energy prices

[joondalupjambo]

3 minutes ago, hughesie27 said:

23bn profits for BP last year.

600million paid in windfall tax.

Worldwide?

[hughesie27]

3 minutes ago, joondalupjambo said:

Worldwide?

Yes.

[Footballfirst]

3 hours ago, hughesie27 said:

23bn profits for BP last year.

600million paid in windfall tax.

A total of $11.25bn in share buybacks in 2022.

 

Dividend increased by 10%

 

Winners are the execs and major shareholders.  Losers are the public purse and ultimately the public.

 

From their statement

• For 2023 and subject to maintaining a strong investment grade credit rating, bp remains committed to using 60% of surplus cash flow for share buybacks.

Edited February 7, 2023 by Footballfirst

[Footballfirst]

Equinor (formerly Statoil), Norway's state oil company, has reported pre tax profits of $75bn for the last year, i.e. more than Shell and BP combined.

 

Norway took $42.8bn in taxes from them, or $7,900 per citizen in the country.

 

Indeed their marginal tax rate in Norway is 78%, compared to 34% worldwide for BP and Shell.

 

Anyone feel that some countries are losing out.

 

https://www.ft.com/content/0f87e1b6-d46a-4f25-a903-eaafc092f9e7

 

 

[Nucky Thompson]

17 minutes ago, Footballfirst said:

Equinor (formerly Statoil), Norway's state oil company, has reported pre tax profits of $75bn for the last year, i.e. more than Shell and BP combined.

 

Norway took $42.8bn in taxes from them, or $7,900 per citizen in the country.

 

Indeed their marginal tax rate in Norway is 78%, compared to 34% worldwide for BP and Shell.

 

Anyone feel that some countries are losing out.

 

https://www.ft.com/content/0f87e1b6-d46a-4f25-a903-eaafc092f9e7

 

 

Would the UK be able to tax BP and Shell the same as what Norway are doing?

 

How would it work with them being multi-National companies and only earing a percentage of their profits in the UK?

 

I'm all for getting more money out of them

[manaliveits105]

[Unknown user]

14 minutes ago, Nucky Thompson said:

Would the UK be able to tax BP and Shell the same as what Norway are doing?

 

How would it work with them being multi-National companies and only earing a percentage of their profits in the UK?

 

I'm all for getting more money out of them

 

I think they're both registered in the UK now.

 

But they can always **** off and not do business here if they don't like it - they put £12bn+ aside to give to shareholders rather than show it as taxable profit, and that's on top of dividends. **** them.

[The Mighty Thor]

21 minutes ago, Nucky Thompson said:

Would the UK be able to tax BP and Shell the same as what Norway are doing?

 

How would it work with them being multi-National companies and only earing a percentage of their profits in the UK?

 

I'm all for getting more money out of them

They also have a sovereign oil fund worth $1.19 trillion.

 

That's what happens when you don't sell off the family silver for buttons. 

[OBE]

Bulb, no more! Now an Octopus Energy customer...how long do they have?

[il Duce McTarkin]

On 08/02/2023 at 19:03, Footballfirst said:

Equinor (formerly Statoil), Norway's state oil company, has reported pre tax profits of $75bn for the last year, i.e. more than Shell and BP combined.

 

Norway took $42.8bn in taxes from them, or $7,900 per citizen in the country.

 

Indeed their marginal tax rate in Norway is 78%, compared to 34% worldwide for BP and Shell.

 

Anyone feel that some countries are losing out.

 

https://www.ft.com/content/0f87e1b6-d46a-4f25-a903-eaafc092f9e7

 

 

 

And they're still investing in North Sea exploration.

[OBE]

Last year 5 energy companies paid shareholders £85 Billion. Britain should be burning...were too soft.

[Nucky Thompson]

5 minutes ago, OBE said:

Last year 5 energy companies paid shareholders £85 Billion. Britain should be burning...were too soft.

Should've bought shares before the Russian invasion 

[ri Alban]

45 minutes ago, Nucky Thompson said:

Should've bought shares before the Russian invasion 

Rishi and co gave the Russians 60 days to take their assets to safety. But he's claiming the UK were the toughest.  

 

[OBE]

£289 a year standing charges, if I switch the gas/lecy on or not...outrageous!

[Pans Jambo]

2 hours ago, ri Alban said:

Rishi and co gave the Russians 60 days to take their assets to safety. But he's claiming the UK were the toughest.  

