The energy crisis

[Ms NTL]

Originally Posted by joglynne

https://www.reuters.com/business/ene...ht-2023-05-19/

Martin Lewis (MSE) reminds us that.......

FT says

https://www.ft.com/content/ba8f7a30-...1-40de771e77fb

European natural gas prices fell back into their normal trading range for the first time since the start of the energy crisis on Thursday, falling below €30 per megawatt hour to reach the lowest level since June 2021.

The price of benchmark TTF fell as low as €29.75/mwh, down more than 8 per cent on the day,

Gas was free during the night few days ago. Octopus said the price of gas cannot go negative, but electricity can go negative (several times octopus paid us to use electricity)

The wholesale price is 2.19p today and the consumers pay 11p. Octopus tracker is 3.8p, most consumers pay 300% more.

[Mad Max]

It's still a friggin rip-off, it was the same when petrol went through the roof, it has dropped quite a bit since then but is still much higher than before the huge rise last year, it won't drop in price anytime soon and we'll be told that we're getting a really good deal, talk about lining your pockets, those companies should be wearing masks!

[Ms NTL]

Originally Posted by Mad Max

It's still a friggin rip-off, it was the same when petrol went through the roof, it has dropped quite a bit since then but is still much higher than before the huge rise last year, it won't drop in price anytime soon and we'll be told that we're getting a really good deal, talk about lining your pockets, those companies should be wearing masks!

Absolutely correct. Octopus makes about 100% profit on electricity but not so much on gas (see formulas below). Mind you they purchased leccy & gas in the "futures market".

But for the Agile/tracker people, Octopus buys it daily at around 3:30pm

[Chrysalis]

Originally Posted by Mad Max

It's still a friggin rip-off, it was the same when petrol went through the roof, it has dropped quite a bit since then but is still much higher than before the huge rise last year, it won't drop in price anytime soon and we'll be told that we're getting a really good deal, talk about lining your pockets, those companies should be wearing masks!

Its because of the tariff you on and how that tariff gets paid for by your supplier.

Right now there is effectively two types of tariff's.

SVR (also fixed deals), these are hedged and are brought on a year ahead market, this still has inflated pricing.

Then there is the tracker type tariffs, this cost is based on the daily market which for many months now has been considerably cheaper.

But thats just concerning unit prices.

SC has gone up considerably and sadly looks like its going to stay up without government intervention, Ofgem keeps granting concessions to the suppliers to increase SC.

[TheDaddy]

Originally Posted by Ms NTL

Please explain. No standing charge? You where in credit?

Nothing exciting sadly, the £67 per month vouchers and a pre pay meter, had about £9 left on it so topped it up

[1andrew1]

Hopefully, we can work towards co-operation with neighbouring countries to cut £1bn + off our bills

Energy costs for consumers could be lowered by £1.1bn a year if the UK pursued greater co-operation with Europe on electricity trading and carbon pricing, according to an industry body.

Energy UK, which represents power generators and traders, said UK households were paying the price for “inefficient trading” arrangements since 2021, with electricity no longer exchanged through the EU market coupling regime.

As an EU member the UK had been part of the internal energy market regime, which created a single price by automatically balancing the needs between countries using computer algorithms to match bids and offers. But since leaving the EU single market in January 2021, the UK has moved to a back-up system that involves running daily auctions.

Traders — big suppliers as well as independent commodity and power businesses — are now being required to purchase or sell energy separately in each geographical market, adding to the complexity and cost of the system.

https://www.ft.com/content/b0084b3d-...8-f753a6dab1c7

[Jaymoss]

Originally Posted by 1andrew1

Hopefully, we can work towards co-operation with neighbouring countries to cut £1bn + off our bills

https://www.ft.com/content/b0084b3d-...8-f753a6dab1c7

Prices would be dropped by more than that (possibly) if they broke the tie between electric pricing and gas as a lot of our energy is renewable

[pip08456]

Originally Posted by Ms NTL

Tell me how to post a picture and I will post my bill

---------- Post added at 19:22 ---------- Previous post was at 19:21 ----------



Please explain. No standing charge? You where in credit?

He's on a prepayment meter like me. Standing charge is deducted weekly from the credit on the meter (in my case every Wednesday. I still have £60 credit left on mine.

[Chrysalis]

After July I have estimated SC will make up about 40% of my combined bill. O_o

Right now I am on the old Agile tariff which has 21p day SC, in July I will be on the newer version with 44p SC, I already pay the higher level of SC on gas.

Wholesale prices continue a downward trend so this will start to make people notice the high SC more.

My most recent gas bill SC was just under half of it.

[Itshim]

Originally Posted by Paul

Your house is being demolished ?

No , but trying to get disconnected is hopeless . Nobody understands I don't want mains gas or electric

[1andrew1]

Originally Posted by Itshim

No , but trying to get disconnected is hopeless . Nobody understands I don't want mains gas or electric

Why not? Are you 100% solar with batteries or something? Or have tapped into a vein of natural gas?

[Itshim]

Originally Posted by 1andrew1

Why not? Are you 100% solar with batteries or something? Or have tapped into a vein of natural gas?

In short yes. No gas anymore

[1andrew1]

Originally Posted by Itshim

In short yes. No gas anymore

Well done

[ianch99]

FYI, you can sign up to Octopus Agile again. I have just switched to see how things get on while we have a degree of protection from the Energy Price Guarantee (until end of June). Should be interesting to see how the costs vary.

I see others on a Octopus Tracker tariff for Gas - how does this work?

[pip08456]

Originally Posted by Itshim

In short yes. No gas anymore

Surely it would be good to keep the electricity connection as you would be paid for putting Into the grid any power generated surplus to your requirements.