Mark Connolly Posted February 23 Share Posted February 23 3 minutes ago, Alert Mongoose said: Is anyone able to translate this from the BBC as I'm struggling with the logic. Ofgem said energy prices have fallen to the lowest level since Russia's invasion of the Ukraine in February 2022. It said this "caused a further spike in an already turbulent wholesale energy market, driving up costs for suppliers and ultimately customers". "Energy companies saw a chance to make a quick buck off Russia invading Ukraine, but now they've reached the point where high prices is actually resulting in lower profits, so they've dropped the price a bit" 1 Quote Link to comment Share on other sites More sharing options...
bennett Posted February 23 Share Posted February 23 1 hour ago, Leith Green said: Anti Catholic conspiracy imvho While energy bills come slightly but staunchly down, spuds go up. 6 Quote Link to comment Share on other sites More sharing options...
Leith Green Posted February 23 Share Posted February 23 2 minutes ago, bennett said: While energy bills come slightly but staunchly down, spuds go up. We will all have to resort to eating soup................... 1 Quote Link to comment Share on other sites More sharing options...
Savage Henry Posted February 23 Share Posted February 23 17 minutes ago, Leith Green said: We will all have to resort to eating soup................... Or moving to Canada. 1 Quote Link to comment Share on other sites More sharing options...
vikingTON Posted February 23 Share Posted February 23 2 hours ago, Mark Connolly said: "Energy companies saw a chance to make a quick buck off Russia invading Ukraine, but now they've reached the point where high prices is actually resulting in lower profits, so they've dropped the price a bit" If you don't understand how a critical global commodity interacts with an almost exclusively capitalist system of economics, sure. -1 Quote Link to comment Share on other sites More sharing options...
TxRover Posted February 23 Share Posted February 23 11 hours ago, virginton said: If you don't understand how a critical global commodity interacts with an almost exclusively capitalist system of economics, sure. An odd comment, as the suggested action is entirely capitalist. Show YOUR work, explicitly and completely. -1 Quote Link to comment Share on other sites More sharing options...
vikingTON Posted February 24 Share Posted February 24 10 hours ago, TxRover said: An odd comment, as the suggested action is entirely capitalist. Well no it isn't, because energy resources are traded as a wholesale global commodity. The companies that extract/generate energy resources do not in fact sell them at point to households to any significant degree, while all the third parties who do provide household energy supplies are dealing with a similar regional and overall price structure. Which is why the cost to the consumer does not vary widely in relation to the UK energy cap despite a whole range of different suppliers competing on price, and why independent analysts can predict the future energy price cap with a high degree of accuracy under 'normal' circumstances. Between wholesale prices and various government/regulatory levies, future prices are relatively straightforward to calculate. The idea that these energy prices are being deliberately shifted up and down by moustache-twirling, Scooby Doo villains - and that they're dropping because they're no longer making the desired profit (?!) - is just infantile nonsense. A classic example of a conspiracy theory being a comfort blanket for morons. And you didn't disappoint. 1 Quote Link to comment Share on other sites More sharing options...
Suspect Device Posted February 24 Share Posted February 24 (edited) 10 hours ago, TxRover said: An odd comment, as the suggested action is entirely capitalist. Show YOUR work, explicitly and completely. 11 minutes ago, virginton said: Well no it isn't, because energy resources are traded as a wholesale global commodity. The companies that extract/generate energy resources do not in fact sell them at point to households to any significant degree, while all the third parties who do provide household energy supplies are dealing with a similar regional and overall price structure. Which is why the cost to the consumer does not vary widely in relation to the UK energy cap despite a whole range of different suppliers competing on price, and why independent analysts can predict the future energy price cap with a high degree of accuracy under 'normal' circumstances. Between wholesale prices and various government/regulatory levies, future prices are relatively straightforward to calculate. The idea that these energy prices are being deliberately shifted up and down by moustache-twirling, Scooby Doo villains - and that they're dropping because they're no longer making the desired profit (?!) - is just infantile nonsense. A classic example of a conspiracy theory being a comfort blanket for morons. And you didn't disappoint. When are you two announcing your engagement and are we all invited to the wedding? ETA: Actually forgot what I came on to post. My direct debit is dropping from £324 to £186 in April. That's a fair drop but I'm guessing it's the combination of the price cap change, the fact I'm still in credit in February and the fact that they messed up when they installed a smart meter so I was only being charged for gas, not electricity. Edited February 24 by Suspect Device 0 Quote Link to comment Share on other sites More sharing options...
Have some faith in Magic Posted February 24 Share Posted February 24 On 06/02/2024 at 13:45, flyingscot said: Octopus Tracker tariff I am on is today 14.47p for electricity and 3.86p for gas. Wholesale prices have generally been tracking well lower than the price cap for a while. I have just signed up for this so I fully expect world tensions to ratchet up another notch or two this week. 0 Quote Link to comment Share on other sites More sharing options...
