Tag Archives: price

Wholesale gas prices have dropped. Will our energy bills start to fall? 

A while ago, This Site reported that wholesale gas prices had fallen by 45 per cent. Now they’re down to parity with where they were 18 months ago – before the various crises that pushed them up.

So, are we going to see matching reductions in our energy bills?

The jaded among you will not be surprised to learn that the answer, according to This Is Money, is no.

See what you make of the reasons:

Prices have started to fall back in recent weeks as a milder-than-expected autumn has reduced demand, and a flurry of cargoes arriving at ports across Europe has eased supply concerns.

Nathan Piper, head of oil and gas research at Investec said: “This is likely to be a temporary respite ahead of colder winter weather and associated increase in gas demand for heating.

“Although the spot price has declined to the ten year average, the forward curve continues to indicate high prices throughout the next two years leading to significant parts of European industry shutting down.”

That’s one reason. Here’s another:

Energy companies ‘hedge’ by buying gas and electricity well ahead of when it is needed. Suppliers will buy a certain amount of energy in advance to lock in the price and to reduce the risk of adverse price movements.

It means that our monthly bills don’t reflect today’s prices, but rather the wholesale cost from when the supplier first paid for the energy.

Currently our household energy bills are being kept artificially low by the energy price guarantee, and don’t represent the actual wholesale price being paid for by suppliers.

Had the £2,500 guarantee cap for the average household not been put in place, Ofgem would have increased its price cap [for an “average” household] to £3,549 per year in October 2022.

Should wholesale gas prices continue to fall, the Government is likely to be the beneficiary given [it is] footing the bill.

A prolonged and seemingly permanent drop could eventually lead to new fixed rate deals being offered below the price cap, but firms are likely to be very cautious on doing this.

So your only chance of getting lower fuel bills is if the climate change, that so many Tory MPs want to deny, continues to affect us until April.

In that event, it seems to me that we’ll have to accept we’ve gone past the point of no return as far as that calamity is concerned, and this one – energy prices – won’t be particularly relevant any more.

Or is that too pessimistic?

Source: Wholesale gas prices have dropped from their summer peak: Will our energy bills start to fall before the price guarantee ends in April?

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Jeremy Hunt’s financial statement – and Martin Lewis’s reaction [VIDEO]


New Chancellor Jeremy Hunt has made a statement reversing almost all the economic measures announced by the previous Chancellor, Kwasi Kwarteng.

Money Saving Expert Martin Lewis reacts to his words:

What do you think? How will this affect you – or have you not considered this?

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Is Jeremy Hunt about to announce an end to the energy price cap?

Jeremy Hunt: is he really a serious Chancellor?

If he lays all the burden on the poor, we’ll know that Jeremy Hunt is not a serious Chancellor of the Exchequer.

But then, he wasn’t a serious Health Secretary either, if you consider the damage he did to the National Health Service.

He seems likely to end the energy price cap next April. That’s not necessarily a bad thing because the cost of gas is plummeting:

This change won’t be reflected in prices for a little while, but it should be by April. If prices don’t come down, then the government will need to take action to compel the energy firms to rein in their greed.

That will be fun to watch!

Other measures are expected to u-turn on more of the measures in previous Chancellor Kwasi Kwarteng’s ‘fiscal event’ in September.

But how is he going to fill the £70+ billion hole in the public finances that was created by Kwarteng?

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Liz Truss: energy price cap is the new ‘vaccine roll-out’ excuse!

The UK’s new prime minister, Liz Truss, has settled on an explanation for her disastrous mini-budget and the way it crashed the UK economy.

What is it? “We had to help people with their energy bills.”

But that has nothing to do with the tax cuts she rolled out and the resulting collapse of the Pound!

It has nothing to do with the Bank of England having to save pension funds at a cost of £65 billion.

Watch:

Robespierre is right, by the way – it is disgusting that we were told spending £3 billion to keep the Universal Credit uplift in place would be too expensive, when £65 billion – nearly 22 times as much – can be magicked up easily to save pension funds. There is no consistency.

Don’t let Truss get away with it, folks. If you’re an interviewer and she trots out that line, tell her it’s nothing to do with what’s happening to real people. If you are a real person and you get to talk to her on a radio phone-in or some such, do the same.

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With the wholesale price of gas down 45%, ask why your bill is rising so massively

Yes – the price of gas is down by 45 per cent but your bill is rising by, on average, 28 per cent.

Apparently this is because gas is bought on ‘futures’ markets – but there seems to be a problem with that…

Do you get the feeling you’re being conned?

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Government outlines plans to postpone energy bills for businesses

Energy bills for UK businesses will be cut to around half their expected level this winter under a government support package that, together with help for domestic energy bills, could be worth £150 billion.

The whole shemozzle seems to be funded by borrowing – meaning that we will have to pay it back in the future, while the energy production companies will get to pocket the £170 billion in profits they have been making while we all struggle to pay.

That’s not very good.

But for the moment, we all have a bit of relief.

Here are the details, from the government’s website:

This support will be equivalent to the Energy Price Guarantee put in place for households.

