MSE News: Budget 2023: Energy Price Guarantee to remain at £2,500 in win for Martin Lewis and MSE

Sea_Shell

diystarter7 said:

superkoopauk said:

bristolleedsfan said:

superkoopauk said:

One thing that doesn't appear to be picked up on is that some customers who were on a fixed tariff originally well above £2500 level will see their prices go up from April as the EPG support they receive is less.  There wont be many still on these tariffs now but it will be counter intuitive for the ones that are to see a price increase notice come through the door!  

 EPG discount from 1 April will be broadly similar to what it was 1 October - 31 December, everyone who was on much more expensive fixes were able to change to SVR around about that time.

Agreed - they should of switched back then but that probably wont soften the blow!

Hi

What the government must do is put a stop to the profiteering by the big boys. The government should also speed up nuclear power rather than just talk about it as this would make supplies a lot cheaper.

Longer term the gov should give grants to everyone with a property to properly insulate their homes.

Thnaks

@diystarter7

Have you watched the series Guy Martin did recently on power.    Really interesting to see what actually goes on behind the scenes of power generation and distribution.   It's an eye opener.   


It's probably still available on Channel 4 catch up.

MattMattMattUK

diystarter7 said:

MattMattMattUK said:

MSE_Helen_K said:

Typical household energy bills will remain at £2,500 a year for at least three months from 1 April as the Government has heeded ours, and others, calls to postpone a planned 20% rise. The announcement ahead of today's Budget follows a month-long campaign led by Martin Lewis, founder of MoneySavingExpert.com, which has been backed by 130 charities and consumer organisations.

Read the full story:
'Budget 2023: Energy Price Guarantee to remain at £2,500 in win for Martin Lewis and MSE - here's what it means for your bills'

If you haven’t already, join the forum to reply.

It is only a win if you are not one of the people who have to pay for it!

Hi

I'm confused by your statement,  Who does not win and why?

IMO, it is the best situation out of a bad situation and the most cost-effective one

Thnaks

Net contributors loose as they have to pay the additional £2.4-2.6 billion pounds that will be borrowed, people who do not make a net contribution win as they get the benefit but do not have to pay the cost. 

With seasonal drops in usage there was no need to do this, monthly costs would have fallen below the net cost for winter months even with the cap increasing. 

MattMattMattUK

diystarter7 said:

superkoopauk said:

bristolleedsfan said:

superkoopauk said:

One thing that doesn't appear to be picked up on is that some customers who were on a fixed tariff originally well above £2500 level will see their prices go up from April as the EPG support they receive is less.  There wont be many still on these tariffs now but it will be counter intuitive for the ones that are to see a price increase notice come through the door!  

 EPG discount from 1 April will be broadly similar to what it was 1 October - 31 December, everyone who was on much more expensive fixes were able to change to SVR around about that time.

Agreed - they should of switched back then but that probably wont soften the blow!

Hi

What the government must do is put a stop to the profiteering by the big boys.

The energy providers are capped at 2% profits. The multinationals who are making big headline profits are doing so on their global operations, more than 90% of their profits are on their global operations, sales taking place on hydrocarbons extracted outside of the UK, sold outside of the UK and traded outside of the UK.

diystarter7 said:
The government should also speed up nuclear power rather than just talk about it as this would make supplies a lot cheaper.

I am very much in favour of nuclear power, but there is not way for the government to "speed up" building of new plants/reactors without spending billions, billions which the British public has little appetite to fund. Personally I would like to see the government undertake a huge nuclear building plan, enough to provide all of the UK's energy needs, including a transition away from gas as a domestic fuel and ICE road vehicles and for the government to increase taxes to do that, but unfortunately most of the British public only take a short term view, they would rather not pay for things that benefit them and the country in the future, or they want "someone else" to pay. It would bring electricity to around 18p per kWh, but far more importantly than cost it would guarantee supply which is something vastly more critical than bringing the cost down. On this scale I am talking about an investment of £1 trillion or more over the next thirty years, it would not be cheap, but it would be worth it.

diystarter7 said:

Longer term the gov should give grants to everyone with a property to properly insulate their homes.

No they should not, people should pay to insulate their own homes, reducing their costs and increasing the value of an asset that they own. It makes no sense for the taxpayer to subsidise people to increase the value of a primary asset when those individuals could do it themselves. 

Qyburn

MattMattMattUK said:

 ... including a transition away from gas as a domestic fuel and ICE road vehicles.

imary asset when those individuals could do it themselves. 

The distribution networks need to be more reliable before pushing the "all electric" agenda further. We're now seeing Diesel backup generators (funded by SSEN grants) being put into community facilities. 

MattMattMattUK

Qyburn said:

MattMattMattUK said:

 ... including a transition away from gas as a domestic fuel and ICE road vehicles.

imary asset when those individuals could do it themselves. 

