energy prices

[Psychedelicropcircle]

4 hours ago, The Mighty Thor said:

Speaking of solutions that aren't viable and don't do the job.......... the new PM's solution of putting the current energy crisis on the public tab with us all paying the debt off over 20 years, which of course makes a raging assumption that prices will go down after this winter, which given the energy companies stand to make £170 billion in EXTRA profit in the next 12 months means they'll be on that teat forever more amen.

 

Never mind the greens mate, think about where the real problem and of course solution lies. 

 

Would this be the same conservatives who called out Labour about needless borrowing?

 

socialism for the elite.

[The Mighty Thor]

12 minutes ago, Psychedelicropcircle said:

Would this be the same conservatives who called out Labour about needless borrowing?

 

socialism for the elite.

Socialise the losses.

 

Privatise the profits.

 

Same as it ever was. 

[ri Alban]

£1=$1.15. Awesome 👍

[Mikey1874]

 

[The Mighty Thor]

21 minutes ago, Mikey1874 said:

 

😂

 

As Roger Daltry once said 'meet the new boss, same as the old boss'.

 

From their very popular hit 'We will get fooled again'

 

Junta's gonna Junta!

[Victorian]

Margaret Beckett saying what seems obvious really.  That the oil and gas giants are sitting,  waiting and expecting a windfall tax on them.  And also that their future investments in energy production will not be affected by a windfall tax or no windfall tax.  Excess profits unexpectedly not taxed will be disposed of in dividends.

[dobmisterdobster]

17 hours ago, Mikey1874 said:

 

 

£170bn in global profits which has nothing to do with the UK. The idea that the UK can tax fuel extraction in Norway or Saudi Arabia etc is ridiculous even for an MP like Zarah Sultana.

[Jambo-Jimbo]

30 minutes ago, Victorian said:

Margaret Beckett saying what seems obvious really.  That the oil and gas giants are sitting,  waiting and expecting a windfall tax on them.  And also that their future investments in energy production will not be affected by a windfall tax or no windfall tax.  Excess profits unexpectedly not taxed will be disposed of in dividends.

 

The energy producers will already have worked out how much they will be putting into investment, dividends etc.

That's what I don't understand why Truss & co are so against a windfall tax on the excess profits which have nothing to do with future investment, shareholder dividends etc etc etc.  

 

The energy producers will still have billions of pounds more than they thought they would, windfall tax or no windfall tax, just that they'll have a lot more without a windfall tax. 

[Dazo]

21 minutes ago, dobmisterdobster said:

 

£170bn in global profits which has nothing to do with the UK. The idea that the UK can tax fuel extraction in Norway or Saudi Arabia etc is ridiculous even for an MP like Zarah Sultana.

Wouldn’t have the same impact if they actually used UK taxable profits. 

[Victorian]

3 minutes ago, Jambo-Jimbo said:

 

The energy producers will already have worked out how much they will be putting into investment, dividends etc.

That's what I don't understand why Truss & co are so against a windfall tax on the excess profits which have nothing to do with future investment, shareholder dividends etc etc etc.  

 

The energy producers will still have billions of pounds more than they thought they would, windfall tax or no windfall tax, just that they'll have a lot more without a windfall tax. 

 

It's a political / ideological fig leaf to the right wing free marketeer dementors in the party and to the financial markets.  The price freeze scheme is completely contra to the overall free market ideology but they have no choice but to do it.  Avoiding a windfall tax is reputational damage limitation.

 

One interesting bit is that they plan to introduce a limit / deferment to excess profits made by domestic nuclear and renewables generation.  

[Don Dan]

Truss: New energy price guarantee. From Oct 1 household bills capped at £2,500, saving households on average £1,000 per year. For TWO years. A very expensive policy

[Mikey1874]

Still around £175 per month (including the £400 already announced) around double what it was a year ago.

[Mikey1874]

Obviously the amount of the windful profits that are invested will be on record. 

[Psychedelicropcircle]

I’ve done you a favour by allowing you to pay double last year…, meanwhile it’s the same cost to extract from ground to boiler. 
 

welcome to Tory Britain 🇬🇧 

[Victorian]

She's waaay too partisan with the interventions on the statement.  

[joondalupjambo]

Truss needs to stop allowing interventions and get on with the extremely important announcement.

[Mikey1874]

 

[Don Dan]

9 minutes ago, Mikey1874 said:

 

Truss will be delighted 

[Mikey1874]

10 minutes ago, joondalupjambo said:

Truss needs to stop allowing interventions and get on with the extremely important announcement.

 

It's a mess. Its inexperience. Its partly the way Parliament does things but it seems she is taking interventions because she isn't going to be taking questions afterwards. 

 

A mistake she'll learn from. 

