Energy price probe launched by regulator

Former_MSE_Guy

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

Read the full story:
Energy price probe launched by regulator

dasilva_2

Why don't they publish their findings on the same day?
We all know what they will be.

undaunted

:rotfl:I was just thinking myself I hope they do a better job of it than the last one (?, ie gas sculpting)

Anon

About time too - the energy companies claim that their rises are due to rises in wholesale prices, yet when prices reduced on the wholesale markets, they didn't bring the prices back down. In addition, they neglect to inform you that they also have big interests in the wholesale markets (selling gas and electricity from their wholesale arm to the retail arm) = win win for them!


Anon

wakeupalarm

Don't be fooled, this is a sham from the start. They are only doing it to keep themselves occupied and thus keep their own jobs during the recesssion. They all have jobs lined up with the energy companies after their Ofgem stint.

davidgmmafan

"The only question is does Ofgem actually have the teeth to sort out the big six beasts of the gas and electricity world?"

Not according to BBC's Watchdog, who state Ofgem voluntarily gave up the power to regulate prices. Bravo!

Cardew

http://www.bbc.co.uk/news/business-11842686

backfoot

As the most inept Regulator, we shouldn't hold out much hope that anything good will come out of this enquiry.

However, they must realise this themselves and have faced a justified barrage of criticism.You never know this might just be the time that they finally wake up.

If not,they should pack up their bags and exchange places with Consumer Focus in the Bonfire of the Quangos.

wiggers

I keep reading about different claims that wholesale prices have gone up/down by this percentage since that time and retails have done so-and-so, but it is impossible to judge from these hand-waving numbers just what is going on. So please can someone draw a graph of energy prices, wholesale and retail, to show just what is going on?

wakeupalarm

Customer bill and other costs appear to be wrongly labelled.

savers_united

2 classic excuses

When wholesale prices fall energy companies say they cannot reduce prices because they bought the Gas x number of years ago and so we are all using the more expensive Gas.
Then they finally (2 years later) reduce the prices by a fraction of the fall in wholesale prices.

Then prices start to rise, energy companies seem to forget that they bought that Gas x number of years ago when prices were rock bottom and magically we are all using the more expensive Gas immediately.:rotfl:

Another classic - Gas prices track the price of oil with a slight lag, oil has halved in price since highs of 2008 and its still well down at around $80 barrel but Gas prices are rising??? Where's the lag, oil is not even rising.:rotfl: