The Energy Crisis

[RichieRiv]

I think that is reasonable advice. You may see prices crater and it may create an opportunity for utilities to offer some moderately attractive rates and therefore an opportunity for customers to fix. If they happen to fall further then you can pay the exit fee.

Out of interest, do you know whether the energy providers run modeling on gas prices in the same way banks do for capital adequacy?

[EvilC]

Out of interest, do you know whether the energy providers run modeling on gas prices in the same way banks do for capital adequacy?

I doubt it, but I have never worked at a utility. They will be running models like "if I stress the gas/power price up or down, do I have adequate liquidity to finance my operations", the problem being here that if you had told someone a year ago that TTF would trade at €180/MWh they would have called you an idiot, the price movement will have been 10 standard deviations or similar.

[RichieRiv]

Thanks for the reply. I am looking at this from a professional view, mainly as I have been asked to produce content on a regular basis for our salespeople to spam Linkedin. I like to try and at least make it relevant to news stories rather than just irrelevant opinion pieces.

Today's for example was regarding Ovo and their helpful advice to those struggling to keep the heating on - hug a relative/pet and eat porridge to keep warm. Que CEO on BBC this morning looking rather embarrassed and uncomfortable making his apology. Someone within the social media team as Ovo / SSE is going to get a bollocking and I suspect an investigation on how patronising drivel such as this found itself onto the www.

[EvilC]

Thanks for the reply. I am looking at this from a professional view, mainly as I have been asked to produce content on a regular basis for our salespeople to spam Linkedin. I like to try and at least make it relevant to news stories rather than just irrelevant opinion pieces.

Today's for example was regarding Ovo and their helpful advice to those struggling to keep the heating on - hug a relative/pet and eat porridge to keep warm. Que CEO on BBC this morning looking rather embarrassed and uncomfortable making his apology. Someone within the social media team as Ovo / SSE is going to get a bollocking and I suspect an investigation on how patronising drivel such as this found itself onto the www.

The interesting bits on what has happened are focused on Uniper at present, who have just borrowed an amount close to their current market cap to fund their margin calls - there is lots of stuff in the news. That is meant to be an investment grade utility. It illustrates what is happening throughout the industry at present. I am happy to have a chat if it is any use.

Yeah, Ovo carefully built a brand and loss making company over many years and sensibly sold out. I met the OVO CEO a couple of times, who was very proud, and rightly so since it has made him rich, but he always wondered why nobody wanted to extend him credit.

SSE is a ****ing odd company. A few years back they got an E&Y report done that said that the gas market was going to move one way. The whole of the rest of the market thought the opposite and lined up against them, SSE/E&Y turned out to be wrong and had to issue a profit warning as a result.

[mumbles87]

Octupus confirmed I'll be staying on the same rate for another year (some computer glitch they have to honour or something) so a bit of luck

Not going to rest on it

Survey happening Tuesday with view to a telsa powerwall and solar panels

Then can to on the telsa plan

11p a kw flat with any solar they take 11p paid to me

They making a virtual grid where they store power on your powerwall etc and use to help balance loads

[EvilC]

EDF's shitty nukes have more problems, which has driven power and gas prices up (along with the potential impact of any Russia/Ukraine beef) and their share price down.

[Johnny Byrne's Boots]

Is there a special breed of people in marketing?

Energy supplier E.On has said it is "incredibly sorry" for sending socks to customers in a bid to encourage them to turn the heating down.

It is the second major supplier to admit to a marketing gaffe when customers are facing a cost of living squeeze driven by energy prices.

Earlier in the week, Ovo's founder said he was "really embarrassed" about energy saving advice including "doing a few star jumps" and cuddling pets.

.............

The socks were sent out by E.On Next - an arm of the energy giant which sells and promotes renewable electricity.

The footwear came with a message encouraging people to leave "lighter footprints" by turning heating down and lowering carbon emissions.

However, some customers reacted with anger and perplexity - especially when they were sent to elderly relatives. Now, the company has apologised.

Writing on Twitter, it said: "If you recently received a pair of socks from us, we would like to say we are incredibly sorry for how we have made some people feel.

"In light of the seriousness of current challenges that many people are facing, this mailing should have been stopped and we are sorry."


more...