 

C'mon, be fair, if you had pumped millions into supporting the tory party you would expect at least half a chance to move your Billions from the UK and bury it away from sanctions.

 

tories gonna tory!

[Masonic]

ive been lookin at chalets recently im trying to figure out energy prices compared to what im on just now anyone know anything about the difference?

[Gizmo]

13 minutes ago, Masonic said:

ive been lookin at chalets recently im trying to figure out energy prices compared to what im on just now anyone know anything about the difference?

Youtube?  

[kila]

.

Edited February 14, 2023 by kila

[ri Alban]

British gas to announce a profit of £3b , 3x more than last year. 

 

Absolutely disgusting.

[joondalupjambo]

1 hour ago, ri Alban said:

British gas to announce a profit of £3b , 3x more than last year. 

 

Absolutely disgusting.

You seemed shocked Ri.  This is totally expected as will the big profits announced by the major supermarkets.

 

These entities are businesses operating in a currently false market place i.e global energy cost hikes, a war, a higher number of folk in debt due to not being able to pay so going onto a higher tariff, no gas storage strategy etc.

 

I am not angry with be the Energy giants because they run businesses.  Business is not bad. I am furious at the UK Government for not seeing this obvious situation arising and doing something about it well ahead of these announcements.  They cannot argue that these businesses are operating in normal times and should have put in place a higher tax regime or a higher Windfall tax level on them.  Every one of us saw this coming.  The contempt for the public in all this is staggering.

 

 

[Shooter McGavin]

20 minutes ago, joondalupjambo said:

You seemed shocked Ri.  This is totally expected as will the big profits announced by the major supermarkets.

 

These entities are businesses operating in a currently false market place i.e global energy cost hikes, a war, a higher number of folk in debt due to not being able to pay so going onto a higher tariff, no gas storage strategy etc.

 

I am not angry with be the Energy giants because they run businesses.  Business is not bad. I am furious at the UK Government for not seeing this obvious situation arising and doing something about it well ahead of these announcements.  They cannot argue that these businesses are operating in normal times and should have put in place a higher tax regime or a higher Windfall tax level on them.  Every one of us saw this coming.  The contempt for the public in all this is staggering.

 

 

We’ve got Ofgem, but they just seem to get bullied all the time.
 

Regulators my a***.

[Pans Jambo]

50 minutes ago, joondalupjambo said:

You seemed shocked Ri.  This is totally expected as will the big profits announced by the major supermarkets.

 

These entities are businesses operating in a currently false market place i.e global energy cost hikes, a war, a higher number of folk in debt due to not being able to pay so going onto a higher tariff, no gas storage strategy etc.

 

I am not angry with be the Energy giants because they run businesses.  Business is not bad. I am furious at the UK Government for not seeing this obvious situation arising and doing something about it well ahead of these announcements.  They cannot argue that these businesses are operating in normal times and should have put in place a higher tax regime or a higher Windfall tax level on them.  Every one of us saw this coming.  The contempt for the public in all this is staggering.

 

 

Exactly this!

 

Nobody, NOBODY in the media are even asking why this is. Why if the energy companies are simply "passing on increased wholesale costs", are their profits not similar to last years? 

 

They're not just passing on the increased wholesale costs, they're profiteering and ripping the pish out of the public.

 

If it was just passing on the costs then I think everyone would understand this but their profits have TREBLED!

 

Windfall taxes don't really help either. It doesn't bring your bill down.

 

They need to told that if they don't reign it in sharpish, they will be renationalised.

[Captain Sausage]

29 minutes ago, Pans Jambo said:

Exactly this!

 

Nobody, NOBODY in the media are even asking why this is. Why if the energy companies are simply "passing on increased wholesale costs", are their profits not similar to last years? 

 

They're not just passing on the increased wholesale costs, they're profiteering and ripping the pish out of the public.

 

If it was just passing on the costs then I think everyone would understand this but their profits have TREBLED!

 

Windfall taxes don't really help either. It doesn't bring your bill down.

 

They need to told that if they don't reign it in sharpish, they will be renationalised.

Centrica are an exploration/production company which own British Gas. Of the £3bn profit, only £72m came from British Gas. The news (as usual) conflating production companies with energy suppliers. 

[Pans Jambo]

1 minute ago, Captain Sausage said:

Centrica are an exploration/production company which own British Gas. Of the £3bn profit, only £72m came from British Gas. The news (as usual) conflating production companies with energy suppliers. 

