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

Suspect answer

There are a whole range of prices in between what we have now, and what you are suggesting

Whereas I was out in a northern city and it was rammed, especially the trendy places.

We had one drink in a chain cocktail bar, decided it was a rip off and went to a basic pub for the rest of the night, that was half empty and drinks were half the price.

Some people still have plenty of money where I am, or else they have their heads in the sand.

Hear hear

I saw someone yesterday quote Germany as a shiny example by what they are doing now.

Germany has the highest price of energy in the entire world. Or it did have.
Merkle led Germany right into Russian hands.

Where I went yesterday, no sign of belt tightening.
But Bank Holiday weekend.
Could be their last hurrah?

I do wonder though, whether people are putting off big spends, but still spending on smaller things.

By nature though, I go in cheaper shops anyway[pointed out to me by the person I was with!].

There's definitely a change in the air and not just because Autumn is around the corner.
Every crisis seems to have a 'penny drop' moment.
Think we just had ours with the price cap announcement on Friday

Which charts do people use for the wholesale energy price markets please?

I think it's likely to be a last hurrah. It's still summer, the weather is exceptionally pleasant (unusually so for a bank holiday!) and I imagine people are just wanting to have a bit of fun before it all goes tits up.

I've seen a fair few posts about starting new regimes when the schools go back (obvs not Scottish posters!). Maybe we'll see a shift at that point?

I have just asked for the wholesale energy prices.

Sometimes there are things you can keep an eye on, which are quite simple to do and understand.

I think if you just ask like you have, hopefully people will come up with ideas.

You could always start your own thread for answers if you are not getting them on someone else's thread.

On your opinion, or anyone else's for that matter, why have the international wholesale prices skyrocketed?

My brother works in the industry and says its mainly Putin. Economic warfare.

As in, he has enough resources to intentionally disrupt the market.

I think a lot more people will be trying to divert their meters.
So say it’s already happening, according to an article in Daily Fail.
What was a real surprise to me was how the comment section went-

Almost every “comment” as in favour of doing this!

Very different from the attitude I was expecting from a generally Tory readership.

This worries me, as we'll end up with more fires, or worse, houses exploding and taking neighbours out.

Just started to do a little digging.

This article suggested the whole thing started way before Putin

uw.co.uk/about-us/latest-news/why-wholesale-energy-prices-have-been-rising-and-what-tariff-is-better-for-you

Putin is a factor, but definitely not the only thing

You've heard of Russia right? Why do we get our energy from them? Because they use nuclear

I don't disagree with your wider point but we don't get our energy from Russia, surely? We get gas from Russia and use that gas to produce energy?

I don't think there is an electrical output from Russia. Or is there?

Done a little more digging.

Wholesale energy prices started rising since at least sept 2021, by the looks of things.

Still havent found a grid thing with charts.

Anyone have a link please?

Exactly this.
It’s very worrying.
Gas especially.
It generally takes out the houses each side.
I had a tiny gas leak ( could smell gas) and the gas worker came out for free at nearly midnight- was here within half an hour!

He said it was a leak from my gas stove control knob - ( old stove)
He disconnected it.
I had to buy a new one-

Imagine a leak from a bodged “ Bypass”
No Corgi registered person will be doing this, it will be bodges.

Very concerning.

news.bbc.co.uk/1/hi/uk/3034088.stm

bbc news from 2003

Britain could face power cuts within the next 20 years as the country imports the bulk of its energy needs, a report says.

The Institution of Civil Engineers (ICE) says 80% of the gas needed to fuel power stations will come from what it calls "politically unstable" countries thousands of miles away.

Found this. Not sure how accurate it is.

See green and blue lines in particular.
Started significantly, mid 2020 onwards. Covid related??
Very very steady worldwide wholesale energy prices until then, with just a blip in 2008. Houseprice crash wobbles??

www.cliffordtalbot.co.uk/energy-prices/

This is so worrying. The only silver lining is that perhaps now it will become more apparent and urgent to invest everything in renewables and start really thinking of ways to cut down energy consumption. Shops having their air conditioning on but doors open, or heating on with doors open, Light Shops with all their products lit all day and night, offices lit all night. I can remember power cuts in the 70’s when we had to use torches and candles. As a country we are just not energy efficient and we are still building new houses which will have to be refitted with heat pumps and greener energy methods. Why not build them energy efficient from the start?

@AlecTrevelyan006

Yes. The uk has not helped itself over the last 20 years. In my opinion.

This BBC article keeps mentioning Russia.
It may be part now, but had nothing to do with the rises before that, presumably.

Covid - supply and demand.
More and more people now wfh.
So more demand?
Instead of 40 people in one office, 20 or 30 of those people are now in individaul homes and need power?

As long as Coffee shops are trading with take away coffees I figure many people can afford increased energy costs. Although I suspect they may become warm places for people to sit and work in while making the cheapest drink last a few hours.