[alf git]

When i was in training we had the OVO contract. I had a big row with their rep when she was telling us about the tree houses and astro turf in their offices. I pointed out that wasn't real work it was f*****g about and if someone came round my house talking about such things they would be shown the door.
I ended up on the Npower contract

[EvilC]

Alf, Ovo just cut a massive chunk of their workforce, you might want to pop back and see what she thinks about the treehouse now.

****************

EON are no stranger to this sort of thing. At the time this was considered a massive PR gaffe.

https://www.mirror.co.uk/news/uk-news/e ... ing-336761

I have dealt with the guy in the article after he left EON. He really was incredibly unimpressive.

[smuts]

Just seen the initial renewal offer for the electricity side of the acount for my wife's small business from Eon...a 220% uplift.

There's obviously some negotiation to be done and a review of plans etc along with the gas but that's bloody scary.

[Greatest Hits Vol1]

My fixed tariff with EDF finishes at the end of Feb. The new fixed tariff they are offering would see it go from roughy £100 month to £200 month.

The variable tariff is about the same as I currently pay. Is worth staying in the variable until the price cap rises and then shop around?

[Alf Garnett's (Ex) Missus]

Just fixed mine again from end of this month....2.5 times increase so will be turning down the heating and hugging a dog I think

[wolf359]

My fixed tariff with EDF finishes at the end of Feb. The new fixed tariff they are offering would see it go from roughy £100 month to £200 month.

The variable tariff is about the same as I currently pay. Is worth staying in the variable until the price cap rises and then shop around?

It was suggested a few pages back to leave it on the standard tariff, there is a Martin Lewis video on the previous page that suggests the same (for the majority). My fixed ends in Feb and I am going to let it sit and see but obviously everyone's circumstances are different so might not be the answer for you.

[EvilC]

My fixed tariff with EDF finishes at the end of Feb. The new fixed tariff they are offering would see it go from roughy £100 month to £200 month.

The variable tariff is about the same as I currently pay. Is worth staying in the variable until the price cap rises and then shop around?

There is no right answer but moving onto the variable is probably the best play here.

[Greatest Hits Vol1]

Thanks. That is what I figured. Guess we’ll all just have to wait and and see where it goes.

[smuts]

Just fixed mine again from end of this month....2.5 times increase so will be turning down the heating and hugging a dog I think

I really don't know how my wife's business is going to afford it unless she puts up prices considerably.

What a mess.

[Burnley Hammer]

We have an 80 year old living here so sadly the heating is on far far more than I'd like. If it was down to me I'd barely have it on at all. I'm all for the 'wear better clothes' strategy. I'm perfectly happy lounging about in shorts and a t-shirt at anything above 16 degrees. Others in the house seem to think its 'cold' if it drops below 20.

[Alf Garnett's (Ex) Missus]

It was suggested a few pages back to leave it on the standard tariff, there is a Martin Lewis video on the previous page that suggests the same (for the majority). My fixed ends in Feb and I am going to let it sit and see but obviously everyone's circumstances are different so might not be the answer for you.

My view is that if I can afford the fixed amount it allows me to budget better, and if I don't use it I don't lose the money - you still only pay for what you use

[mumbles87]

There is no right answer but moving onto the variable is probably the best play here.

MSE was on the radio other day and he said if they offer you a fix thats 40% highter than current varaible rates then take it as in april its predicted to rise 45-50% (however he said this is all based on a lot of guess work but was best he could say)

this would protect from the rise in october

I need to look up my gas rate as I have variable at the moment

electric im very lucky they fixed it for another year at same rate... just was a touch due to luck and them mucking up the renewal legal side or something

[EvilC]

MSE was on the radio other day and he said if they offer you a fix thats 40% highter than current varaible rates then take it as in april its predicted to rise 45-50% (however he said this is all based on a lot of guess work but was best he could say)

this would protect from the rise in october

I need to look up my gas rate as I have variable at the moment

electric im very lucky they fixed it for another year at same rate... just was a touch due to luck and them mucking up the renewal legal side or something

There is probably value in that, especially if you have a low exit fee on your new deal. For me most people will be close to the price cap, it is about taking a new tariff in the event that wholesale prices fall further from where they are now, which IMO is realistic.