Right, so where does the £2,928 Million profit come from then? Is it them (Centrica) SELLING the gas to  British Gas (i.e. themselves)?

[Shooter McGavin]

27 minutes ago, Pans Jambo said:

Exactly this!

 

Nobody, NOBODY in the media are even asking why this is. Why if the energy companies are simply "passing on increased wholesale costs", are their profits not similar to last years? 

 

They're not just passing on the increased wholesale costs, they're profiteering and ripping the pish out of the public.

 

If it was just passing on the costs then I think everyone would understand this but their profits have TREBLED!

 

Windfall taxes don't really help either. It doesn't bring your bill down.

 

They need to told that if they don't reign it in sharpish, they will be renationalised.

This.

 

I’m sick fed up of the “Oh it’s the wholesale prices” argument. It’s bull***.
 

They’re just exploiting a situation to make as much cash as humanly possible.
 

Energy companies making record profits, and our government is going to lift the energy cap again to let them make even more money.
 

But aye, whatabout that family of asylum seekers down the road eh? Think of all the bloody benefits money we give them 😡🇬🇧

 

[Nucky Thompson]

It seems busting into peoples homes and installing meters works wonders for your profits 

[Captain Sausage]

30 minutes ago, Pans Jambo said:

Right, so where does the £2,928 Million profit come from then? Is it them (Centrica) SELLING the gas to  British Gas (i.e. themselves)?

Sort of. Centrica sell the gas they produce on the open market. British Gas buy wholesale from the open market (in simple terms). 
 

Competition laws prevent Centrica from giving preferential rates on supply. 

[Unknown user]

1 hour ago, Shooter McGavin said:

We’ve got Ofgem, but they just seem to get bullied all the time.
 

Regulators my a***.

 

Ofgem exist to allow continued energy company extortion, while absolving the government of responsibility.

 

Don't blame Ofgen, they're doing what they're meant to do, protecting shareholders. Blame the Tories who put them in place and act like they're the unquestionable word of god.

[Pans Jambo]

1 hour ago, Smithee said:

 

Ofgem exist to allow continued energy company extortion, while absolving the government of responsibility.

 

Don't blame Ofgen, they're doing what they're meant to do, protecting shareholders. Blame the Tories who put them in place and act like they're the unquestionable word of god.

Good post.

 

So the massive costs are not the fault of:

Centrica or any other company that supplies gas to the market (because they don't set the prices on the open market).

British Gas (or any other energy provider) because they don't set the prices on the open market.

The tories (because its Ofgem's responsibility).

Ofgem because they don't set the prices on the open market.

Who's fault is it then???

So it must be Putin?

 

IS IT FECK!!!!

 

The price cap increase was announced BEFORE he invaded Ukraine!

 

Someone is taking the piss.

[Dazo]

I take the tories only control ofgem when the prices are high ? Every other time they are independent ? 

[The Mighty Thor]

3 hours ago, Pans Jambo said:

Right, so where does the £2,928 Million profit come from then? Is it them (Centrica) SELLING the gas to  British Gas (i.e. themselves)?

Booting in pensioners doors and making them use extortionate pre payment meters

[Pans Jambo]

14 minutes ago, Dazo said:

I take the tories only control ofgem when the prices are high ? Every other time they are independent ? 

Are the tories controlling Ofgem???

 

Tell you what, if the tories told Ofgem to sort this out or they will be closed down I would bet they would actually do something about it.

 

Who are Ofgem and the tories supposed to serve? Who do they actually serve?

[Unknown user]

1 hour ago, Dazo said:

I take the tories only control ofgem when the prices are high ? Every other time they are independent ? 

 

Just to be clear, ofgem themselves have been around for a while, but the price cap was designed and implemented by ofgem, under instruction from May's government in 2017.

The rules that decide what the price cap is were set under the Tories and put at arms length. They weren't set with us in mind.

[Shooter McGavin]

1 hour ago, Pans Jambo said:

Are the tories controlling Ofgem???

 

Tell you what, if the tories told Ofgem to sort this out or they will be closed down I would bet they would actually do something about it.

 

Who are Ofgem and the tories supposed to serve? Who do they actually serve?

Apparently they act in the interest of consumers, but when they lift the price cap to allow companies that are making record profits to, *checks notes*, make more profit, then I think we can all agree they’re not fit for purpose.

[ri Alban]

2 hours ago, Dazo said:

I take the tories only control ofgem when the prices are high ? Every other time they are independent ? 