TxRover Posted February 24 Share Posted February 24 5 hours ago, virginton said: Well no it isn't, because energy resources are traded as a wholesale global commodity. The companies that extract/generate energy resources do not in fact sell them at point to households to any significant degree, while all the third parties who do provide household energy supplies are dealing with a similar regional and overall price structure. Which is why the cost to the consumer does not vary widely in relation to the UK energy cap despite a whole range of different suppliers competing on price, and why independent analysts can predict the future energy price cap with a high degree of accuracy under 'normal' circumstances. Between wholesale prices and various government/regulatory levies, future prices are relatively straightforward to calculate. The idea that these energy prices are being deliberately shifted up and down by moustache-twirling, Scooby Doo villains - and that they're dropping because they're no longer making the desired profit (?!) - is just infantile nonsense. A classic example of a conspiracy theory being a comfort blanket for morons. And you didn't disappoint. Speaking of not disappointing. No explanation of your assertion, just a vague statement that it’s all conspiracy theory. The original poster, that you poo-pooed, laid out a simple case for those in the market utilizing their positions to adjust costs charged to improve profits, including the counter-intuitive move to lower prices to increase profit. Any competent economist understands this, knows it occurs, and realizes that a monopoly or vertically integrated market is NOT necessary for these conditions. Swing and a miss, chum. 5 hours ago, Suspect Device said: When are you two announcing your engagement and are we all invited to the wedding? No thanks, I’ve already exchanged an obtuse, know-it-all with an anger issue and delusions for a much smaller retirement account that’s all mine. 0 Quote Link to comment Share on other sites More sharing options...
vikingTON Posted February 25 Share Posted February 25 22 hours ago, TxRover said: Speaking of not disappointing. No explanation of your assertion, just a vague statement that it’s all conspiracy theory. The original poster, that you poo-pooed, laid out a simple case for those in the market utilizing their positions to adjust costs charged to improve profits, including the counter-intuitive move to lower prices to increase profit. Any competent economist understands this, knows it occurs, and realizes that a monopoly or vertically integrated market is NOT necessary for these conditions. Leaving aside the complete and utter nonsense of your account of events, there's absolutely no evidence to support the 'case' that you're trying - and failing - to white knight for. So conspiracy theory nonsense it is then. Gutted for you. 0 Quote Link to comment Share on other sites More sharing options...
TxRover Posted February 25 Share Posted February 25 1 hour ago, virginton said: Leaving aside the complete and utter nonsense of your account of events, there's absolutely no evidence to support the 'case' that you're trying - and failing - to white knight for. So conspiracy theory nonsense it is then. Gutted for you. So you have nothing, thanks for playing, chum. 0 Quote Link to comment Share on other sites More sharing options...
scottsdad Posted March 19 Share Posted March 19 Got an email from Ovo saying that my estimated annual cost will drop from £18,500 to £15,800. Result! Only been their customer for 9 years... 0 Quote Link to comment Share on other sites More sharing options...
Molotov Posted March 19 Share Posted March 19 32 minutes ago, scottsdad said: Got an email from Ovo saying that my estimated annual cost will drop from £18,500 to £15,800. Result! Only been their customer for 9 years... Do you live in a castle? 3 Quote Link to comment Share on other sites More sharing options...
scottsdad Posted March 20 Share Posted March 20 8 hours ago, Molotov said: Do you live in a castle? I just don't get it. Customer for years, currently paying about £200 a month. Where do these estimates come from? 1 Quote Link to comment Share on other sites More sharing options...
effeffsee_the2nd Posted March 20 Share Posted March 20 22 minutes ago, scottsdad said: I just don't get it. Customer for years, currently paying about £200 a month. Where do these estimates come from? 9 hours ago, scottsdad said: Got an email from Ovo saying that my estimated annual cost will drop from £18,500 to £15,800. Result! Only been their customer for 9 years... TBF that would be my bills if a didn't have Hive and kept an eye on things, the mrs would have the place at 25 day & night including when she goes out to work and doesn't bother turning the heating off. 1 Quote Link to comment Share on other sites More sharing options...
Molotov Posted March 20 Share Posted March 20 1 hour ago, scottsdad said: I just don't get it. Customer for years, currently paying about £200 a month. Where do these estimates come from? Did you not have major problems previously with an incorrect energy bill? Perhaps I’m confusing you with something else. 0 Quote Link to comment Share on other sites More sharing options...
scottsdad Posted March 20 Share Posted March 20 25 minutes ago, Molotov said: Did you not have major problems previously with an incorrect energy bill? Perhaps I’m confusing you with something else. I did (kind of). I was with Scottish Power until 2015, then left them for OVO. SP billed me a year or so back for £12,000 even though I'm not a customer of theirs any more. Took about a month of phone calls for them to back down. Do these companies think I am running a cannabis farm or something? 0 Quote Link to comment Share on other sites More sharing options...
Molotov Posted March 20 Share Posted March 20 2 minutes ago, scottsdad said: I did (kind of). I was with Scottish Power until 2015, then left them for OVO. SP billed me a year or so back for £12,000 even though I'm not a customer of theirs any more. Took about a month of phone calls for them to back down. Do these companies think I am running a cannabis farm or something? Perhaps someone at the university has been “grassing” you up! 1 Quote Link to comment Share on other sites More sharing options...
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