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Energy Price Guarantee - the true cost.

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By *rFunBoy OP   Man
over a year ago

Longridge

Liz Truss brought in the Energy Price Guarantee (EPG) with complete refusal to coincide it with an Energy Conservation program as was done in the '70s during a fuel crisis.

Looks like at £1,650/MWh (£1.65/KWh) at a cost of over £50m per hour that occurred on Monday, has caused some alarm in government - or frankly, they are shitting themselves.

Cornwall Insight have put put an article with eye-watering predictions - Energy Price Guarantee – Counting the Costs

"Modelling from Cornwall Insight has forecast the two-year cost of the Energy Price Guarantee (EPG) to be between £72bn in the lowest case scenario, and £140bn in the extreme high case scenario1. The data included in our new EPG report ‘Counting the Costs’, shows a near doubling of the forecasts between the best and worst cases – serving to highlight the extent of uncertainty relating to the cost of the scheme.'

https://www.cornwall-insight.com/energy-price-guarantee-counting-the-costs/

It is worth reading as yourselves and our Children will be paying this off for many years to come and by no means over for many years to come adding more to the debt that will have to be paid back.

This is the true cost of keeping Energy under some kind of control although still grossly unaffordable for many in this so called - affluent country.

All because of the failure of investment in our Energy Supply for over 20years keeping our reliance on Gas power Generation.

Russia caused Gas prices to rise, due to our reliance on Gas and finite supplies in global markets. But had our reliance was less, increased Gas prices would not have had such an impact.

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By *I TwoCouple
over a year ago

PDI 12-26th Nov 24

Energy prices are controlled by the markets, not by Putin or any other individual.

Energy prices in real terms are less than they were decades ago.

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By *I TwoCouple
over a year ago

PDI 12-26th Nov 24

BTW

Cost today £246.13 /MWh

YTD cost £202.84/MWh

Looks like £1650/MWh might just be a hell of an exaggeration lol

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By *ove2pleaseseukMan
over a year ago

Hastings


"Liz Truss brought in the Energy Price Guarantee (EPG) with complete refusal to coincide it with an Energy Conservation program as was done in the '70s during a fuel crisis.

Looks like at £1,650/MWh (£1.65/KWh) at a cost of over £50m per hour that occurred on Monday, has caused some alarm in government - or frankly, they are shitting themselves.

Cornwall Insight have put put an article with eye-watering predictions - Energy Price Guarantee – Counting the Costs

"Modelling from Cornwall Insight has forecast the two-year cost of the Energy Price Guarantee (EPG) to be between £72bn in the lowest case scenario, and £140bn in the extreme high case scenario1. The data included in our new EPG report ‘Counting the Costs’, shows a near doubling of the forecasts between the best and worst cases – serving to highlight the extent of uncertainty relating to the cost of the scheme.'

https://www.cornwall-insight.com/energy-price-guarantee-counting-the-costs/

It is worth reading as yourselves and our Children will be paying this off for many years to come and by no means over for many years to come adding more to the debt that will have to be paid back.

This is the true cost of keeping Energy under some kind of control although still grossly unaffordable for many in this so called - affluent country.

All because of the failure of investment in our Energy Supply for over 20years keeping our reliance on Gas power Generation.

Russia caused Gas prices to rise, due to our reliance on Gas and finite supplies in global markets. But had our reliance was less, increased Gas prices would not have had such an impact.

"

Fin boy how is really worried I use energy as I want if it costs the government I don't realy mind at 54/55 won't be me paying it back anyway.

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By *I TwoCouple
over a year ago

PDI 12-26th Nov 24

Happy days !!

"I would like to inform you that the electric rate has been reduced from 27p to 22p per unit until the end of January 2023. This has been reduced with immediate effect from today."

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By *rDiscretionXXXMan
over a year ago

Gilfach

Now you can afford to turn on the Christmas trees lights.

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By *I TwoCouple
over a year ago

PDI 12-26th Nov 24


"Now you can afford to turn on the Christmas trees lights."

Our house is lit up like a Christmas tree ... Wait ...

Our house is lit up like a lighthouse

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By *irldnCouple
over a year ago

Brighton

According to the FT...European natural gas prices have fallen to levels last recorded before Russia’s full-scale invasion of Ukraine, dropping to €76.78 per megawatt hour - its lowest level in 10 months - due to warmer than usual temperatures that reduces heating demand.

Looking forward to this feeding through to consumer prices.

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By *rFunBoy OP   Man
over a year ago

Longridge

Not only have temperatures risen, lowering demand for heating, it's Christmas Holidays across Europe and the UK meaning most heavy industrial is shut down or on reduced consumption.

Also, last Thursday the Wind picked up and has remained strong allowing our Gas generation to fall off to around 14%.

During the peak a couple of weeks ago, demand was around 47GWh at a time when Wind Generation had fallen to around 5% of demand putting Gas and Coal higher stress to compensate.

