The energy crisis

[1andrew1]

Looks like we've missed the bus on this. Or is it a negotiating ploy by EDF?

EDF Energy rules out delay to closure of UK nuclear power plant

The French-owned energy group has told staff in a memo that it will not delay the shutdown of Hinkley Point B in Somerset beyond its scheduled closure date of the end of July, despite fears in government that millions of homes could face winter blackouts if Russia stops sending gas to Europe.

Business Secretary Kwasi Kwarteng wrote to National Grid, which oversees Britain’s electricity and gas systems, on Friday urging the FTSE 100 company to increase “significantly” the amount of electricity-generating capacity available over the winter, particularly plants that are not reliant on gas.

But in a memo seen by the Financial Times, EDF Energy said: “Although it is technically feasible to extend operations [at Hinkley Point B] for up to six months, the time required to do this and to be confident we would be ready for winter operating has now run out.”

https://www.ft.com/content/971e3722-...2-aa59920454fd

Time to stop charging all those electric cars ........

[papa smurf]

Originally Posted by Paul

Time to stop charging all those electric cars ........

They'll be switching off all those smart meters this winter only those on analogue will get electricity

[1andrew1]

Originally Posted by Paul

Time to stop charging all those electric cars ........

Many seem to do it via solar panels so they're fine and dandy whilst the rest of us are paying through the nozzle.

[Sirius]

Originally Posted by Paul

Time to stop charging all those electric cars ........

I am still waiting on mine, all these ruddy chip shortages

[Itshim]

Originally Posted by Sirius

I am still waiting on mine, all these ruddy chip shortages

Was thinking about getting one until I listen to sliced bread . Need a big price reduction to justify buying one , I would never meet the milage required to save on carbon footprint

[Sirius]

Originally Posted by Itshim

Was thinking about getting one until I listen to sliced bread . Need a big price reduction to justify buying one , I would never meet the milage required to save on carbon footprint

I am leasing it through work, Fuel it and Go as everything else is included

[1andrew1]

Interesting analysis on fuel prices. £$ exchange rate.

Simon Nixon, Chief Leader Writer, The Times
Extraordinary stat via #WATO: in 2008, when oil prices peaked at $144/barrel, no one in Britain paid more than 120p per litre of petrol.

Today, oil price is $113 but pump prices 186p litre. Difference is collapse in sterling from $2 to $1.20. Welcome to the Brexit.

https://twitter.com/Simon_Nixon/stat...15189590589446

[nomadking]

Originally Posted by 1andrew1

Interesting analysis on fuel prices. £$ exchange rate.

https://twitter.com/Simon_Nixon/stat...15189590589446

Misleading figures, of course. The $2 was a peak figure in 2008. By the end of 2008, it was less than $1.50.
The cost of petrol includes a lot more than simply the cost of the oil.

Simon Nixon is a muppet.

The pound has rarely been worth $2 in the last 40 years, and its falling/rising value over time had nothing to do with Brexit - indeed, it fell to $1.40 in Jan 2009.

[heero_yuy]

Originally Posted by Paul

Simon Nixon is a muppet.

The pound has rarely been worth $2 in the last 40 years, and its falling/rising value over time had nothing to do with Brexit - indeed, it fell to $1.40 in Jan 2009.

But that means nothing to those here that bottom trawl the net for bad news that they can falsely blame on Brexit.

[ianch99]

You have to be a bit of a muppet to believe Brexit is not a significant contributor to the collapse of the Pound since 2016. Here's some background on this:

https://www.economicsobservatory.com...ue-of-sterling

Since the Brexit vote in 2016, the exchange rate of the pound against other leading currencies has fallen significantly. This seems to reflect a generally negative outlook among international investors for the UK’s economic prospects outside the European Union.
At the start of 2021, the pound was approximately 15% weaker relative to the euro than it was on the eve of the referendum on the UK’s membership of the European Union (EU) in June 2016. Sterling was also 20% weaker than it was when the EU Referendum Act received Royal Assent in December 2015.

Over the last five years, Brexit has been one of the key factors influencing exchange rate volatility and the value of the pound against other leading currencies. The effect of Brexit was particularly evident immediately after the referendum result, as sterling experienced its largest fall within a single day in 30 years. There were two further substantial and sustained falls in 2017 and 2019, bringing the value of sterling to new lows against the euro and the dollar in August 2019 – see Figure 1.

This largely happened because expectations of increased trade frictions between the UK and its largest trade partner, as well as increased uncertainty and persistent political instability, led financial institutions to sell the pound. As more and more organisations sold sterling-denominated assets, the value of the pound was driven down relative to other currencies.

[nomadking]

Originally Posted by ianch99

You have to be a bit of a muppet to believe Brexit is not a significant contributor to the collapse of the Pound since 2016. Here's some background on this:

https://www.economicsobservatory.com...ue-of-sterling

Conveniently forgets that the markets tend to act in a particular direction, if they can be persuaded that other are going to act the same way. So when certain quarters were saying that with a leave vote, that the pound would go down, they had to sell before others did. That pre-emptive selling drives the price down, rather than any actual real reason.
EG On Black Wednesday, the German Bundesbank and the BBC were going around saying there was going to be a devaluation of the £. As such the traders were forced into selling sterling which drove the price down. By then buying sterling back after it had died down, they made a profit.
Theoretical example, you have £100m, the rate is 3DM/£. you sell the £100m giving DM300m. The price drops to 2.5DM/£ and you buy sterling, giving £120m, £20m profit.
Similarly with shares, if enough people can be persuaded that the shares of a company will rise, they will buy the shares hoping to make an easy profit by then selling them. That will drive the price up, artificially making it look like they were right. A self-fulfilling prophecy.

Still nothing whatsoever to do with a drop from $2 to $1.40.

March 2016 $1.4248, May 2021 $1.4065. Selected rates but, not a huge difference,

Originally Posted by ianch99

You have to be a bit of a muppet to believe Brexit is not a significant contributor to the collapse of the Pound since 2016. Here's some background on this:

.. and also one to think thats what was said.
There was no "brexit" in 2008/2009, when the £ dropped 30%+.
Fuel didnt rise becasue of this 30% drop either, in fact petrol prices dropped.

[Taf]

The UK's energy regulator has announced plans to better protect customers who pay their bills through direct debit.

Ofgem accused some firms of using customers' accumulated credit like an "interest-free company credit card".

Proposals include tightening the rules on the level of direct debits that suppliers can charge to "ensure credit balances do not become excessive".

https://www.bbc.co.uk/news/business-61860717

Someone should remind Ofgem that that is how DD works. You pay the same every month, either gradually paying-off a debt caused by high use over winter, or you build up a credit to be able to clear the upcoming winter bills.

My former provider called me and asked if I wanted a growing credit to be refunded, and the caller was obviously surprised when I explained why I did not.