Energy news in general

Gerry1

wakeupalarm said:

molerat said:

Centrica accuse 2 large rivals, understood to be Ovo and Octopus, of trying to block ring fencing of customer deposits proposals.

https://uk.finance.yahoo.com/news/british-gas-owner-says-rivals-161049686.html

I've just put in a request to withdraw my credit balance from one of those companies.
I'm not risking losing the payments I've already made.

You won't lose them, but if things go pear-shaped it might take a quite a while to get an SoLR refund.

molerat

wakeupalarm said:

molerat said:

Centrica accuse 2 large rivals, understood to be Ovo and Octopus, of trying to block ring fencing of customer deposits proposals.

https://uk.finance.yahoo.com/news/british-gas-owner-says-rivals-161049686.html

I've just put in a request to withdraw my credit balance from one of those companies.
I'm not risking losing the payments I've already made.

My SIL is trying to get £800 back from Ovo.  Keeps hitting "the computer says no".

You won't lose the money under the current system.  The proposals are all about the actual customer money being safeguarded rather than the SoLR fund, which we all bankroll, picking up the tab when suppliers fail.

Mstty

I suspect if there is a run on "credit" balances like banks they will fold.

Xbigman

There is nothing wrong with a company using customer deposits to fund a business. It goes wrong when customer money is used to fund losses, usually by unscrupulous companies running at a loss whilst paying the directors big salaries and paying consultancy firms (which the directors own) big fees for advice. That was a business model OFGEM should never have allowed to get established. 
Maybe if British gas used the customer deposits they hold to reduce their financing costs they could spend more money on customer service, or possibly even get their smart meters working with E7 tariffs.

The whole story is BS of course. No company had a veto, they were simply asked for their opinions as part of OFGEM's revue. 2 companies gave negative opinions, as is their right. We don't know what those opinions actually were either. It is pure speculation and Lazy, sensationalist journalism. 

Darren

gt94sss2

wakeupalarm said:

molerat said:

Centrica accuse 2 large rivals, understood to be Ovo and Octopus, of trying to block ring fencing of customer deposits proposals.

https://uk.finance.yahoo.com/news/british-gas-owner-says-rivals-161049686.html

I've just put in a request to withdraw my credit balance from one of those companies.
I'm not risking losing the payments I've already made.

You wouldn't.

In fact both companies are bigger than Bulb, which would make them to large to fail/go through SOLR and would be put in special administration instead

British Gas arguing to ring fence customer deposits is really just an attempt to limit new entrants when the industry finally stabilises

bristolleedsfan

molerat said:

Centrica accuse 2 large rivals, understood to be Ovo and Octopus, of trying to block ring fencing of customer deposits proposals.

https://uk.finance.yahoo.com/news/british-gas-owner-says-rivals-161049686.html

Octopus reported response   https://www.cityam.com/octopus-energy-locks-horns-with-centrica-over-market-reforms-as-bidding-war-for-bulb-llights-up/

Sea_Shell

Gas on the way up again... BBC

Natural gas

As of 16:24 15 Jun 2022

15 min delay

Source: Morningstar

Today's data summary

 

% change

+32.79%

 

Price pence per therm(p/therm)

261.00

 

Change

+64.45


Anyone know what's causing this spike?

Mstty

Vladimir Putin

Sea_Shell

Mstty said:

Vladimir Putin

Well yes. But today, specifically?

Mstty

Sea_Shell said:

Mstty said:

Vladimir Putin

Well yes. But today, specifically?

I suspect we have reached the pinch point where other European countries who were buying a lot of their gas from Russia are now trying to carve out contracts with our suppliers in Western Europe for the winter months ahead.

It will be interesting to follow the Octopus tracker thread to see what day ahead prices predict for tomorrow.