Cable Forum - UK Energy Prices

It seems daft to me that the country gets left with the bill (and ultimately the citizens) if energy companies go bust. Certainly the supply needs to be maintained but it should be treated similarly to any other company going broke. If you are owed money then you join the line of creditors and wait your turn. If you owe money then the administrators will work out payment.
I mean if you took the risk of low bills with some company you should accept the risk and not just the benefits. Those who chose to pay more to a "stable" supplier should now not have to cover the costs of those who didn't and maybe even benefit from smaller price rises.

1andrew1

02-12-2022 10:40

Re: The energy crisis

Quote:

Originally Posted by tweetiepooh (Post 36141056)

I think it's keeping the supply going that means the state has to intervene. The trouble is that regulation was too light-touch enabling lots of poorly-backed companies to set up.
In the case of Bulb, the company became too big to fail as no companies wanted to take on its customers.

Sephiroth

02-12-2022 10:57

Re: The energy crisis

In my capacity as a pragmatic (really) Conservative, I can't for the life of me defend the privatisation of the energy industry under present rules.

I can see why Thatcher did it - to raise cash for debt repayment and her Guvmin's projects. But 40 years on, crisis meets a private company's obligations to its shareholders. The profits at this time of the underlying providers (rather than the Alt-energies) are excessive and are being paid by us. That's wrong.

https://www.theguardian.com/business...-cause-outrage

Quote:

Soaring profits at two of the UK’s biggest energy companies have been described as an “insult” to millions of people struggling amid the cost of living crisis, with high oil and gas prices funding multibillion-pound rewards for their shareholders.

A day after households were warned average annual energy bills could hit £3,850 from January, triple the level at the beginning of this year, Shell and Centrica sparked outrage by announcing huge windfalls.

Shell posted record earnings of $11.4bn (nearly £10bn) for the three-month period from April to June and promised to give shareholders payouts worth £6.5bn.

Asked about the stark contrast with punishingly high bills faced by households already struggling amid sky-high inflation, Shell’s chief executive, Ben van Beurden, said the company could not “perform miracles” to bring oil and gas prices down, adding: “It is what it is.”

At the same time, Centrica, the owner of British Gas, reinstated its dividend, handing investors £59m, after reporting operating profits of £1.3bn during the first half of 2022.

nomadking

02-12-2022 11:32

Re: The energy crisis

Quote:

Originally Posted by sephiroth (Post 36141062)

in my capacity as a pragmatic (really) conservative, i can't for the life of me defend the privatisation of the energy industry under present rules.

I can see why thatcher did it - to raise cash for debt repayment and her guvmin's projects. But 40 years on, crisis meets a private company's obligations to its shareholders. The profits at this time of the underlying providers (rather than the alt-energies) are excessive and are being paid by us. That's wrong.

https://www.theguardian.com/business...-cause-outrage

they are not the suppliers. They also operate outside of the uk. That is where the profits are earned.

Sephiroth

02-12-2022 12:10

Re: The energy crisis

Quote:

Originally Posted by nomadking (Post 36141065)

they are not the suppliers. They also operate outside of the uk. That is where the profits are earned.

Centrica owns gas fields and part of UK's nuclear energy. Crucially it also owns British Gas to whom the supply. Centrica thus controls the entire chain for the benefit of its shareholders.

That's not good.

RichardCoulter

02-12-2022 17:01

Re: The energy crisis

I own shares in Centrica and even I think it's wrong. I'm not interested in earning money off the backs of poor people who can no longer keep warm.

Julian

02-12-2022 18:39

Re: The energy crisis

Quote:

Originally Posted by RichardCoulter (Post 36141074)

I own shares in Centrica and even I think it's wrong. I'm not interested in earning money off the backs of poor people who can no longer keep warm.

Are you getting rid of your shares then?

Paul	02-12-2022 23:43

Re: The energy crisis

Bulb have credited the EBSS for Dec, from this month its £1 more (£67).

---------- Post added at 23:43 ---------- Previous post was at 23:40 ----------

It also looks like we'll be moving to Octopus just before Christmas. :(

Quote:

Update: 30 November 2022

Today, the court approved the timing for the "Energy Transfer Scheme" (ETS). The court has said that this can take effect shortly before midnight on Tuesday 20th December 2022 at which point Bulb’s business will be owned by Octopus Energy.

RichardCoulter

03-12-2022 00:06

Re: The energy crisis

Quote:

Originally Posted by Julian (Post 36141077)

Are you getting rid of your shares then?

I can't for various reasons, but I shall continue to donate money to charitable causes each and every month to help those less fortunate than myself as all decent people should do if they are in a position to do so.

Chris

03-12-2022 11:01

Re: The energy crisis

Quote:

Originally Posted by Paul (Post 36141092)

Once Bulb is fully owned by Octopus it will take them months to migrate everyone to Octopus systems and tariffs. You’re unlikely to see any practical difference to your account management until well into next year.

daveeb

03-12-2022 14:33

Re: The energy crisis

Quote:

Originally Posted by Paul (Post 36141092)

Octopus are a pretty good company IMO, never had any problems with them after 4 or so years and easy to contact.

SnoopZ

03-12-2022 15:16

Re: The energy crisis

I've always been really happy with Bulb so I hope Octopus are the same.

Jaymoss

03-12-2022 15:34