Energy news in general

molerat

https://www.thecourier.co.uk/fp/politics/scottish-politics/3021603/cost-of-living-crisis-snp-failed-to-model-how-shutting-nuclear-power-stations-would-hit-bills/

Putting principles ahead of the welfare of the people.  I like the quote that there will likely have to be more gas burnt to fill the gap.

EssexHebridean

savers_united said:

QrizB said:

Here's some good(ish) news for a change

It's a while since I've checked gas futures at The ICE but they've moderated somewhat; between 160-170p/therm (about 5.5p/kWh) through the year to September, then 170-180p/therm (about 6p/kWh) through the winter to March 2023.

Also, Nordpool has the cheapest "working weekday" electricity of the year tomorrow, averaging 12p/kWh.

Not long now hopefully we will start to see some fixes coming through below the new cap.

If the rest of winter remains fairly mild, Russia stay out of Ukraine and Global storage increases alongside NS2 getting approval then It could be a welcome combination leading to an easing of prices. I would have thought Russia and others have now made up for losses incurred during 2020 at the height of the pandemic and not to lose customers in Europe may be open to a lowering of prices and increase of supply to keep LNG cargos away from Europe. 4p per kwh of Gas would have seemed very expensive 18 months ago but a drop back to those levels on a fixed deal would be more than welcome. 

it feels increasingly as though that is becoming an ever larger "if"... 

QrizB

wakeupalarm said:

@QrizB When the April cap was announced it was reported the October cap would probably increase by 20%. Considering the October cap will be based on February-July months, how did they know it would be 20% higher?  Is the current price of 170-180p/therm,  20% higher then the average from August-January according to your figures. So averaging 140-150p/therm?

Good question, and one I can't easily answer since Ofgem seem to have their own way of calculating the average cost of energy.

In this thread I tried to calcumate the April cap. I got fairly close but my estimate was high, mainly because Ofgem based the cap on significantly lower average energy prices than I could find in free-to-access places.

• Gas: my estimate 6.45p/kWh, Ofgem's figure 4.9p/kWh
• Electricity: my estimate 17.4p/kWh, Ofgem's figure 16.6p/kWh.

Whether current gas futures of around 6p/kWh are more, or less, than the value Ofgem used for the April cap calculations will really depend on which of those two numbers you compare them to. Compared to my estimate? Yes, they're 7% lower. Compared to Ofgem's number? No, they're 20% higher.

Which is correct? I have no idea!

Etccarmageddon

Octopus have a table document showing the cap values by region.

https://octopus.energy/blog/energy-price-cap-february-2022/

bristolleedsfan

Etccarmageddon said:

Octopus have a table document showing the cap values by region.

https://octopus.energy/blog/energy-price-cap-february-2022/

"calculated by Octopus from official quotes published by Ofgem"

Less than 28 hours earlier they replied as per screenshot which I followed up to them with  https://www.edfenergy.com/sites/default/files/r505_deemed_rate_card.pdf

Etccarmageddon

Your point is you want them to publish they actual April prices rather than just the cap details?

bristolleedsfan

Etccarmageddon said:

Your point is you want them to publish they actual April prices rather than just the cap details?

Point I made was less than 28 hours before your posting mentioning Octopus have a table document showing the cap values by region they replied on Twitter with "like many others we're still waiting for all the details to filter through - we'll share updates with all customers as soon as we're able".

"calculated by Octopus from official quotes published by Ofgem"  beggars belief

Josquin

EDF

New fixed tariff-

from 19.5 KwH to 34.6p

From 23.5p standing charge to 41.6p

Seems OK with the KwH price but what do you think about the new SC price?

bristolleedsfan

Josquin said:

EDF

Seems OK with the KwH price but what do you think about the new SC price?

Lack of meaningful competition and deals for switching, not taken long for some larger suppliers to ...........  this is 24 month fix with £75 exit fee per fuel

bristolleedsfan

https://www.opendemocracy.net/en/opendemocracyuk/uk-big-six-energy-firms-one-billion-pounds-profit-cost-of-living-increase/