Energy news in general

sully1311

Just logged into my EDF account, they're not even offering fixes anymore. 

Mstty

QrizB said:

pochase said:

Latest Auxilione update. This is at the same time their final prediction for October cap,  yesterday was the final day that is used for October cap calculations.

The observation period for the October cap was supposed to run until the end of July? Did they extend it?

Maybe the cats out the bag somewhere so they quickly reduced their prediction.

Mstty

michaels said:

Mstty said:

All eyes on next Friday now

I would have thought that realistically we need a covid style impending disaster press conference with announcements on rationing and measures to keep the population safe. 

Shame we have no functioning government.

I would have preferred a lot of advertising and a help campaign from April this year on how everyone can reduce energy use and the benefits that brings for this winter. That would have helped millions as we see on this board when new posters say this is my usage I can't understand why it's so high.

I am not being cruel when I say this but the majority of energy users need a shock. They need an initial shock in October and November and December. Then I don't mind if a bit package and plan comes into force in the New Year. Most vulnerable people have been handed a lot of money this year to see them through til then. The benefit of this delay in my opinion is that everyone will finally realise the price of energy and start reducing their usage. If a package is handed out in October nothing will change.

Someone mentioned here or on another post that we are rubbish in this country at laying things out as figures to the public. As much as I dislike American TV I must admit they do seem to find a good balance when explaining what your buck gets you and hammer things home (interlaced with 5000 adverts with medical products with 20 side effects🤣🤣)

pochase

QrizB said:

pochase said:

Latest Auxilione update. This is at the same time their final prediction for October cap,  yesterday was the final day that is used for October cap calculations.

The observation period for the October cap was supposed to run until the end of July? Did they extend it?

Good question. Auxilione was already yesterday refering to Thursday as the last day and today they wrote.

Yesterday was also the final day in the October price cap observation window and we now restart calculating the January cap, having already been set to 50% under the previous (seasonal cap) methodology.

We have produced a provisional final view of the October cap at £3,576 however this is subject to some final tweaks and roundings before Ofgem announce the official number next Friday. We were made aware of an allowance change in the Oct and Jan caps that was not present in the public model and this accounts for the small decrease seen to the previous forecast issued yesterday.

So no idea if anything has changed. I would expect them to know when the observation period ends. 

pochase

The observation period was changed. See document from 04/08/2022

https://www.ofgem.gov.uk/sites/default/files/2022-08/Price cap - Decision on changes to the wholesale methodology.pdf

The lag between the observation period closing and start of the cap will be a total of 30 working days – the first five working days would be for Ofgem to calculate and publish the new cap level with the remaining 25 working days for suppliers to inform customers and make the changes necessary to implement the new cap level. This shorter notice period also reduces volume risk by allowing us to incorporate more current wholesale price data into our calculation of the wholesale cost allowance.

This works exactly out for observation period ending yesterday. cap announcement Friday 26th of August and cap start 1st of October.

QrizB

pochase said:

The observation period was changed. See document from 04/08/2022

https://www.ofgem.gov.uk/sites/default/files/2022-08/Price cap - Decision on changes to the wholesale methodology.pdf

The lag between the observation period closing and start of the cap will be a total of 30 working days – the first five working days would be for Ofgem to calculate and publish the new cap level with the remaining 25 working days for suppliers to inform customers and make the changes necessary to implement the new cap level. This shorter notice period also reduces volume risk by allowing us to incorporate more current wholesale price data into our calculation of the wholesale cost allowance.

This works exactly out for observation period ending yesterday. cap announcement Friday 26th of August and cap start 1st of October.

Thanks, I had a look on the Ofgem publications page but didn't find that one!

pochase

If I read the document correctly the next announcement days (end of observation period plus 8) for cap will be 

24/11/2022 (bank holidays) for January 2023
25/02/2023 for April 2023
26/05/2022 for July 2023

[Deleted User]

Mstty said:

michaels said:

Mstty said:

All eyes on next Friday now

I would have thought that realistically we need a covid style impending disaster press conference with announcements on rationing and measures to keep the population safe. 

Shame we have no functioning government.

I would have preferred a lot of advertising and a help campaign from April this year on how everyone can reduce energy use and the benefits that brings for this winter. That would have helped millions as we see on this board when new posters say this is my usage I can't understand why it's so high.

I am not being cruel when I say this but the majority of energy users need a shock. They need an initial shock in October and November and December. Then I don't mind if a bit package and plan comes into force in the New Year. Most vulnerable people have been handed a lot of money this year to see them through til then. The benefit of this delay in my opinion is that everyone will finally realise the price of energy and start reducing their usage. If a package is handed out in October nothing will change.

Someone mentioned here or on another post that we are rubbish in this country at laying things out as figures to the public. As much as I dislike American TV I must admit they do seem to find a good balance when explaining what your buck gets you and hammer things home (interlaced with 5000 adverts with medical products with 20 side effects🤣🤣)

Bad news doesn’t get politicians re-elected. You might recall that a certain scruffy-haired individual said inflation would be short-lived ‘it was just the World waking up post Covid’.

I am not sure that having banal press conferences with the BEIS Secretary and CEO Ofgem would do much to inform/help consumers. Most would regard them as a waste of electricity. 

I would though be interested to hear the CEO Ofgem defend his decision to add future costs to the Cap to prevent future supplier failures at a time when energy prices are still ramping up. He clearly failed to get all his fellow Board members onside, and they all had access to all the facts.

michaels

[Deleted User] said:

Mstty said:

michaels said:

Mstty said:

All eyes on next Friday now

I would have thought that realistically we need a covid style impending disaster press conference with announcements on rationing and measures to keep the population safe. 

Shame we have no functioning government.

I would have preferred a lot of advertising and a help campaign from April this year on how everyone can reduce energy use and the benefits that brings for this winter. That would have helped millions as we see on this board when new posters say this is my usage I can't understand why it's so high.

I am not being cruel when I say this but the majority of energy users need a shock. They need an initial shock in October and November and December. Then I don't mind if a bit package and plan comes into force in the New Year. Most vulnerable people have been handed a lot of money this year to see them through til then. The benefit of this delay in my opinion is that everyone will finally realise the price of energy and start reducing their usage. If a package is handed out in October nothing will change.

Someone mentioned here or on another post that we are rubbish in this country at laying things out as figures to the public. As much as I dislike American TV I must admit they do seem to find a good balance when explaining what your buck gets you and hammer things home (interlaced with 5000 adverts with medical products with 20 side effects🤣🤣)

Bad news doesn’t get politicians re-elected. You might recall that a certain scruffy-haired individual said inflation would be short-lived ‘it was just the World waking up post Covid’.

I am not sure that having banal press conferences with the BEIS Secretary and CEO Ofgem would do much to inform/help consumers. Most would regard them as a waste of electricity. 

I would though be interested to hear the CEO Ofgem defend his decision to add future costs to the Cap to prevent future supplier failures at a time when energy prices are still ramping up. He clearly failed to get all his fellow Board members onside, and they all had access to all the facts.

My guess is the suppliers will fail anyway due to massive underpayment so allowing recovery of actual prices diverging from the cap forecast is probably a rounding error...

[Deleted User]

Dolor said:

I would though be interested to hear the CEO Ofgem defend his decision to add future costs to the Cap to prevent future supplier failures at a time when energy prices are still ramping up. He clearly failed to get all his fellow Board members onside, and they all had access to all the facts.

I agree totally although we probably all agree that highlighted section from the CEO should be 'add possible future costs'