Price Cap - Just announced

[swifttwist]

From £1971 to £3549. 80% rise. I have no words.

New figures:

Electricity
£0.52 per kWh
Daily standing charge: £0.46

Gas:
£0.15 per kWh
Daily standing charge: £0.28

We're also starting to build a subsea pipeline from Germany to England. Germany gets a lot of their supply from Russia though so that's one big waste of time.

@pointythings
we absolutely do need to do better

Ireland actually sold rights to Shell I think (could have been BP) to explore reserves off the coast of Ireland (in Ireland's waters). I've no idea how that fared out but I remember thinking 'are you fucking nuts?'. I suspect Ireland didn't have the money nor the appetite to drill.

The unit prices are in the original post surely?

@Sporty2022
Bulb had over 1 million customers, too many to foist onto any of the big 6 who had already been allocated hundreds of thousands of customers from failed companies. Ofgem took it on under government control.
It's a much more complex thing than just ranting at their profits. For instance, Shell and some other companies have two arms to the business, the drilling and the selling side. Profits often show the overall profit not necessarily the arm which sells the product to us. Their operating and maintenance costs are huge. My ex was a saturation diver for Shell then an inspector of diving then a consultant in Oman, Norway and Dubai among other places. It's more than just drilling/selling/using.

our monthly was 2020 £230pm, 2022 first half £363, 2022 Oct onwards will be £651 pm, crazy amount,

Green energy is only expensive for 2 reasons, which go hand in hand:
lack of investment to develop early enough
lack of profit to the all-powerful oil industry

Nuclear is cheap to produce but only just competitive with oil and gas once R&D, build and deregulation costs are accounted for. The plants are not quick build and we would have to be increasing builds by 10% year on year to replace oil and gas. It's not feasible and the more we build the more the risks are raised - look at Ukraine.

I am sickened by the record-breaking profits these bloodsucking vultures are making. It’s absolutely criminal. They should be forced to reduce prices drastically.

Reduce prices to what? So you can afford it?

Do you routinely see businesses running at cost or a loss instead of profit lasting long?

How many in bear could genuinely afford to pay £500 or £600 per month? Just curious.

How many on hear

No, I couldn't, I only have one income so pay the bills on my own. Mine would be £134 under the October cap, based on last year's usage, I would reduce usage further if it's worse next winter.

That's the price of voting for and putting up with corrupt Politician's, try doing some research next time before giving away your vote. This was all totally avoidable and caused by sanctions and the Peacock posturing woke Politicians. It's going to be a cold Winter.

A large number of people could actually “afford it”. As in,if you would freeze or heat your house could you do it?

your question is really how many people can afford to do it without changes in their standard of living ie not going on holiday or not spending in other non essentials. That’s a very different thing. Unfortunately protecting existing levels of non essential spending isn’t something the government can afford to do. Remember they don’t have any money, they simply spend the money they take from us in the first place.

Nobody wants to see detrimental changes to their standards of living. The measures in place will give some support to low income pensioners and those on benefits etc. it will be the squeezed middle again who will struggle I suspect.

We can afford it but obviously there is a finite amount of money and an extra £3k spent on energy is £3k we can't spend elsewhere on non essentials and nice things and would have to come out of savings but I wouldn't expect the government to pay for an expensive holiday for me when I can go on a cheaper one instead. Help for this should be targeted and not subsidising luxuries

Same for us. The money will be there but it means it isn’t spent on other things. That has a gradual knock on effect on others eg cafes, restaurants etc.

A large number of people could actually “afford it”. As in,if you would freeze or heat your house could you do it?
There's the option of heat less for many. The price cap is based on 2 and a half people in a three bed I think. We are two people in a three bed (third a box bedroom) and use less than half the average, it would be difficult to reduce ours by much. If we had more average usage we certainly could.

Same for us. The money will be there but it means it isn’t spent on other things. That has a gradual knock on effect on others eg cafes, restaurants etc.

exactly, this is terrible for the economy. Having the government knee jerk into action over this but giving hand outs isn’t great either as no one knows what going to happen,

grants for insulation etc took a dive in 2013 and nothing has been done to try and help.

There is no planning with Tory’s and that’s why everything is in crisis from housing, NHS, Sewage, economy, cost of living, it’s a mess for people. It’s all well saying hopefully they’ll not get in next election but who ever dies is going to have a fecking mess to clear up that’ll take longer than 4/5 years

We have the money but it would mean no dog walker, no children's classes, no getting my hair done, no more eating out at local restaurants. Sounds like a first world problem but all those people will then see their income go down.

The giver could force lower caps on energy, but they are ruining the economy by allowing this

ifcone take the price of the buy now gas as the cap, but the companies pre buy much if there supply at a lower price. So instead of averaging out the price and capping of one take the highest price paid in august and use that

Ofcome

I was out last night in a nice part of South London and it was really quiet. One bar was actually empty we were the only customers at 10.00 when usually you'd expect omit to be heaving.
The other bar ws went to was slightly busier but nothing like you'd expect on a Saturday night.

People are already tightening their belts and it's only just beginning. With pints at £7 and glass of wine £12 that was my final hurrah came hope £60 lighter so no more going out to bars for me.

Yes, we could but DH would probably have to up his hours in a back breaking job. He's already knackered doing the hours he does and he's pushing 50. But yes, we could afford it as we have the option to increase income that way.

Quote fail, that was the answer to PP question who could afford extra £600pm

The fact that we even have to think about whether we want people to survive or a vibrant(ish) economy to survive - the fact that this even raises its head as a political question - shows how much damage has been inflicted on British society in the last decade.

People should have a strong relationship with their country and its economy, not be detachable from it.