Energy news in general

michaels

Also we ended up handing out free options to enter into a CFD which had value to the companies even if they now find that the strike price means the option is not exercised.  Typical govt project, failing to understand the implications of financial instruments.

The_Green_Hornet

Ten UK energy firms to pay £7m in compensation after overcharging error

Ten UK energy suppliers including EDF, E.ON and Octopus are to pay £7m in compensation and refunds after overcharging customers, after a review by the energy regulator for Great Britain.

Ofgem said the suppliers have agreed to pay more than 34,000 customers compensation and refunds because of erroneously billing them more for standing charges – daily fees that are added regardless of how much energy is used – than is allowed under the regulator’s price cap.

The affected customers all had what is called restricted meter infrastructure, meaning more than one electricity meter point recording usage at their property, and were erroneously overcharged between January 2019 and September 2024.

Ten UK energy firms to pay £7m in compensation after overcharging error | Energy industry | The Guardian

Scot_39

michaels said:

Also we ended up handing out free options to enter into a CFD which had value to the companies even if they now find that the strike price means the option is not exercised.  Typical govt project, failing to understand the implications of financial instruments.

But CfDs do currently cost us money - around 1p/ kWh when Ofgem last updated it's estimated in the wholesale price section in their cap letter for tge nominal 2700 kWh median TDCV.  Down from last summer when closer to 1.3p/kWh at thd cap lows  - so may creep up again if Jul predictions hold.

QrizB

QrizB said:

debitcardmayhem said:

QrizB said:

michaels said:

Surely the question is what the local energy distribution network is going to do with the midday surge in generation for which there is no local demand. Any sort of big development and there will be a huge local supply and demand imbalance.

The grid voltage will rise and domestic inverters will progressively shut down until it falls again.

Does that happen now?

Yes, when necessary.

Just to illustrate this: this morning one of my two inverters cut out on over voltage. It was reading the supply voltage as 258V. (I think the G59/G98 spec is for it to trip out at 262V, so it's tripping a bit early.)

Scot_39

New price cap forecast by CI

https://www.bbc.co.uk/news/articles/clyn5keznpqo

Up on last months predicted £166 cut to a lower £129 drop.

Duel Fuel Cap prediction £1720 vs last months £1683 prediction.

CI main cap forecast page not yet updated, but press release here with new gas and electric predictions

https://www.cornwall-insight.com/press-and-media/press-release/cornwall-insight-release-final-july-price-cap-forecast/


Edit note the graph of trends in their predicted price cap over last n months in press release post. Showing an increase in early part of Las month then more stable ovef the last month of predictions.  So perhaps bbc article longer term cuts will be coming.  But it does show the difficulty in making these predictions even in relatively short time frames.

molerat

Scot_39 said:

New price cap forecast by CI
......................
CI main cap forecast page not yet updated, but press release here with new gas and electric predictions

Now updated https://www.cornwall-insight.com/predictions-and-insights-into-the-default-tariff-cap/

Scot_39

Quite like the version with the graph.

And of course thay have been out by £10s in recent past too.

But the actual cap announcement imminent.  May 27th ?

superkoopauk

Scot_39 said:

Quite like the version with the graph.

And of course thay have been out by £10s in recent past too.

But the actual cap announcement imminent.  May 27th ?

No 23rd due to the BH

michaels

Of course with it changing every quarter perhaps they should quote a typical quarterly spend?!

Scot_39

superkoopauk said:

Scot_39 said:

Quite like the version with the graph.

And of course thay have been out by £10s in recent past too.

But the actual cap announcement imminent.  May 27th ?

No 23rd due to the BH

So much for AI - thats was the Google AI date