The distribution networks need to be more reliable before pushing the "all electric" agenda further. We're now seeing Diesel backup generators (funded by SSEN grants) being put into community facilities. 

That would be part of the investment, but overall the UK network in the UK is very reliable, I think 2nd or 3rd globally and the majority of people rarely if ever experiencing power outages. The main change we will need to build into our distribution network over the next several decades is the ability to cope with consistent temperatures of 40c and above. 

diystarter7

Sea_Shell said:

diystarter7 said:

superkoopauk said:

bristolleedsfan said:

superkoopauk said:

One thing that doesn't appear to be picked up on is that some customers who were on a fixed tariff originally well above £2500 level will see their prices go up from April as the EPG support they receive is less.  There wont be many still on these tariffs now but it will be counter intuitive for the ones that are to see a price increase notice come through the door!  

 EPG discount from 1 April will be broadly similar to what it was 1 October - 31 December, everyone who was on much more expensive fixes were able to change to SVR around about that time.

Agreed - they should of switched back then but that probably wont soften the blow!

Hi

What the government must do is put a stop to the profiteering by the big boys. The government should also speed up nuclear power rather than just talk about it as this would make supplies a lot cheaper.

Longer term the gov should give grants to everyone with a property to properly insulate their homes.

Thnaks

@diystarter7

Have you watched the series Guy Martin did recently on power.    Really interesting to see what actually goes on behind the scenes of power generation and distribution.   It's an eye opener.   


It's probably still available on Channel 4 catch up.

Hi
Thnak you.
Honesty is my policy and as I can't stand the bloke, I won't look that up
I do however appreciate your help.

Enjoy your weekend

EssexHebridean

It’s funny, but I can genuinely, hand on heart say that there are few things I would rather see than a rush-job on building a nuclear power station, I mean what could possibly go wrong there, eh? 

As for Guy Martin - probably one of the most genuine people on the TV I’d say - presenting good solid factual information in an entertaining way, and always ready to admit when he doesn’t know stuff, and be eager to learn. I saw the first of the energy shows but haven’t got to the rest yet so thanks for the reminder @Sea_Shell ! 😊

MattMattMattUK

EssexHebridean said:

It’s funny, but I can genuinely, hand on heart say that there are few things I would rather see than a rush-job on building a nuclear power station, I mean what could possibly go wrong there, eh? 

In the short term nothing the government could do would speed up the deployment, medium and long term, with mass production of components, and a streamlining of the planning process we could bring lead times down significantly, SMRs may bring that down even further. There is no reason that reactors could not be built safely in less than five years, but that would be once the whole system was up to speed which would take a decade. I would like to see us aiming to bring a reactor online a month by the early in the 2030s and for that to be two reactors a month by the middle of the decade and three a month by the end of the decade. That would however require higher taxes on everyone and a government that cared about the next 5-20 years, not just how they lurch from one failure to another and no political party in the UK is proposing solving our energy supply and security issues, they just want to tinker around the edges and give handouts/electoral bribes to their target voters. 

Mstty

diystarter7 said:

Sea_Shell said:

diystarter7 said:

superkoopauk said:

bristolleedsfan said:

superkoopauk said:

One thing that doesn't appear to be picked up on is that some customers who were on a fixed tariff originally well above £2500 level will see their prices go up from April as the EPG support they receive is less.  There wont be many still on these tariffs now but it will be counter intuitive for the ones that are to see a price increase notice come through the door!  

 EPG discount from 1 April will be broadly similar to what it was 1 October - 31 December, everyone who was on much more expensive fixes were able to change to SVR around about that time.

Agreed - they should of switched back then but that probably wont soften the blow!

Hi

What the government must do is put a stop to the profiteering by the big boys. The government should also speed up nuclear power rather than just talk about it as this would make supplies a lot cheaper.

Longer term the gov should give grants to everyone with a property to properly insulate their homes.

Thnaks

@diystarter7

Have you watched the series Guy Martin did recently on power.    Really interesting to see what actually goes on behind the scenes of power generation and distribution.   It's an eye opener.   


It's probably still available on Channel 4 catch up.

Hi
Thnak you.
Honesty is my policy and as I can't stand the bloke, I won't look that up
I do however appreciate your help.

Enjoy your weekend

My better half is the same she wouldn't watch it properly with Guy Martin being the presenter.

So I did and it's a shame as overall it was a solid piece of work and rather than me harping on it would have been better the info being taken in by someone else speaking.

Qyburn

MattMattMattUK said:
SMRs may bring that down even further.

Are you referring to the Rolls Royce product? https://www.rolls-royce-smr.com/why-rolls-royce-smr It certainly looks interesting but their publicity seems to talk only about export, no about deployment in the UK. If we take it up, given each unit is only 470MW I can't see why it couldn't be at least started without large scale grid rework.