The Energy Crisis

[S-H]

The Smart meter seems to start the day at a higher price than it was finishing when I first got it, six years ago.

[fjthegrey]

I put my 'smart' metre in the bin.

It didn't make any sense at all and was just annoying.

[SammyLeeWasOffside]

Or you could send it to those of us that will need it?

Happy to if you will pay it back. I'm on a fixed deal so it will be 2022/23 when I could use the help.

[Hummer_I_mean_Hammer]

https://www.express.co.uk/news/science/ ... reen-power

Possibly the way forward?

[EvilC]

This could be the beginning of an escalation, which is not good.

https://www.bbc.co.uk/news/business-61237519

[Denbighammer]

This could be the beginning of an escalation, which is not good.

https://www.bbc.co.uk/news/business-61237519

Isn't the impact of this going to be drastically reduced as we enter the summer months? Do Russia have enough cash to keep themselves afloat until October time or am I massively simplifying the situation?

[EvilC]

Isn't the impact of this going to be drastically reduced as we enter the summer months? Do Russia have enough cash to keep themselves afloat until October time or am I massively simplifying the situation?

No - European prices will spike in the event that gas stops flowing as they need to fill storage during the summer, and this year they need to do so more than ever.

Do Russia have enough cash to keep going? I don't know. There are reports of them starting to run out of tanks as they have been lost and replacing them, which takes time anyway, is made harder by sanctions. They haven't touched their FX reserves, but I'm not sure to what extent they can given sanctions. It is worth noting that they are a lot more used to living on f*** all than they are.

This is further escalation, and this looks potentially serious:

By Todd Gillespie
(Bloomberg) -- Russia’s major gas bank rejected a payment from a trading firm that Germany seized from Moscow’s control, the first sign of friction following the take-over amid a broader regional energy dispute. Gazprombank declined payment for some April and May gas deliveries to Germany and Austria under contract with Gazprom Marketing & Trading Ltd., even as the company sought to pay for the fuel using a rubles account as Russia has demanded, according to people familiar with the matter. GM&T was previously under the direction of Russian-state gas producer Gazprom PJSC’s German subsidiary. Germany took over the unit earlier this month to secure the country’s gas supplies, and it now risks being shunned under its new ownership.

The European Union and Russia have been in a standoff over gas supplies, with President Vladimir Putin demanding payment in rubles. Under the decree, buyers would set up two accounts with Gazprombank, which would then convert euro payments in one account to rubles in the other.
The EU has suggested that payment can still be made in euros, or else buyers risk running afoul of sanctions on Moscow following its invasion of Ukraine. Russia, the bloc’s top supplier, on Wednesday cut shipments to Poland and Bulgaria over the payment dispute. While the GM&T case deals with a very small amount of gas - - a fraction of a percent of Europe’s total imports from Russia -- it highlights complications with the Kremlin’s payment order.

Unclear Process

The case involves a payment process that is “unclear,” Germany’s energy regulator said in a statement. The gas is due to be paid for in euros as agreed in the contract, it said, adding that GM&T can replace the gas by buying on the open market if it needs to. GM&T, which is based in London, procures gas for business retail arms in Germany and the U.K. Its rejected payment to Gazprombank is part of a medium-term contract to supply 7
terawatt-hours of gas by the end of 2023, according to one of the people familiar with the matter. Read More: Four European Gas Buyers Made Ruble Payments to Russia The trading firm, which is one of many importers of gas to Germany, is still trying to ensure the transaction is processed
and is in negotiations with Gazprombank and Gazprom’s export arm, the people said. If the gas isn’t delivered, it could further tighten
European gas supplies. If GM&T is not able to source the gas from Russia, the trading firm may have to source it elsewhere at higher rate.

[smuts]

Sunak really doesn't read the public mood does he?

https://www.bbc.co.uk/news/uk-politics-61244541

[EvilC]

Sunak really doesn't read the public mood does he?

https://www.bbc.co.uk/news/uk-politics-61244541

That doesn't really bother me, his job isn't to be electioneering, it is to do what he thinks is right. Whether what he is doing is right is another matter. The consumer needs to take some of the pain here though in order to get them to reduce demand.

[mumbles87]

I put my 'smart' metre in the bin.

It didn't make any sense at all and was just annoying.

I'm hoping this was tongue in cheek? As the "smart" meter and in home display (which is in your bin) are two completely different things

[fjthegrey]

I'm hoping this was tongue in cheek? As the "smart" meter and in home display (which is in your bin) are two completely different things

No, not tongue in cheek. I hacked the smart bit off my meter with an axe and threw it into my neighbours garden.

Genuinely though, thank you for clarifying that for me. I think everyone reading probably learned something today.

[mumbles87]

No, not tongue in cheek. I hacked the smart bit off my meter with an axe and threw it into my neighbours garden.

Genuinely though, thank you for clarifying that for me. I think everyone reading probably learned something today.

I dont have an in home display, when I got upgraded from SMET 1 to SMET 2 (the ones anyone can read ie can go to any provider) they didn't give me one

I have an app I can see my usage broken down per day and track it

But yes the Ihd is the bit that gets you to see what you use

The meter itself just reports half hour usage to the electric company

It's why my car can charge in cheap hours and they know how to bill me

[mumbles87]

That doesn't really bother me, his job isn't to be electioneering, it is to do what he thinks is right. Whether what he is doing is right is another matter. The consumer needs to take some of the pain here though in order to get them to reduce demand.

I actually agree with him

The money will be far more useful in October when the next rise hits

Ideally central heating should be off now, sweaters and socks if cold it's not winter anymore

5 of us so that's 2 showers a day and 1 bath the kids share.. plus all the cooking on gas is costing me £1.50 a day roughy at 9p a kw (locked in for a year to avoid a price rise in October)

Now the cap is 7p .. so slightly less.

Heating and eating is a much clearer choice now as it's nicer Temps outside

If it means the poorer get more or better help come October time then I agree.

[delbert]

and just like that, £165* a litre is now the new norm, small increases are now not big news.

It's not coming down is it?

* Approx price as at 14:45 hrs 20220503.....

[Junco Partner]

In unconnected news BP announced $6.5 billion profits in first 3 months of the year

Ofgem wrapping the knuckles of some electricity suppliers who bumped their DD’s up a tad too much thinking no one would notice.

The profiteering is rife.

[sendô]

https://www.bbc.co.uk/news/business-61304001

The energy giant reported an underlying profit of $6.2bn (£4.9bn) compared to $2.6bn in the same period last year - ahead of expectations.

That works out to about £163 per household. Don't forget, that's profit for just 3 months.

[SammyLeeWasOffside]

BP reported a loss of $20.3bn for the first quarter.

[wolf359]

Regulator flexing his muscles. Will he buy the responses though?

https://www.bbc.co.uk/news/business-61309576

Energy firms face deadline in review of direct debit hikes

"Some energy suppliers have been given a three-week deadline to explain accusations they have increased customers' direct debit payments by "more than is necessary".

Jonathan Brearley, boss of the energy regulator Ofgem, recently said there were "troubling signs" of the tactic.

He also expressed concern over customers being directed to inappropriate deals.

Official reviews have now been launched"

[EvilC]

The jacking up of DDs was a standard play from any almost bust supplier to boost their coffers for another few days. It depends who is doing it here, it is hard to tell if it is incompetence or deliberately done. Either way, it doesn't reflect well on them.

[-DL-]

I'm confused, as BBC and The Guardian are running with a profit of £6.25 Billion, yet Sky and business media are running with over £20 billion loss - so which one is it?

Genuine question.