Currently demand is as expected, around 30% down this week at 23GWh due to Christmas Holidays, although set to surge on the return in first week of January when cold offices and industrial plant are heated back up and brought back to work. It appears that it will still be Windy during this period which was a time highlighted as a concern for rationing.

Now that our pitiful storage capacity will be full again after the draw off last week, demand for Gas in the EU will have fallen, hence prices falling with it.

Wholesale electricity up until last Thursday was 45p to 80p/KWh and even the record 165p. This week has been between 0p and 27p, mostly around 3p to 7p/KWh, due to High Wind, lower demand and reduced reliance on Gas.

Some reprieve for those on Agile Tariffs with a chance to make a small profit, but January will increase demand and hopefully the Wind will continue.

First two weeks in January are forecast unsettled, although end January into February is forecast colder with more settled Weather.

As I've said from the outset, when it's Windy, we're OK. It's cold conditions with lack of Wind is where the risk lies. Although not inevitable, there is risk of demand being higher than supply.

Curious new advert on TV for Smart Meters - using Smart Meters to reduce demand on 'foreign gas'. Is government waking up to reducing demand on 'bad days', finally?

Some of us are concerned of the debt being passed onto our Children, mine being one of them who will be paying for this and Winters to come.

HOW SMART METERS COULD SUPPORT BRITAIN’S ENERGY SECURITY IN THE FUTURE:

https://youtu.be/e4dVH-moYU0

Find out how smart meters can help us support long-term energy security in Britain.

A large share of the energy in Great Britain comes from fossil fuels imported from other countries. For example, most homes in Britain are heated by mains gas, but the UK imports around 50% of the gas it uses.

Smart meters could help to create a future where we're less reliant on imported gas. They help us manage our energy use throughout the day, which improves the balance of supply and demand.

This means that smart meters could help to efficiently integrate more homegrown and renewable energy sources, like wind and solar, into our energy system. This could help to support Britain’s energy security in the long term.

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By *rFunBoy OP   Man
over a year ago

Longridge

I seriously recommend renting EV chargers to other drivers during times you are not using it.

This month, I'm set to use 410/KWh of Electricity, 90KWh has come from the roof, making the 320KWh Imported Grid Electricity at a cost of £64.

Charger rent:

Buying for 19.9p/KWh sell for 39p/KWh.

7KWh for 6 hours for 4 days per week = 168KWh. Profit of 19p per KWh is making around £32 per week.

The £139 per month Car Charging credit against £64 house usage means £75 per month better off. On top of this, the £67 from government cost of living payment.

Two of my neighbours are getting EV chargers installed to rent out even though they've no intention of owning an EV after asking why I have 5 different cars parked on my front during the week.

Even if you don't have an EV but have offroad parking, someone will pay to use it.

Could be £650 well invested.

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By *rFunBoy OP   Man
over a year ago

Longridge

Wholesale energy prices soar as perfect storm hits UK - Mon 12 Dec 2022

"Energy prices spiked on Monday morning as the UK suffered from a lack of wind during the ongoing cold snap.

Having to rely heavily on gas, which accounted for over half of the UK’s energy generation, wholesale energy prices hit £1,650/MWh on Monday, far above the yearly average price of £200/MWh, according to live statistics from grid.iamkate.com.

Richard Lum, co-chief investment officer at VH Global Sustainable Energy Opportunities, suggested this proved the UK placed an overreliance on renewables.

Lum commented: “The danger of the UK’s overreliance on wind and solar is reflected in the recent hike in electricity prices, as challenging weather affected supply.

“Presently, coal and other fossil fuels disproportionality dominate the energy mix to make up for any shortfalls in terms of renewable output.”

The UK has a total wind power capacity of almost 28,000MW, according to RenewableUK, well over half of Sunday’s demand of roughly 37,000MW, but is unable to access this when windspeeds are below 12-14km/h.

A lack of wind across Europe has left countries turning to non-renewable and ultimately more expensive sources of electricity generation, with France even requesting to halve scheduled exports to the UK on Monday morning."

https://www.proactiveinvestors.co.uk/companies/news/1000957/wholesale-energy-prices-soar-as-perfect-storm-hits-uk-1000957.html

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By *ove2pleaseseukMan
over a year ago

Hastings


"I seriously recommend renting EV chargers to other drivers during times you are not using it.

This month, I'm set to use 410/KWh of Electricity, 90KWh has come from the roof, making the 320KWh Imported Grid Electricity at a cost of £64.

Charger rent:

Buying for 19.9p/KWh sell for 39p/KWh.

7KWh for 6 hours for 4 days per week = 168KWh. Profit of 19p per KWh is making around £32 per week.

The £139 per month Car Charging credit against £64 house usage means £75 per month better off. On top of this, the £67 from government cost of living payment.

Two of my neighbours are getting EV chargers installed to rent out even though they've no intention of owning an EV after asking why I have 5 different cars parked on my front during the week.

