Cost of living increases

[RobM]

Wish we were a bit more French about this.

Those people the English seem to hate, you mean?

 

[Tangled up in Blue]

Those people the English seem to hate, you mean?

Not me.I've been married to a French citizen for 38 years!.

 

[WhiteNoise]

Those people the English seem to hate, you mean?

Those people who know how to riot and strike, and aren’t afraid to get a guillotine out

 

[RobM]

Not me.I've been married to a French citizen for 38 years!.

French descent here, the family moved to London from Normandy in the 1880's, grandad was killed in WW1 and rests in Voormezele.

 

[SARF]

France. The bastion of power price caps. Is currently importing over 20 per cent of its electricity needs. Mainly from Germany and the UK. Bet that’s costing a pretty penny .
uk gas prices have dropped 30 per cent today. eU gas prices 8 per cent.
we are up 250 per cent year to date. the EU (obviously is differs country to country ) up 400,per cent The USA 100,per cent.

 

[blueblueblue]

 

[TrevorFitzpatrickHattrick]

France. The bastion of power price caps. Is currently importing over 20 per cent of its electricity needs. Mainly from Germany and the UK. Bet that’s costing a pretty penny .
uk gas prices have dropped 30 per cent today. eU gas prices 8 per cent.
we are up 250 per cent year to date. the EU (obviously is differs country to country ) up 400,per cent The USA 100,per cent.

France is having wide-scale issues with nuclear outages. They will need many of these units back online to avoid catastrophe in winter. European gas cratered on Monday following the EU's threat of "emergency intervention" (funny how many anti-market policies countries like Germany will support when the market goes against them). When the UK markets re-opened on Tuesday, we were playing catch-up, hence the steep drop.

Wholesale markets are WAY beyond uncharted territory here. Liquidity is abysmal, which in turn amplifies volatility and price swings. Margin-calls are also getting worse an worse in this price-environment, meaning companies with deeper pockets are better placed to take advantage...

 

[blueblueblue]

France is having wide-scale issues with nuclear outages. They will need many of these units back online to avoid catastrophe in winter. European gas cratered on Monday following the EU's threat of "emergency intervention" (funny how many anti-market policies countries like Germany will support when the market goes against them). When the UK markets re-opened on Tuesday, we were playing catch-up, hence the steep drop.

Wholesale markets are WAY beyond uncharted territory here. Liquidity is abysmal, which in turn amplifies volatility and price swings. Margin-calls are also getting worse an worse in this price-environment, meaning companies with deeper pockets are better placed to take advantage...

We're certainly not the only Country going throught this, that's for sure.

You explained the price cap to me the other day and I appriciate that, but in theory, it's not a cap at all (as I originally thought). It seems to me that it's a number plucked out of the air but holds no value as Martin Lewis alluded too, energy Companies can charge you over that cap if you use it.

Ofgem seem like a waste of time to me.

 

[Holy Joe]

We're certainly not the only Country going throught this, that's for sure.

You explained the price cap to me the other day and I appriciate that, but in theory, it's not a cap at all (as I originally thought). It seems to me that it's a number plucked out of the air but holds no value as Martin Lewis alluded too, energy Companies can charge you over that cap if you use it.

Ofgem seem like a waste of time to me.

If the cap was as you thought then it would be really bad, there be no incentive to cut usage once you've gone past the 'cap' effectively every additional unit of energy would be free.

It's a cap on unit charge and standing charge.

My mate owns a holiday let, the energy costs of that are really high. People use much more energy when they're effectively being charged a fixed fee rather than by unit.

 

[blueblueblue]

If the cap was as you thought then it would be really bad, there be no incentive to cut usage once you've gone past the 'cap' effectively every additional unit of energy would be free.

It's a cap on unit charge and standing charge.

My mate owns a holiday let, the energy costs of that are really high. People use much more energy when they're effectively being charged a fixed fee rather than by unit.

Indeed, it makes no sense to me. Even less so now, it's over a period of 3 months..