[Chevy Chase]

Far better from Starmer today.

[Ainsley Harriott]

Ah no our bills are spiralling.... Liz stops them spiralling, folk not happy.

 

I await the these measures don't go far enough when we hear from Elsie 

[Don Dan]

7 minutes ago, Chevy Chase said:

Far better from Starmer today.

Truss getting handed her erse on a plate today. 

[Victorian]

17 minutes ago, Chevy Chase said:

Far better from Starmer today.

 

Yes.  He's well prepared with some facts.  Kryptonite to the other side.

Edited September 8, 2022 by Victorian

[Japan Jambo]

8 minutes ago, Chevy Chase said:

Far better from Starmer today.

 

I agree. Beyond the relief of a cap I'm not sure her approach here is going to appeal to that many outwith a subset of the party so it's not a bad approach (for him) to politely hand her a spade. By fixing the price at source though she will have just knocked a few points off the expected inflation numbers.

[Mikey1874]

This is what Starmer was referring to when he mentioned David Cameron and nuclear in response to Teresa May blaming Labour for not doing anything. 

 

 

Edited September 8, 2022 by Mikey1874

[Footballfirst]

Summary of the government's proposals.

 

 

Edited September 8, 2022 by Footballfirst

[dobmisterdobster]

 

[dobmisterdobster]

22 minutes ago, Victorian said:

 

Yes.  He's well prepared with some facts.  Kryptonite to the other side.

 

£170bn is deliberately misleading.

[Jeffros Furios]

A government that prioritises business over the people they are meant to serve ..

And mupputs will still vote for them 

[Unknown user]

45 minutes ago, dobmisterdobster said:

 

Surely a semi competent browser of the internet would see those figures are titled "income from and expenditure on UK continental shelf exploration" and don't show the profits companies make in this country.

[Gizmo]

1 hour ago, dobmisterdobster said:

 

£170bn is deliberately misleading.

Straight from the treasury, a qualified prediction for the next 2 years. 
 

Appears it’s the torygraph correspondent that is being deliberately misleading. 

[Victorian]

10 minutes ago, Gizmo said:

Straight from the treasury, a qualified prediction for the next 2 years. 
 

Appears it’s the torygraph correspondent that is being deliberately misleading. 

 

The right wing press are also agitating for the triple lock to be binned.  

[joondalupjambo]

2 hours ago, Victorian said:

 

The right wing press are also agitating for the triple lock to be binned.  

There is no way the Triple Lock benefits will be implemented in April 2023, no way.  Inflation could be 15% to 20% if the next six months see any Truss's economics going pear shaped.  Imagine the outcry if pensioners got 20% hike when workers are having to fight tooth and nail to get 5% at the moment.  I would be happy as pig in poo of course but it just cannot happen.  A media campaign will now begin as you say and an announcement on binning it for at least another year will come into play.

[Lone Striker]

Just got this email from Scottish  Power. -

 

The Prime Minister's statement confirmed that the Energy Price Guarantee would be set at £2,500 per year from 1st October 2022 for a typical household (one that uses 12,000 kWh of gas per year, and 2,900 kWh of electricity per year, and paying both by Direct Debit). This is a decrease from the £3,549 per year previously announced by the energy regulator, Ofgem, at the end of August. You'll also still receive the £400 Energy Bills Support Scheme discount from October.

 

 

I'm all-electric, so its not clear what a typical all-electric household figure is.     Anyone know ?  Looking at my SP account for actual KWh used, 16,000  seems a reasonable estimate for a year.    

 

So if I use 10% more kWh than the notional £2500 equivalent, is my bill going to be 10% higher than £2500 for the year ?  Is that how it works ?    And does the £2500 figure include VAT   ?   

 

C'mon Lizzie, get yer finger oot !! 

 

 

[Victorian]

6 minutes ago, Lone Striker said:

Just got this email from Scottish  Power. -

 

The Prime Minister's statement confirmed that the Energy Price Guarantee would be set at £2,500 per year from 1st October 2022 for a typical household (one that uses 12,000 kWh of gas per year, and 2,900 kWh of electricity per year, and paying both by Direct Debit). This is a decrease from the £3,549 per year previously announced by the energy regulator, Ofgem, at the end of August. You'll also still receive the £400 Energy Bills Support Scheme discount from October.

 

 

I'm all-electric, so its not clear what a typical all-electric household figure is.     Anyone know ?  Looking at my SP account for actual KWh used, 16,000  seems a reasonable estimate for a year.    

 

So if I use 10% more kWh than the notional £2500 equivalent, is my bill going to be 10% higher than £2500 for the year ?  Is that how it works ?    And does the £2500 figure include VAT   ?   

 

C'mon Lizzie, get yer finger oot !! 

