MSE News: We'll freeze energy prices, Ed Miliband tells Labour conference

cepheus

You are using the 'Communist' hysteria technique. There is not a consensus for nationalising everything, but there is a preference for bringing back key industries into the public sector.

When the utilities were privatised there were caveats, including the ability of governments to intervene if consumers thought they were getting a raw deal. This may happen now, and should be known to any competent shareholder who takes this risk.

samizdat

cepheus wrote: »

You are using the 'Communist' hysteria technique. There is not a consensus for nationalising everything, but there is a preference for bringing back key industries into the public sector.

When the utilities were privatised there were caveats, including the ability of governments to intervene if consumers thought they were getting a raw deal. This may happen now, and should be known to any competent shareholder who takes this risk.

Fair enough, a bit of hyperbole re Soviet Union. However, get back to me when the utilities are brought back into the public sector - not happening as far as I can see.

Obviously_the_best

Why are UKIP not in power again?

KTF

Obviously_the_best wrote: »

Why are UKIP not in power again?

Because the electorate are stupid but not that stupid.

cepheus

The customers might be more tolerant if the execs pay reflected satisfaction. In March of this year, five Centrica (British Gas) executives pocketed £16.4 million: http://www.leftfootforward.org/2013/09/three-reasons-energy-bosses/ …

davidgmmafan

I have to say reading these comments has restored my faith in humanity. I knew there were fair minded intelligent posters on here and I am glad to see them turning out for this thread.

Both Milliband's comments and the 'promise' made by David Cameron a while ago showed IMO they have no idea what they are talking about.

Now they can't be expected to know about everything, but it would seem to me any Prime Minister, cabinet minister or MP would, if they knew that they hadn't a clue speak to some people who do.

Not one or two but lots of them to see how the competing views and opinions out there fair.

I am sorry to say the populist cries against the profits are (largely) based on very little other than rage. Yes bills have gone up a lot. They are probably going to continue going up. Unless we are going to stop other countries who are building loads of new power stations all the time from doing so (don't fancy our chances against China).

Take for example this comment

"The foreign owed energy companies charge less to their customers in their own country."

What is behind this? Sure I can recall seeing percentage increases quoted in papers from time to time, but they NEVER quote the absolute figures which these percentages come from.

There has been a comparison posted on this very thread which nobody has tried to pull down yet. If there are alternative figures I am happy to look at them.

It is however possible that prices are increasing because demand is increasing.

State ownership will do nothing to prevent that, indeed one could make the argument without the competition we do have prices would be higher.

Something is very wrong here, we should be having the debate properly or not at all.

One thing to do with generation which hasn't been covered yet but has been before companies selling power to themselves. This sounds like a cosy little arrangement but if it truly worked that way then British Gas could probably put everyone else out of business.

The points about dividends and boardroom pay whilst valid are really part of a bigger issues - Nationwide's execs also get a fortune for doing very little.

If you don't like shareholders and dividends then we are talking about a whole lot more than just the energy market. Boardroom pay IS an important issue, rewards for failure suck, but that's an issue across many companies.

I know a little about the energy industry, and I really wish people would educate themselves before (or after) getting themselves all wound up.

The posters on here who argue for the other side have looked at the facts and reached a different conclusion to you, might I suggest to also look at some facts and see how it works out for you?

PS Martin Lewis says you can't blame companies for seeking to make a profit, it is their job.

What would you do if you were EDF and you were the sole bidder??? (Brought about by the sort of dithering by government others have already alluded to)

Rant over.

Cardew

cepheus wrote: »

The customers might be more tolerant if the execs pay reflected satisfaction. In March of this year, five Centrica (British Gas) executives pocketed £16.4 million: http://www.leftfootforward.org/2013/09/three-reasons-energy-bosses/ …

I don't know if that is inadvertent misleading or deliberate misleading on your part. Obviously that stupid article is intending to convey the message that it is 5 executives from BG.

British Gas is only a part of Centrica who are a global company with interests in Europe and North America. see:

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

I am not defending these astronomic salaries/packages enjoyed by top executives; especially as they often get them even if their performance is a disaster. However that is not a problem confined to the Energy industry.

Totality

Obviously_the_best wrote: »

Why are UKIP not in power again?

Why, what would they do to fix the problems with gas and electric prices?

cepheus

Totality wrote: »

Why, what would they do to fix the problems with gas and electric prices?

Frack the landscape and ban all renewables, thereby projecting costs and misery on our children.

cepheus

Some more information from Wiki

Ah Angela Knight the former Conservative Party Member of Parliament representing the constituency of Erewash from 1992–97. She also served as the Economic Secretary to the Treasury from 1995–97.

In April 2007, she became the Chief Executive of the British Bankers' Association Bloomberg reports that, in a December 2008 statement, she declared that Libor could be trusted as “a reliable benchmark”. After a verdict against the BBA at the High Court in April 2011, some BBA members criticized Knight's handling of the case and called for her to step down as Chief Executive