Cost of Energy Crisis

[Kwacky]

I've just seen Martin Lewis tweet that the expected rises in October and then in January will equate to a monthly payment of 45% of a state pension.

I predict winter riots.

[duke63]

We are being conned.

I did read that because energy is bought in advance a number of hedge funds are using spare cash to buy up supply and then sell it on at a profit. That should be a criminal offence.

[C00kiemonster]

The latest
@CornwallInsight
prediction, based on Ofgem's new methodology, is an 81% price cap rise in Oct (taking typical bill to £3,582/yr) and a further 19% in Jan (so £4,266/yr)

Feck. Pensioners will freeze to death or starve!

[duke63]

My bill is already £3500 per annum.

That would mean mine would be £7000 per annum by January.

The system is broken. Martyn Lewis has said as much and it’s no longer fit for purpose as there is no competition in the market.

[Kwacky]

The joys of privatisation

[Kwacky]

This needs to be known

[StMarks]

This needs to be known
IMG

A combination of corruption and incompetence preclude our government from perusing the sort of approach that the Norwegian Gov' have.

[D41]

According to Bloomberg, both companies are expected to be making large tax payouts in 2022 to help offset the UK tax breaks they've received in recent years.

[Jack]

The latest
@CornwallInsight
prediction, based on Ofgem's new methodology, is an 81% price cap rise in Oct (taking typical bill to £3,582/yr) and a further 19% in Jan (so £4,266/yr)

Feck. Pensioners will freeze to death or starve!

Ofgem need to read the definition of the word " cap "
I don't see why their methodology takes into account the welfare of the business that they are regulating , it should not matter if these companies go bust , not one of them has fulfilled its pledges to the public , not one of them actually produce anything but bills and statements .

[Jack]

According to Bloomberg, both companies are expected to be making large tax payouts in 2022 to help offset the UK tax breaks they've received in recent years.

not to the tune of one TRILLION pounds though is it ?

[D41]

Well, apparently they're giving them a considerable amount of leeway as a means of encouraging the oil companies to keep the North Sea oil fields flowing..... those fields are now very profitable - so I'm guessing in the recent past they weren't??
So I suppose the govt gets something rather than nothing, and the fields stay open, , somewhat alleviating the UK's growing dependency on foreign oil....or something along those lines??

[Kwacky]

The fields we sold. Then stopped taking tax from the companies we sold them to

In the meantime Norway has stashed away about a trillion for their pension scheme by keeping their gas and oil fields in the public sector.

[Monty]

[D41]

Hey, it's ZZ Top!!

[duke63]

I sincerely hope people wake up to how they are being ripped off by government now.

If I have to pay circa £7k per annum to energy companies soon, then that’s about £5k per annum I don’t have to spend on anything else. And everyone else will be in the same boat.

The economy would be **** for years to come.

[Monty]

https://vm.tiktok.com/ZMNpg1eLT/?k=1" onclick="window.open(this.href);return false;

[D6Nutz]

The latest
@CornwallInsight
prediction, based on Ofgem's new methodology, is an 81% price cap rise in Oct (taking typical bill to £3,582/yr) and a further 19% in Jan (so £4,266/yr)

Feck. Pensioners will freeze to death or starve!

Also taking into consideration that the average UK salary is £29,600 which leaves a net income after tax of £23,581.

So in Jan 18% of an average earners take-home pay will go on electric and gas.

Bearing in mind that's an average, there must be a lot earning less to make that number. Each of those are going to include families with children.



Sent from my ONEPLUS A6013 using Tapatalk

[duke63]

The latest
@CornwallInsight
prediction, based on Ofgem's new methodology, is an 81% price cap rise in Oct (taking typical bill to £3,582/yr) and a further 19% in Jan (so £4,266/yr)

Feck. Pensioners will freeze to death or starve!

Also taking into consideration that the average UK salary is £29,600 which leaves a net income after tax of £23,581.

So in Jan 18% of an average earners take-home pay will go on electric and gas.

Bearing in mind that's an average, there must be a lot earning less to make that number. Each of those are going to include families with children.



Sent from my ONEPLUS A6013 using Tapatalk

If the average bill inreases by £3k per annum from last year and there are currently 17 million households in the UK reliant on electricty and/or gas, then that means approixmately £51 billion is taken out of the economy and paid to the energy companies in increased prices.

That is a huge hole to fill when its reducing peoples spending power and add on the increases in petrol and mortgage costs, you really have to wonder why any sane person would want to be PM over the next year. ( and yes i know the two in the race are insane ).

[Bob T]

Even here in France the cost of energy has gone up. Our state owned electricity company had to raise prices by about 9% this year, but the French government gave us all €100 to cover that. I am laughing because my annual electricity bill is only around €600 per annum, so I was obviously give too much. The state owned electricity company can keep our prices down because they earn money in other markets to subsidise our bills, they are called Electricity De France or EDF for short.
It helps having no TV licence, no road tax and n MOTs for bike too.
Sorry about that guys but judging by the amount of Brit plated bikes here you all love it too.

[Kwacky]

The government is spending £2.2bn to bail out Bulb.

It's then going to give £1bn to Octopus to get Octopus to buy Bulb.