It will apply to fixed contracts agreed on or after 1 April 2022, as well as to deemed, variable and flexible tariffs and contracts. It will apply to energy usage from 1 October 2022 to 31 March 2023, running for an initial 6 month period for all non-domestic energy users. The savings will be first seen in October bills, which are typically received in November.

As with the Energy Price Guarantee for households, customers do not need to take action or apply to the scheme to access the support. Support (in the form of a p/kWh discount) will automatically be applied to bills.

To administer support, the government has set a Supported Wholesale Price – expected to be £211 per MWh for electricity and £75 per MWh for gas, less than half the wholesale prices anticipated this winter – which is a discounted price per unit of gas and electricity. This is equivalent to the wholesale element of the Energy Price Guarantee for households. It includes the removal of green levies paid by non-domestic customers who receive support under the scheme.

The level of price reduction for each business will vary depending on their contract type and circumstances:

  • non-domestic customers on existing fixed price contracts will be eligible for support as long as the contract was agreed on or after 1 April 2022. Provided that the wholesale element of the price the customer is paying is above the Government Supported Price, their per unit energy costs will automatically be reduced by the relevant p/kWh for the duration of the Scheme. Customers entering new fixed price contracts after 1 October will receive support on the same basis
  • those on default, deemed or variable tariffs will receive a per-unit discount on energy costs, up to a maximum of the difference between the Supported Price and the average expected wholesale price over the period of the Scheme. The amount of this Maximum Discount is likely to be around £405/MWh for electricity and £115/MWh for gas, subject to wholesale market developments. Non-domestic customers on default or variable tariffs will therefore pay reduced bills, but these will still change over time and may still be subject to price increases. This is why the government is working with suppliers to ensure all their customers in England, Scotland and Wales are given the opportunity to switch to a fixed contract/tariff for the duration of the scheme if they wish, underpinned by the government’s Energy Bill Relief Scheme support
  • for businesses on flexible purchase contracts, typically some of the largest energy-using businesses, the level of reduction offered will be calculated by suppliers according to the specifics of that company’s contract and will also be subject to the Maximum Discount

A parallel scheme, based on the same criteria and offering comparable support, but recognising the different market fundamentals, will be established in Northern Ireland.

If you are not connected to either the gas or electricity grid, equivalent support will also be provided for non-domestic consumers who use heating oil or alternative fuels instead of gas. Further detail on this will be announced shortly.

We will publish a review into the operation of the scheme in three months to inform decisions on future support after March 2023. The review will focus in particular on identifying the most vulnerable non-domestic customers and how the government will continue assisting them with energy costs.

So it’s pretty much what we were told before, with a few knobs and whistles, and the government still hasn’t come clean on everything.

It doesn’t inspire trust, does it?

Source: Government outlines plans to help cut energy bills for businesses – GOV.UK

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News moves fast: will weak pound scupper Truss’s energy price cap?

This being a bank holiday weekend, This Writer is either otherwise occupied or almost totally incapacitated, so I’m putting up material that has interested me – and I hope it interests you. Make of it what you will.

Following on from the immediately preceding article, it seems that even if gas prices have come down, the value of the pound has also fallen – meaning the UK may be unable to take advantage of the situation to implement other energy saving measures with cash left over from the original amount Liz Truss expected to borrow for her energy price cap scheme.

Check out this clip:

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EU bid to stockpile gas has worked, meaning prices are coming down. Good news!

This being a bank holiday weekend, This Writer is either otherwise occupied or almost totally incapacitated, so I’m putting up material that has interested me – and I hope it interests you. Make of it what you will:

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.

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Martin Lewis explains what people on an energy fix will pay under new price cap

Posted as a public service – and a historical record:

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Kwarteng’s mini-budget will still happen – probably at end of next week

Kwasi Kwarteng: he reckons he’s going to find a way to pay for Liz Truss’s energy price cap. But then, it’s not all that long since he said “fracking is over” – and look what has happened there.

A “fiscal event” to explain how the Liz Truss Tory governent will pay for its cap on energy bills will probably take place at the end of next week, it has been claimed.

We’re looking at September 23, it seems.

Also possible is an announcement of tax cuts to boost the economy and help (rich) people with rising living costs (that won’t affect them as much as the poor who won’t have help because they don’t pay tax).

During her campaign for the Tory leadership, Truss promised to undo the rise in National Insurance that was announced under Boris Johnson.

Apparently Kwarteng has announced a change in direction for the Treasury – that the department needed to focus on growing the economy by 2.5 per cent per year.

This follows the controversial sacking of top Treasury official Sir Tom Scholar.

Let’s have a look at that…

The implication is that the sacking was politically-motivated and Truss (along with Kwarteng and the rest) is replacing the UK’s formerly impartial civil service with one that is politically partisan.

This will lead to poor, ideologically-motivated decisions being pushed through by officials who should be advising politicians on the strengths or weaknesses of such moves.

It will destabilise the UK even further, at a time when we need a steady hand in charge.

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