UK Energy Crisis

(18-07-2022 12:06 )Charlemagne Wrote:  The government are making an announcement about using cheaper energy at night.

when everyone is using "cheaper" off-peak energy, the peak time shifts and........

No help for the consumer when the average price for energy will go up to £4.2k per annum.

Ofgem isn't helping the consumer and is prepared to raise the cap to aid the supplier.

And government aren't go to do anything until a new pm is in place.
So Boris needs to go now.

Ofgem is Enableing the companys to make more money the head of ofgem should resign or be sacked

(09-08-2022 13:12 )HannahsPet Wrote:  Ofgem is Enableing the companys to make more money the head of ofgem should resign or be sacked

Fuck ofgem would be a more appropriate name for the toothless cretins.

(09-08-2022 13:12 )HannahsPet Wrote:  Ofgem is Enableing the companys to make more money

Well 30 energy companies have gone out of business in the last year, which suggests that Ofgem hasn't been helping them enough.

sure i read somewhere that they let anyone become a provider and then when the prices rose they didnt have enough to pay for the increases

it was the FA fit and proper test again

(09-08-2022 15:11 )HannahsPet Wrote:  when the prices rose they didnt have enough to pay for the increases

They didn't have enough to pay for the increases because the Ofgem price cap prevented them from passing on the additional costs to the customer.

The economics of the market are a lot more complex than stated in earlier posts here. Ofgem have a responsibility to encourage competition. They enabled market access by companies that were not power generators & the companies bought in energy to sell to consumers. The better ones hedged their power supply needs by buying supply in advance in the energy trading market.

The early company failures were companies who failed to buy sufficient supplies forward and were therefore stuck with paying more on the spot market than they had entered into consumer contracts to supply.

Now all the energy companies are having to pay more for supplies and as costs keep rising they won’t enter into long term consumer contracts at locked in rates.

Ofgem failed to regulate how companies that entered the market managed their supplies & that has exacerbated the UK problems BUT that is not why energy costs so much. Shortage of supply and increased competition amongst energy companies trying to buy are the market problems affecting the world.

Ofgem are now trying to ensure they protect what remains of energy companies leaving their consumer responsibilities to take a back seat. This demands government action to shield consumers (especially those on lower incomes) from the worst effects. The help provided so far is too little too late.

My fixed term contract ended in June. 1 month on my new price capped supply is £43 per month more and thats in summer with much less use of lighting and electric oven use. I have no price cap protection for my oil fired central heating so I’m keeping my fingers crossed for this heatwave to last until March 2023!

Ofgem not Ofcom.