And you accuse Indy supporters of being sheep. The Tory could set your house on fire and you'd thank for the opportunity of heating your family.

[Cade]

So, if the energy companies are all making record profits, and claim that the profits aren't coming from the customers, then why the feck is the customer price cap increasing?

 

What kind of regulator do we have that allows such blatant profiteering?

 

[ri Alban]

2 minutes ago, Cade said:

So, if the energy companies are all making record profits, and claim that the profits aren't coming from the customers, then why the feck is the customer price cap increasing?

 

What kind of regulator do we have that allows such blatant profiteering?

 

Folk defending them. There's profit and there's profit.

[Dazo]

1 hour ago, ri Alban said:

And you accuse Indy supporters of being sheep. The Tory could set your house on fire and you'd thank for the opportunity of heating your family.

Valuable insight once again Ri, you’re on fire past 24 hours. 

[Dazo]

19 hours ago, Pans Jambo said:

Are the tories controlling Ofgem???

 

Tell you what, if the tories told Ofgem to sort this out or they will be closed down I would bet they would actually do something about it.

 

Who are Ofgem and the tories supposed to serve? Who do they actually serve?

I don’t know the solution and I’m not defending anyone here but if Ofgem fire in a low price cap then even more suppliers will go out of business and we will be left to foot the bill.  I’m not sure what else they can do unless it can be proven they are corrupt. Ofgem are meant to operate without government interference, you can’t demand interfere when it suits. I must have missed all the pats on the back for the tories when we were paying sweeties of our energy bills. 

The government could definitely do more though so understand the anger aimed in that direction. 

[Pans Jambo]

24 minutes ago, Dazo said:

I don’t know the solution and I’m not defending anyone here but if Ofgem fire in a low price cap then even more suppliers will go out of business and we will be left to foot the bill.  I’m not sure what else they can do unless it can be proven they are corrupt. Ofgem are meant to operate without government interference, you can’t demand interfere when it suits. I must have missed all the pats on the back for the tories when we were paying sweeties of our energy bills. 

The government could definitely do more though so understand the anger aimed in that direction. 

No, the pat on the back was never on the cards EXACTLY because energy prices have been AFFORDABLE for decades. ABSOLUTELY DECADES!!!!

"Sweeties"? Not sweeties, power companies have been profitable for decades as well. I would suggest we were paying too much before this tory shit show even started too. 

You just know the tories have been giving audiences to the oil company and energy suppliers lobby groups.

The prices have now become unaffordable BECAUSE of the tories. They have been in power for 13 years now and have robbed the public (& the public purse) blind and allowed these price increases to rip through society. EDF just announced £1.1Bn profit in the UK for the last 12 months on electricity supply. Strangely, the French company made a loss in France!

Affordable energy supply should be a basic right as it has always been. We are sleep walking into being the next Zimbabwe or a return to the 1970's.

Paid to stop using electricity in case there's power cuts? Who supports that?

 

The fact that you are trying to polish a shite in suggesting that the tory party should somehow be lauded for past affordable energy prices to me means you are either very wealthy and don't GAF that your bills have quadrupled, you're a fully paid up member pf the tory party or you're just a troll.

 

EDIT: To add, don't forget the energy price cap is being raised AGAIN in April but hey, the tories are just lovely aren't they?

 

Edited February 17, 2023 by Pans Jambo

[The Real Maroonblood]

14 minutes ago, Pans Jambo said:

No, the pat on the back was never on the cards EXACTLY because energy prices have been AFFORDABLE for decades. ABSOLUTELY DECADES!!!!

"Sweeties"? Not sweeties, power companies have been profitable for decades as well. I would suggest we were paying too much before this tory shit show even started too. 

You just know the tories have been giving audiences to the oil company and energy suppliers lobby groups.

The prices have now become unaffordable BECAUSE of the tories. They have been in power for 13 years now and have robbed the public (& the public purse) blind and allowed these price increases to rip through society. EDF just announced £1.1Bn profit in the UK for the last 12 months on electricity supply. Strangely, the French company made a loss in France!

Affordable energy supply should be a basic right as it has always been. We are sleep walking into being the next Zimbabwe or a return to the 1970's.

Paid to stop using electricity in case there's power cuts? Who supports that?

 

The fact that you are trying to polish a shite in suggesting that the tory party should somehow be lauded for past affordable energy prices to me means you are either very wealthy and don't GAF that your bills have quadrupled, you're a fully paid up member pf the tory party or you're just a troll.

 

 

Nowadays gas & electricity is a luxury.

