Energy news in general

[Deleted User]

Inflation up. Bank meeting tomorrow?

U.K. inflation surged to its highest level in more than a decade in November, exceeding 5% months before the Bank of England had expected.

Increases in the price of clothing, auto fuel and second-hand cars drove consumer prices up 5.1% from a year earlier, according to data released on Wednesday. Core inflation, which strips out energy and other volatile items, climbed to 4%, the highest since 1992. 

The overall rate of inflation was up from 4.2% in October. It has increased by 3.1 percentage points in the space of just four months, the fastest gain on record.

Without the threat posed by the omicron variant, the figures, as well as data pointing to a strengthening labor market, may have been enough for the BOE to raise interest rates on Thursday. But with new government restrictions adding to economic uncertainty, investors and economists expect the Monetary Policy Committee to delay the move until February.

Source: Bloomberg 

Gerry1

Deleted_User said:

Inflation up. Bank meeting tomorrow?

Without the threat posed by the omicron variant, the figures, as well as data pointing to a strengthening labor market, may have been enough for the BOE to raise interest rates on Thursday. But with new government restrictions adding to economic uncertainty, investors and economists expect the Monetary Policy Committee to delay the move until February.

RPI 7.1%

CPI 5.1%

Top standard easy-access savings rate 0.71%

Ouch.

booshya

Sea_Shell said:

BBC graph has Gas at 330p per therm!!!

Down to 302p just over an hour ago, now trading about 310p

Perhaps a bigger concern should be the recent (last 10 days) rise in the cost for next Summer, which perhaps gives an indication the market no longer is seeing this as a short term blip.



Winter22 shows a similar graph

wild666

Deleted_User said:

Inflation up. Bank meeting tomorrow?

U.K. inflation surged to its highest level in more than a decade in November, exceeding 5% months before the Bank of England had expected.

Source: Bloomberg 

Pensioners will be hit hard as they try to use less on fuel. Many people buy stuff they can afford and not the most energy efficient products. Come the next budget and inflation will fall just before the rates set for benefit increases, e.g. Pensions and UC, then they will increase in the following months. This is what it's like when increases in benefits are due, corrupt governments always lower inflation rates just before the budgets. 

[Deleted User]

How very cynical, and bite your tongue. It’s not as if the Government just completely ignored the ‘triple lock’ when it suited them, or re-introduced the over 75 TV licence, or penalises people for being prudent house owners in their dotage. Oh…wait…

QrizB

I toook a peek at Guy Lipman's data and thought there most be something wrong with it, so went over to Nordpool to check.

Turns out Guy's data is correct, and wholesale electricity prices really are averaging 41p/kWh today

I'm guessing it's due to the high pressure weather we're having, warm, still and cloudy, with almost 60% of our electricity currently coming from CCGTs per Gridwatch.

[Deleted User]

Eek. Meanwhile, Putin is threatening nuclear war, but probably not until he's been to the Beijing Olympics and made some deals with Xi. 

I used to think Orwell's '1984' was a work of fiction, rather than a script or instruction manual. Distopia here I come. 

Effician

QrizB said:

 

I'm guessing it's due to the high pressure weather we're having, warm, still and cloudy, with almost 60% of our electricity currently coming from CCGTs per Gridwatch.

High pressure forecast to last for approx 2 weeks for uk & dumping plenty of freezing slow moving air over europe, should be interesting to see what happens to energy prices over the short term.

Wonder if Martin Lewis is starting to rethink his stick with the svr starategy?

[Deleted User]

Effician said:

QrizB said:

 

I'm guessing it's due to the high pressure weather we're having, warm, still and cloudy, with almost 60% of our electricity currently coming from CCGTs per Gridwatch.

High pressure forecast to last for approx 2 weeks for uk & dumping plenty of freezing slow moving air over europe, should be interesting to see what happens to energy prices over the short term.

Wonder if Martin Lewis is starting to rethink his stick with the svr starategy?

As I write, 60% of our electricity is coming from gas and coal.

wild666

Effician said:

QrizB said:

 

I'm guessing it's due to the high pressure weather we're having, warm, still and cloudy, with almost 60% of our electricity currently coming from CCGTs per Gridwatch.

High pressure forecast to last for approx 2 weeks for uk & dumping plenty of freezing slow moving air over europe, should be interesting to see what happens to energy prices over the short term.

Wonder if Martin Lewis is starting to rethink his stick with the svr starategy?

If the SVR goes above fixed price rates then firms would have to see the next capped rate somewhere around the kWh price that they are at next March then the utility companies will be pulling the fixed rates at 30p off their sites and putting even higher fixed rates on deals, but they won't be able to raise the prices on the SVR until next March.