MSE News: Wholesale gas prices at 'year low' as energy firms hike rates

davidgmmafan

Its funny because its true. Despite being pretty hopeless Ofgem will escape the cull of quangoes because its cheap as it is funded by the industry I believe.

Paulgonnabedebtfree

The energy companies may not have an official cartel but I believe that they are close enough to being a cartel to justify a criminal investigation.
Although no-one has a crystal ball, my hunch has been for a while that the world economy will get a lot worse before it gets better. This usually means a lower oil price (unless there is a war in a major oil producing area). This is followed downwards by gas and electricity wholesale prices. The missing link is the greedy !!!!!! cartel in the UK that rips off all its customers.

TIMMY85

Paulgonnabedebtfree wrote: »

The energy companies may not have an official cartel but I believe that they are close enough to being a cartel to justify a criminal investigation.
Although no-one has a crystal ball, my hunch has been for a while that the world economy will get a lot worse before it gets better. This usually means a lower oil price (unless there is a war in a major oil producing area). This is followed downwards by gas and electricity wholesale prices. The missing link is the greedy !!!!!! cartel in the UK that rips off all its customers.

As I work for a supplier I will probably get ribbed for pointing out that as you are using future tense and suppositions about what may happen in future this can have no impact on current prices but if prices fall - that's good!

backfoot

Dave_C wrote: »

Yep, Ofgem! They have a website and everything to look cool!

It's just a crying shame that they don't do what they were set up to do. The energy companies are bleeding us dry and Ofgem does NOTHING about it.

Dave

OFGEM.

Official Guff and Empty Messages.

Other Suggestions?

Pincher

TIMMY85 wrote: »

As I work for a supplier I will probably get ribbed for pointing out that as you are using future tense and suppositions about what may happen in future this can have no impact on current prices but if prices fall - that's good!

All energy providers buy some of their energy using future contracts.
That is how you can provide a fixed price tariff up to 18 months ahead without risk.

The cumulative expectation and therefore price for the next 18 months averaged plus profit margin becomes a Fixed tariff like FixOnline 10.

Breaking news that modifies that expectation translates into a lower average and then a lower fixed price tariff, say, FixOnline 11.

Economic slow down => lower demand for oil => lower energy cost => cheaper fixed tariff next month.

Pincher

backfoot wrote: »

OFGEM.

Official Guff and Empty Messages.

Other Suggestions?

Obfuscating
Front
for
Gas &
Electricity
Malpractitioners

backfoot

Pincher wrote: »

Breaking news that modifies that expectation translates into a lower average and then a lower fixed price tariff, say, FixOnline 11.

Economic slow down => lower demand for oil => lower energy cost => cheaper fixed tariff next month.

Such excellent logic has long departed the UK Energy Market.

MillicentBystander

Yes, I think the 'gas linked to the price of oil' theory went out as soon as oil started dropping from its then high of $147. This industry really does need sorting out but it will never happen - successive Govts have done what they can to NOT sort it out. You just have to look at the industry regulator and the 'powers' it's been given to realise that. Don't forget the Govt. cream off 5% from every household energy bill. It's a nice little earner for them, they certainly aren't looking to reduce that income by properly regulating the industry, are they?

Pincher

Doctor Who idea:

The Master has taken over the world, and Martha Jones got the people to think "Doctor".


So, next time we have a really cold day, let Martin do a TV appeal, and we all focus our minds at the chief executives of each energy company. They put the picture of each CEO on TV in real time, and we all mentally say "lower, lower,....." repeatedly in our minds.

whiteclaw

The price hike is disgusting. Thankfully, the price of gas for me right now is lower than my water rates. What I am concerned with is the price of leccie.

I pay £1200 a year on leccie. Honestly, and when I went to complain, all of a sudden they could knock £30 a month off. My gas is only £30 a month. It's all a con, the lot of it.

As for the cartel, it does seem odd that the energy companies are putting up prices a roughly the same amount. However, the same could be said for most things, even petrol.