Energy news in general

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Effician said:

Looks like we're in for over 600p/therm at open & brent crude at $128/barrel.

Are there really only 29.3 kWh in a therm?  That is over 20p a kWh, someone will be going bust if it keeps up and ofgem don't call an extraordinary re-assessment of the cap.

Effician

facade said:

Effician said:

Looks like we're in for over 600p/therm at open & brent crude at $128/barrel.

Are there really only 29.3 kWh in a therm?  That is over 20p a kWh, someone will be going bust if it keeps up and ofgem don't call an extraordinary re-assessment of the cap.

it was 20p/kwh but now 25p/kwh as the price has risen to 739p a therm.

Not so much a re assesment of the cap  as a new national  energy policy is needed.

gt94sss2

facade said:

Effician said:

Looks like we're in for over 600p/therm at open & brent crude at $128/barrel.

Are there really only 29.3 kWh in a therm?  That is over 20p a kWh, someone will be going bust if it keeps up and ofgem don't call an extraordinary re-assessment of the cap.

Your would expect any firm will have hedged their supply. They would be crazy if they haven't.

Shedman

gt94sss2 said:

facade said:

Effician said:

Looks like we're in for over 600p/therm at open & brent crude at $128/barrel.

Are there really only 29.3 kWh in a therm?  That is over 20p a kWh, someone will be going bust if it keeps up and ofgem don't call an extraordinary re-assessment of the cap.

Your would expect any firm will have hedged their supply. They would be crazy if they haven't.

As did at least one of the smaller ones Zog until the company that they had hedged through decided to stop trading and took back the hedges for themselves and no doubt the administrators of that trading company have sold those hedges on for a big return.  Hopefully the remaining suppliers are big enough to have hedged in a more direct manner or have big enough balance sheets to ride this out.

QrizB

gt94sss2 said:

facade said:

Effician said:

Looks like we're in for over 600p/therm at open & brent crude at $128/barrel.

Are there really only 29.3 kWh in a therm?  That is over 20p a kWh, someone will be going bust if it keeps up and ofgem don't call an extraordinary re-assessment of the cap.

Your would expect any firm will have hedged their supply. They would be crazy if they haven't.

The volumes traded are very low, which shows that there isn't much gas changing hands at those prices. Currently TheICE is showing eg. 90 for May, 10 for June and 20 for July; those are 1000s of therms daily for the period. UK natural gas consumption is close to 7 million therms a day, so trading for May is roughly 1% of consumption.

Low volumes are one element of price volatility.

(Handy fact: a therm is about 100 cubic feet, the same as the unit of metered volume on an imperial gas meter.)

bristolleedsfan

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QrizB

I don't want to worry anyone, but today's wholesale prices at Guy Lipman's site are among the highest I can remember seeing.

Gas is showing as 20p/kWh and electricity is almost 40p/kWh.

DiseasedBunny

QrizB said:

I don't want to worry anyone, but today's wholesale prices at Guy Lipman's site are among the highest I can remember seeing.

Gas is showing as 20p/kWh and electricity is almost 40p/kWh.

Past caring about the relevance of the numbers to my life to be honest, nothing anyone can do about it, just watching those numbers climb and climb! 

Ps - not saying don’t update us, just more there’s nothing I can do about it, it is what it is

BeerSavesMoney

Octopus Energy are now offering 10 Month fix tariffs. 

Prices for North West:

bristolleedsfan

BeerSavesMoney said:

Octopus Energy are now offering 10 Month fix tariffs. 

Already been posted at least twice on other threads this morning, month or so ago Eon Next were only offering 9 month fixed on quote page and since reverted to 12 month fixes