Energy news in general

MattMattMattUK

[Deleted User] said:

tghe-retford said:

We are being mocked by Russia while we face a catastrophe.

https://www.bbc.co.uk/news/science-environment-62652133

Russia are having to burn (for free) one of their main sources of income because they can't sell it to anyone.  

They could sell it to Europe who would take it, Russian supplies are still below demand in Europe, however there is an odd situation where Russia can burn gas (around £10 million worth per day), constrain supply and be better off overall. Russia is making more from selling gas to EU nations now than at any point it it's history (More than €1 billion per day), it knows it has screwed itself in the long term, but in the short and medium term it will make more than enough money.

[Deleted User]

A couple of thoughts:

a) that's mainly a domestic thing - heavy industrial users don't have so much of a seasonal pattern.

b) you can't increase production very much over a couple of months and the producers aren't doing that anyway

MattMattMattUK

aaiiee said:

Apologies if it's been asked before, but does anyone understand why predictions are that energy costs will still be rising next summer  when a) it will be summer in the northern hemisphere so usage will reduce 

Industrial usage is not seasonal and is a significant part of the overall usage as well as domestic base load. Demand will still exceed supply and Russia will still be a pariah state.

aaiiee said:

and b) everyone one will have had months to cut usage 

Usage cuts are actually not likely to be as big as many like to predict, but domestic usage only makes up a third of total energy usage, so even if it was cut by half overall it still only means a total reduction of around 17% within UK/EU countries, but global demand, especially in China already exceeds that increase.

aaiiee said:

and increase production as much as possible

Of the "everyone" that is increasing production the USA and Canada are the only countries to have made any significant increases and they are not able to match either the growth in demand or the reduction in supply by Russia. Most OPEC countries have made some nice noises but production figures have barely moved. 

aaiiee said:

and c) we will be in the middle of a worldwide recession?

A recession will reduce demand, but not enough to counter the current demand increases or the restrictions on supply from Russia. Recessions do reduce demand, but they get nowhere near the level of drop in demand that came from shutting half the world down because of Covid had. 

markin

In 2013 the BBC predicted the future.

 







Top tip make the Panorama presenter do the hard work of stapling the blankets to the ceilings.
 

tghe-retford

Boris Johnson has made a rare intervention on the energy cap debate. He believes the cap should be scrapped for everyone and instead targeted. I suspect like social tariffs that would apply to pensioners and welfare recipients. At that point, what happens to those on low wages who are not eligible for welfare and for who, prices will rocket?

Though at this point, he could wish for an unicorn in every house and it won't happen. No word on the two candidates for next leader as to whether they share that sentiment of axing the cap and replacing it with a targeted cap.

https://news.sky.com/video/boris-johnson-says-we-shouldnt-cap-energy-prices-for-everybody-as-bills-set-to-soar-12681920

Wb90

tghe-retford said:

Boris Johnson has made a rare intervention on the energy cap debate. He believes the cap should be scrapped for everyone and instead targeted. I suspect like social tariffs that would apply to pensioners and welfare recipients. At that point, what happens to those on low wages who are not eligible for welfare and for who, prices will rocket?

Though at this point, he could wish for an unicorn in every house and it won't happen. No word on the two candidates for next leader as to whether they share that sentiment of axing the cap and replacing it with a targeted cap.

https://news.sky.com/video/boris-johnson-says-we-shouldnt-cap-energy-prices-for-everybody-as-bills-set-to-soar-12681920

No wages is better than low wages.

brewerdave

tghe-retford said:

Boris Johnson has made a rare intervention on the energy cap debate. He believes the cap should be scrapped for everyone and instead targeted. I suspect like social tariffs that would apply to pensioners and welfare recipients. At that point, what happens to those on low wages who are not eligible for welfare and for who, prices will rocket?

Nothing Boris says ,has ANY relevance now - he has moved out of Downing Street and is in his last week or so of "power" .

tghe-retford

brewerdave said:

tghe-retford said:

Boris Johnson has made a rare intervention on the energy cap debate. He believes the cap should be scrapped for everyone and instead targeted. I suspect like social tariffs that would apply to pensioners and welfare recipients. At that point, what happens to those on low wages who are not eligible for welfare and for who, prices will rocket?

Nothing Boris says ,has ANY relevance now - he has moved out of Downing Street and is in his last week or so of "power" .

That why I said the next sentence you did not include in your quote about promising unicorns. Saying that, don't underestimate how influential former Prime Ministers who don't yield democratic power are. Their words are taken seriously by the media and by those in power who matter, even if you may not personally like the person who is saying it.

markin

           A QUARTER of adults say they will not turn on their heating this winter because of crippling energy bills after the price cap is set to rise to £3,549

The Savanta ComRes survey, which was carried out before Ofgem announced its price cap rise, asked 2,000 adults how they would deal with soaring bills.     

pochase

New Auxilione update from today.


One positive news in their daily briefing

Warning …. possible good news (for UK gas prices) seen in the market prices this morning ….

Another aggressive upward movement on Friday as the UK headed into a long weekend due to the Bank Holiday. The European were markets trading yesterday and showed a discount to which the UK markets will look to jump on today.