MSE News: Energy firms told once again to cut prices

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"Ofgem says firms must not use their long-term investment in the energy network as an excuse not to cut household bills ..."

Read the full story:
Energy firms told once again to cut prices

fullstop

MSE_Guy wrote: »

This is the discussion thread for the following MSE News Story:

"Ofgem says firms must not use their long-term investment in the energy network as an excuse not to cut household bills ..."

Read the full story:
Energy firms told once again to cut prices

We have heard it all before nothing will happen as usual, OFGEM are a waste of tax payers money, lets have another consultation which should last for about a year and we will get the same statement all over again and nothing will happen, toothless !!!

icefall

Energy firms aren't taking any notice though are they, in fact they are practically saying, we are going to keep those prices sky high and fat lot you or anyone can do about it.. ner ner.

Cardew

MSE_Guy wrote: »

This is the discussion thread for the following MSE News Story:

"Ofgem says firms must not use their long-term investment in the energy network as an excuse not to cut household bills ..."

Read the full story:
Energy firms told once again to cut prices

That headilne really is quoting ofgem out of context!

A more balanced article than the "official MSE article" is here:

http://news.bbc.co.uk/1/hi/business/8398594.stm

What ofgem stated was:

Ofgem said that if wholesale prices continue to fall, bills must come down in the New Year to avoid the customer losing out.(my bolding)

Also despite the frequent cries that "our prices go up immediately when the wholesale prices rise, but don't follow them down" This graph is interesting!

markharding557

ofgem regulator?:rotfl:

C_Mababejive

OFGEM needs to be binned. They are of no use to the consumer and are actually a threat to the security and safety of the energy industry in this country.

http://www.ofgem.gov.uk/Media/PressRel/Documents1/DP5%20Sundayv1.pdf

http://en.wikipedia.org/wiki/Office_of_Gas_and_Electricity_Markets

http://members.lycos.co.uk/ofgemsentinel/

Butti

I don't understand the headline. Ofgem hasn't told the companies to reduce their prices it has 'urged' them, and they have ignored it.

B

Sol00

Chief executive Alistair Buchanan says: "Ofgem's role is to ensure companies can invest, but do not use investment as a shameful excuse to overcharge consumers."

That's laughable. They have no power whatsoever, all they can do is request the energy companies to decrease their pricing, but haven't they done this before? :rotfl:

Waste of taxpayers money; get rid!

1carminestocky

It's not as if we can excuse Ofgem's totally pathetic performance on the old adage: pay peanuts and you will get monkeys.

http://www.guardian.co.uk/business/2009/may/24/ofgem-executive-pay

fenwoman

according to the article prices will have to rise in order to pay for ' upgrades to regional distribution networks' whatever that means. I don't suppose it'll mean that my home will not get powercuts every time there is a bit of wind or rain. On average about 9 powercuts per year here lasting up to 8 hours which screws up my poultry incubating no end.
If I get some spare cash I'd love to have a wind turbine and stuff the electricity companies/

Sol00

1carminestocky wrote: »

It's not as if we can excuse Ofgem's totally pathetic performance on the old adage: pay peanuts and you will get monkeys.

http://www.guardian.co.uk/business/2009/may/24/ofgem-executive-pay

Nice to see them getting paid a lot for doing very little. Disgraceful!