Pathetic.

[Dazo]

30 minutes ago, Pans Jambo said:

No, the pat on the back was never on the cards EXACTLY because energy prices have been AFFORDABLE for decades. ABSOLUTELY DECADES!!!!

"Sweeties"? Not sweeties, power companies have been profitable for decades as well. I would suggest we were paying too much before this tory shit show even started too. 

You just know the tories have been giving audiences to the oil company and energy suppliers lobby groups.

The prices have now become unaffordable BECAUSE of the tories. They have been in power for 13 years now and have robbed the public (& the public purse) blind and allowed these price increases to rip through society. EDF just announced £1.1Bn profit in the UK for the last 12 months on electricity supply. Strangely, the French company made a loss in France!

Affordable energy supply should be a basic right as it has always been. We are sleep walking into being the next Zimbabwe or a return to the 1970's.

Paid to stop using electricity in case there's power cuts? Who supports that?

 

The fact that you are trying to polish a shite in suggesting that the tory party should somehow be lauded for past affordable energy prices to me means you are either very wealthy and don't GAF that your bills have quadrupled, you're a fully paid up member pf the tory party or you're just a troll.

 

EDIT: To add, don't forget the energy price cap is being raised AGAIN in April but hey, the tories are just lovely aren't they?

 

The lauding the Tory party part is a direct response to people blaming them for price rises, Or is it a one way street ?  Im not suggesting or think they should be lauded in any way. I’m not polishing anything pans that’s just how you want to see it and your view of me. 😊

[Shooter McGavin]

49 minutes ago, Dazo said:

I don’t know the solution and I’m not defending anyone here but if Ofgem fire in a low price cap then even more suppliers will go out of business and we will be left to foot the bill.  I’m not sure what else they can do unless it can be proven they are corrupt. Ofgem are meant to operate without government interference, you can’t demand interfere when it suits. I must have missed all the pats on the back for the tories when we were paying sweeties of our energy bills. 

The government could definitely do more though so understand the anger aimed in that direction. 

Surely that’s the whole point of a government? To interfere when things are getting out of hand for the population of their country? 
 

The government should never be bullied by private organisations whilst they’re blatantly profiteering to almost unimaginable levels.

[Dazo]

3 minutes ago, Shooter McGavin said:

Surely that’s the whole point of a government? To interfere when things are getting out of hand for the population of their country? 
 

The government should never be bullied by private organisations whilst they’re blatantly profiteering to almost unimaginable levels.

I dunno to be honest but how can something be independent if it can be interfered with ? 
 

Agree with your second sentence, I have no issue with businesses making money but people should be locked up for profiteering during a crisis like this. 

[WorldChampions1902]

I would never defend the energy company’s rampant profiteering, but some on here have short memories about this Tory Junta on their energy profits/taxation policy. To recap, we had months of Tory mouthpieces swatting away the suggestion of introducing windfall taxes on the basis of “investment will suffer” etc, when, all of a sudden, Shell made a statement, almost begging the government to tax them more!

 

Thus betraying the fact that the reluctance to take action on these disgusting energy profits is a Tory trait.

[Nucky Thompson]

They're saying that they paid a billion in tax.

Surely the government will pass on the extra tax money to help people pay their bills?

[The Mighty Thor]

2 hours ago, Nucky Thompson said:

They're saying that they paid a billion in tax.

Surely the government will pass on the extra tax money to help people pay their bills?

who paid a billion in tax?

 

The government will be passing nothing on. They've got a £74 billion hole to fill thanks to Truss & Kwarteng and their Tufton St '**** it up' economic experiment.  

[Nucky Thompson]

13 minutes ago, The Mighty Thor said:

who paid a billion in tax?

 

 

Centrica 

[The Mighty Thor]

4 minutes ago, Nucky Thompson said:

Centrica 

Thanks.

 

I've just been reading their report. 

 

Their CEO is spinning like a good 'un about how it's their diverse portfolio that's driven the increase in profit and not the falsely high energy prices that mugs like us are paying.

 

Good effort. 

[Psychedelicropcircle]

On 16/02/2023 at 12:36, Pans Jambo said:

Are the tories controlling Ofgem???

 

Tell you what, if the tories told Ofgem to sort this out or they will be closed down I would bet they would actually do something about it.

 

Who are Ofgem and the tories supposed to serve? Who do they actually serve?

Ofgem are an enabler, now needs torn up & started again, can’t see that happening until after the next GE.