A cap doesn't mean anything to the average person, we're just more interested in that % every 3 months.

 

[TrevorFitzpatrickHattrick]

We're certainly not the only Country going throught this, that's for sure.

You explained the price cap to me the other day and I appriciate that, but in theory, it's not a cap at all (as I originally thought). It seems to me that it's a number plucked out of the air but holds no value as Martin Lewis alluded too, energy Companies can charge you over that cap if you use it.

Ofgem seem like a waste of time to me.

It is, and always has been, a cap on the unit rate and the standing charge. As I said in previous posts, it's not a cap on the annual amount a household will be charged. If you have a very energy efficient home and use power and gas frugally, it might cushion the blow of the increased unit costs. People who live in energy inefficient homes will bear the brunt of this, even if they change their behaviour with regards to usage.

OFGEM have always been regarded as a toothless, reactive (rather that proactive), cumbersome organisation with limited respect within the commodity supply and trading space. The course they've taken so far is no surprise to me personally.

 

[blueblueblue]

It is, and always has been, a cap on the unit rate and the standing charge. As I said in previous posts, it's not a cap on the annual amount a household will be charged. If you have a very energy efficient home and use power and gas frugally, it might cushion the blow of the increased unit costs. People who live in energy inefficient homes will bear the brunt of this, even if they change their behaviour with regards to usage.

OFGEM have always been regarded as a toothless, reactive (rather that proactive), cumbersome organisation with limited respect within the commodity supply and trading space. The course they've taken so far is no surprise to me personally.

I couldn't agree more.

My understanding (and if you you look for the definition) of the word - Cap.

a limit on the amount of money that can be charged or spent in connection with a particular activity:

It's all nonsense from Ofgem and holds no realistic value to the normal person... Though, what you can say, with the constant % increase every 3 months, it gives us an understanding of the problem we're facing.

 

[southendkid]

I couldn't agree more.

My understanding (and if you you look for the definition) of the word - Cap.

a limit on the amount of money that can be charged or spent in connection with a particular activity:

It's all nonsense from Ofgem and holds no realistic value to the normal person... Though, what you can say, with the constant % increase every 3 months, it gives us an understanding of the problem we're facing.

It is a cap but you're looking at the wrong thing, I think you're expecting it to be a cap on your total bill but that's not what the cap is on. It's on how much they can charge per unit.

Think of it like a greengrocer that wants to charge 80p an apple being capped on how much they can charge for apples, they might get capped at 60p an apple but that doesn't stop people buying as many apples as they want, it just means they only pay 60p an apple instead of 80p. The energy cap is like that but instead of it being 60p an apple it's 60p per unit of gas.

 

[blueblueblue]

It is a cap but you're looking at the wrong thing, I think you're expecting it to be a cap on your total bill but that's not what the cap is on. It's on how much they can charge per unit.

Think of it like a greengrocer that wants to charge 80p an apple being capped on how much they can charge for apples, they might get capped at 60p an apple but that doesn't stop people buying as many apples as they want, it just means they only pay 60p an apple instead of 80p. The energy cap is like that but instead of it being 60p an apple it's 60p per unit of gas.

Yep, I think I've got that by now. Thanks for the School lesson ;)

 

[ESG]

What's the odds that people will find money for fireworks from the middle of October ?

 

[Tinks]

The one thing that I will not cut back on though is my regular appointment having my nails done.

 

[Mad Cyril]

The one thing that I will not cut back on though is my regular appointment having my nails done.

You can do toenails yourself with a Dremel

 

[Cricko]

 

[RHB]

View attachment 21914

You went perilously close to Politics then @Cricko.

 

[Tinks]

I am with OvO and pay by DD for both my gas & Electric.
A month back they asked me if I wanted to fix my monthly debit which had doubled and I declined.
Today I had an email from them saying they have to increase my monthly debit by and extra £22 to what I am paying at the moment.
TBH I am happy with that and glad now I did not take them up on their offer to go on fix.
Please check people