ENERGY MATTERS

[Big Kev]

Following on from the story yesterday

Rolls-Royce has been backed by a consortium of private investors and the UK government to develop small nuclear reactors to generate cleaner energy.

[PanBiker]

£400M worth, lets hope some of it comes Barlicks way.

[Big Kev]

That was mentioned a few months ago, they used to make some of the bits for the submarine reactors in Barlick so hopefully they'll do the same again with these.

[PanBiker]

I should have added as agreed.

[Stanley]

A man read my smart gas meter today. I wonder if it's as smart as they say it is. I shall continue sending my readings in if the website will let me. From what I can see, if your meter is reporting it won't let you put a reading in.
But in that case, why read a smart meter that's working? Seems to defeat the object of the exercise.

[plaques]

My Octopus energy prices carry quite a hefty daily standing charge, round about 24 p per day on both gas & electric. How do smart meters show this charge? Is it built in the Kw/H or a separate number?

[Big Kev]

The daily charge should be added to the display at midnight, according to the paperwork. I can't comment personally as I've never looked at mine, it's in a box in the cellar somewhere.

[Stanley]

Neither have I.
I got an email from British Gas this morning asking me to claim my free box of spring bulbs. What the hell has that got to do with supplying energy?

[Tizer]

Light bulbs?

[Stanley]

I think BG has forgotten what its core purpose is!

[Tizer]

They're all doing it these days - they call it `reaching out' to customers. In other words trying to prevent you leaving them and wanting you to think they are cuddly and lovable!

[Stanley]

I think you're right Peter. What a world we live in if they are right and the majority of their customers think they are cuddly.... I must be wired up differently, it just annoys me.

[Tizer]

This government goes from bad to worse...
`Government WRONGLY tells 10 million people to switch energy tariff – many of them vulnerable' MoneySavingExpert.com
`Ten million people are being wrongly advised by the Government to switch their energy tariff at a time when a crisis in the energy market means it would cost them hundreds of pounds to do so, MoneySavingExpert.com can reveal. Many of the people receiving the information are vulnerable but, despite being contacted by MSE about the error, the Government is unapologetic and continues to send out the advice. The Department for Work and Pensions (DWP) has posted out letters with incorrect and financially damaging wording on the reverse of the envelopes that encourages people to switch their energy tariff in order to save "an extra £290". People were then told to contact Citizens Advice for more information.'..

But it's not only the government letting people down, it's the energy companies too. This from the same article...
Due to the obvious hit to their finances, many big energy providers are trying to persuade people to move off those tariffs to fixed deals at premiums often far higher than 30%. They are using all the marketing tricks in the book to do it, and playing on the fact that until now that has been the right option.

[Stanley]

Yes Peter, I have noticed that I am getting misleading offers from British Gas. I haven't investigated them, as soon as I see the word switch I delete the email. I am of course on a fixed tariff until April 2020 and I'm sure they would like me to switch!

[plaques]

Energy switching. The current pressure to switch follows a simple bit of maths logic. It your are currently on a fixed tariff its likely that the company will be losing money until the term ends. If you switch mid term the company gets rid of a potential loss plus it may also get a commission on the change.

[Stanley]

Quite Ken. As you know I have never been a fan of switching and to do so now from a fixed tariff would be stupid.
That being said, there will be people out there who will see the misleading offer and go for it.... As Barnum said, there's one born every minute.

[Big Kev]

Media reports that Bulb Energy has gone into administration, it's been on the cards since before the current wholesale gas price increases.
There were rumours that Shell and Ovo had been looking at Bulb's books, sounds feasible as 1.7 million customers will need to be broken down into smaller chunks to sell on to other suppliers.

https://www.theguardian.com/business/20 ... nistration

[Stanley]

Later reports suggest that the government will appoint administrators and they will run the company with no changes for clients until a 'better solution' can be found.
The Tories may not like it but they now control a small part of this commanding height of the economy.

[Stanley]

I've just heard a woman in Scotland whose power is still off saying that if they hadn't invested all their money in a heat pump they could have been better off Even though they have a log burner it won't boil a kettle and the house interior is down to 9C. The heat pump is of course useless without electricity.....

[Whyperion]

I've just heard a woman in Scotland whose power is still off saying that if they hadn't invested all their money in a heat pump they could have been better off Even though they have a log burner it won't boil a kettle and the house interior is down to 9C. The heat pump is of course useless without electricity.....

Bicycle Dynamo any good?

[Whyperion]

Energy switching. The current pressure to switch follows a simple bit of maths logic. It your are currently on a fixed tariff its likely that the company will be losing money until the term ends. If you switch mid term the company gets rid of a potential loss plus it may also get a commission on the change.

There is the gamble in switching - will you lock in a cheaper rate if prices rise further ? (but then we know the intermedaries wont survive - can someone explain to me the tory contestion that we have a robust and efficient energy market delivering value for the end consumer ?)

[Tripps]

Well - it's happened. email from Octopus telling me that I was well in debt, and action needed. Monthly payments will increase to get me 'back to land' over the next twelve months. I suppose it's the kindest thing they can do in the circumstances.

First glance - charge seemed to have doubled, but careful analysis shows its 'only' 70%.

I will survive, but many surely won't.

[Big Kev]

Another one bites the dust, Zog Energy in Ipswich is the 25th small energy supplier to go SOLR.

[Stanley]

That's a big rise David. Commiserations.....

[plaques]

Tripps's experience is basically understandable. At the start of a year the direct debit is set at an estimated average for the year. The idea being that in the summer months the customer will be in front of the actual bill and during winter as consumption rises they should break even. If the difference is only marginal then there's no real problem. What is now being forecast is that the basic cost over a year could rise by over £500. This would put a lot of people in dire straits if they didn't make early adjustments. This is one of those slow burning problems which by the end of winter could see a lot of people in deep debt.