Even if you don't have an EV but have offroad parking, someone will pay to use it.

Could be £650 well invested."

But I can't have an EV charger only a twin socket to charge from as UKPN have turnd it down in my lane due to the lack of supply in the area we get a power cut about once in 8 weeks due to over demand.

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By *ove2pleaseseukMan
over a year ago

Hastings


"I seriously recommend renting EV chargers to other drivers during times you are not using it.

This month, I'm set to use 410/KWh of Electricity, 90KWh has come from the roof, making the 320KWh Imported Grid Electricity at a cost of £64.

Charger rent:

Buying for 19.9p/KWh sell for 39p/KWh.

7KWh for 6 hours for 4 days per week = 168KWh. Profit of 19p per KWh is making around £32 per week.

The £139 per month Car Charging credit against £64 house usage means £75 per month better off. On top of this, the £67 from government cost of living payment.

Two of my neighbours are getting EV chargers installed to rent out even though they've no intention of owning an EV after asking why I have 5 different cars parked on my front during the week.

Even if you don't have an EV but have offroad parking, someone will pay to use it.

Could be £650 well invested."

So how meany EV chargers will thay allow in your small town I bet its not one each

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By *rFunBoy OP   Man
over a year ago

Longridge

No idea, but I have one and about to install a second to allow '11 charging days' for 3rd parties.

Double the income while I'm getting cheap electricity. Then after September '24, rates up to 49p/kwh which is same price as Public Fast charging today, with the benefits of offroad parking and CCTV coverage while unattended.

There's 100 houses on my street and only 2 others with chargers on other phases to my own.

I get my EV Rapid Charged for free 4 days a week so rarely use the home charger myself unless it's an overnight 100% Balance Charge which usually takes 4KWh to top it up.

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By *I TwoCouple
over a year ago

PDI 12-26th Nov 24


"Wholesale energy prices soar as perfect storm hits UK - Mon 12 Dec 2022

"Energy prices spiked on Monday morning as the UK suffered from a lack of wind during the ongoing cold snap.

Having to rely heavily on gas, which accounted for over half of the UK’s energy generation, wholesale energy prices hit £1,650/MWh on Monday, far above the yearly average price of £200/MWh, according to live statistics from grid.iamkate.com.

Richard Lum, co-chief investment officer at VH Global Sustainable Energy Opportunities, suggested this proved the UK placed an overreliance on renewables.

Lum commented: “The danger of the UK’s overreliance on wind and solar is reflected in the recent hike in electricity prices, as challenging weather affected supply.

“Presently, coal and other fossil fuels disproportionality dominate the energy mix to make up for any shortfalls in terms of renewable output.”

The UK has a total wind power capacity of almost 28,000MW, according to RenewableUK, well over half of Sunday’s demand of roughly 37,000MW, but is unable to access this when windspeeds are below 12-14km/h.

A lack of wind across Europe has left countries turning to non-renewable and ultimately more expensive sources of electricity generation, with France even requesting to halve scheduled exports to the UK on Monday morning."

https://www.proactiveinvestors.co.uk/companies/news/1000957/wholesale-energy-prices-soar-as-perfect-storm-hits-uk-1000957.html"

Good job it's £13.65 today then lol

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By *rFunBoy OP   Man
over a year ago

Longridge

[Removed by poster at 29/12/22 23:34:49]

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By *rFunBoy OP   Man
over a year ago

Longridge

Is the wind blowing?

Oh, that's right - we seem to have plenty cheap electricity when the wind blows - but when it doesn't?

Negative £75 at 2am, no exaggeration!

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By *ove2pleaseseukMan
over a year ago

Hastings


"No idea, but I have one and about to install a second to allow '11 charging days' for 3rd parties.

Double the income while I'm getting cheap electricity. Then after September '24, rates up to 49p/kwh which is same price as Public Fast charging today, with the benefits of offroad parking and CCTV coverage while unattended.

There's 100 houses on my street and only 2 others with chargers on other phases to my own.

I get my EV Rapid Charged for free 4 days a week so rarely use the home charger myself unless it's an overnight 100% Balance Charge which usually takes 4KWh to top it up."

How do you get it for free nothing in life is free free

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By *I TwoCouple
over a year ago

PDI 12-26th Nov 24


"No idea, but I have one and about to install a second to allow '11 charging days' for 3rd parties.

Double the income while I'm getting cheap electricity. Then after September '24, rates up to 49p/kwh which is same price as Public Fast charging today, with the benefits of offroad parking and CCTV coverage while unattended.

There's 100 houses on my street and only 2 others with chargers on other phases to my own.

I get my EV Rapid Charged for free 4 days a week so rarely use the home charger myself unless it's an overnight 100% Balance Charge which usually takes 4KWh to top it up.

How do you get it for free nothing in life is free free "

Dreaming is free ...

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