Again, genuine question as I have never used BG and never would.
SocketRocket
Ryder Cup Winner
It's been tough for many companies the past few years but many companies army returning vastly increased profits during a period where their prices have increased by unprecedented amounts due to a World crises in supply issues.
SocketRocket
Ryder Cup Winner
This article explains how the UK Gas industry operates.
https://cadentgas.com/about-us/industry/the-gas-industry
GreiginFife
Money List Winner
Thanks, it didn’t really answer what Centrica do though versus British Gas, which is their energy supplier arm.
Unfortunately I am working and don’t have much time to search for info until later. But I will look up how Centrica differs from its BG persona when I can as zi am now genuinely interested in how they can increase profit 5 fold when other companies doing the same things and limited by the same rules aren’t posting such hikes.
Of course, the simple answer could just be that Centrica were very poor performing in the periods prior to the jump, although I would doubt it to the time of 5 fold.
PNWokingham
Journeyman Pro
just pointing out not defending - but many energy supply companies have been poor investments and/or gone bust, showing they generally run on small margins. I don't know the mix of Centrica's profits but they have been awful for years and thus comparing to past years is not the best guage - and i suspect they made most of the money on their oil and gas exploration rather than the utility supply businesses.
cliveb
Head Pro
Centrica also owns 20% of UK's nuclear generating business. I would hazard a guess that the cost of generating electricity by nuclear plants has not increased, but the price thay can sell it for will have gone up in line with that generated from gas.
PJ87
Journeyman Pro
isnt that because (happy to be corrected) that centrica have a direct supply of energy owning some of the power plants / production of gas etc so they have benefited from the global rise in wholesale price but the other energy companies buy from wholesale and then their profits are from there...
I believe thats how it works basically
SocketRocket
Ryder Cup Winner
Whatever reason the end user is being fleeced by them, and it's not only Centricita doing it. If they benefit from the global increase in wholesale price then there is something wrong.
PJ87
Journeyman Pro
Thing is I don't disagree, just the energy companies aren't so much to blame it's a poor regulators who allowed anyone to become an energy company and the likes of shell and BP who are the issue