 

 

 

More or less right apart from your 10%.  Includes VAT.  You will be roughly 125% to 130% x the £2500 minus the £400 rebate already in train. 

Edited September 8, 2022 by Victorian

[Don Dan]

Joe Armitage

@joe_armitage

· 12h

A semi-competent browser of the Internet would be able to establish that U.K. oil and gas giants aren’t making £170bn in excess profits. According to public gov documents, their total profits for 2021 was £30bn and in 2022 they will be around £40bn (which is taxed at 65%). twitter.com/ed_miliband/st…

 

[Footballfirst]

2 hours ago, Imaman said:

Joe Armitage

@joe_armitage

· 12h

A semi-competent browser of the Internet would be able to establish that U.K. oil and gas giants aren’t making £170bn in excess profits. According to public gov documents, their total profits for 2021 was £30bn and in 2022 they will be around £40bn (which is taxed at 65%). twitter.com/ed_miliband/st…

 

https://www.bloomberg.com/news/articles/2022-08-30/uk-predicts-up-to-170-billion-excess-profits-for-energy-firms

 

UK gas producers and electricity generators may make excess profits totaling as much as £170 billion ($199 billion) over the next two years, according to Treasury estimates that lay bare the revenue-raising potential of a windfall tax.

 

Who to believe?

[OBE]

Folks, if not already done so, will obviously start looking at ways to reduce their domestic fuel consumption, been wasteful myself in the past, I must admit. 

 

Standing charges now being increased to compensate for the consumer using less, maybe?

 

Bent over and dry ridden at every juncture...we don't have an out on this one...

[Don Dan]

 

says it all!

[Unknown user]

13 hours ago, Imaman said:

Joe Armitage

@joe_armitage

· 12h

A semi-competent browser of the Internet would be able to establish that U.K. oil and gas giants aren’t making £170bn in excess profits. According to public gov documents, their total profits for 2021 was £30bn and in 2022 they will be around £40bn (which is taxed at 65%). twitter.com/ed_miliband/st…

 

 

And as I posted yesterday, a semi competent browser of the internet would see that the figures he was citing were utterly irrelevant, relating to income and expenditure in North sea exploration.

 

It literally says it at the top of the graph he posted.

[Harry Potter]

5 hours ago, OBE said:

Folks, if not already done so, will obviously start looking at ways to reduce their domestic fuel consumption, been wasteful myself in the past, I must admit. 

 

Standing charges now being increased to compensate for the consumer using less, maybe?

 

Bent over and dry ridden at every juncture...we don't have an out on this one...

Only waste i have is that tumble dryer😮,

[frankblack]

20 minutes ago, Harry Potter said:

Only waste i have is that tumble dryer😮,

 

Get yourself a clothes horse!

[Harry Potter]

2 minutes ago, frankblack said:

 

Get yourself a clothes horse!

Got one, always full. 

[JudyJudyJudy]

17 minutes ago, frankblack said:

 

Get yourself a clothes horse!

Yep never had a tumble dryer , never will . I like my clothes horse or hinging my washing out . Leaves them nice and naturally fresh when dry .

[OBE]

1 hour ago, Harry Potter said:

Only waste i have is that tumble dryer😮,

 

I've mentioned it before Bud, remove the fuse and tell her it's goosed.... Only do a washing on good drying days...need a clothes line and a drying area mind🌬️

Edited September 9, 2022 by OBE

[Harry Potter]

2 hours ago, OBE said:

 

I've mentioned it before Bud, remove the fuse and tell her it's goosed.... Only do a washing on good drying days...need a clothes line and a drying area mind🌬️

30 years married, cant throw it away now😧, 2 loads a day min, she loves washing lol.

[OBE]

16 minutes ago, Harry Potter said:

30 years married, cant throw it away now😧, 2 loads a day min, she loves washing lol.

 

Trade your wee diamond in...

[Don Dan]

REJOIN AND REFORM #RejoinReform

@sonofr

·

19h

“When Britain was in the single market it was linked via undersea interconnectors to Irish, Dutch, French & Belgian grids. The price was set in the single market & electricity flowed freely as capacity ebbed & flowed between the networks” Today, we’re on our own paying top dollar

[Footballfirst]

13 minutes ago, Imaman said:

REJOIN AND REFORM #RejoinReform

@sonofr

·

19h

“When Britain was in the single market it was linked via undersea interconnectors to Irish, Dutch, French & Belgian grids. The price was set in the single market & electricity flowed freely as capacity ebbed & flowed between the networks” Today, we’re on our own paying top dollar

But still with energy flowing in both directions to France, Belgium, Netherlands, Ireland and Norway.  At the time of posting the UK is generating 6.2% more than it is using. That excess is being exported across those interconnectors.

 

[Mikey1874]