Manx Gas MEGA Price Rise

[Non-Believer]

1 hour ago, Bazza Smurf said:

Manx Gas are up next in front of the Committee. Hopefully they will be asked to clarify why they refused to repay their share of the 2020/21 rebate and as to why they continued charging customers regulatory adjustments into 2021 following historically low wholesale prices in 2020. 

 

After that hopefully the OFT will be asked in to explain why they didn't lower the ROCE in 2020 once notice was served by the Cabinet Office on the 2015 agreement and why they simply seemed to walk away in 2020, whilst negotiations were ongoing for another agreement or the introduction of a regulator, almost like they  left gas customers with no regulator at all. 

 

Difficult to accept the future when there's so many unknowns about the past

 

 

https://tynwald.org.im/about/news/Pages/2221.aspx

Those such questions would be far too awkward to be tabled and would seek to rake over what has passed...expect to see more effort about smoothing over and whitewashing such things.

Together with mutual congratulation over the seamless transition to the new regulatory agreement which will be held up as a beacon of success between Govt and private industry for the gas bill payer.

[Bazza Smurf]

8 minutes ago, Non-Believer said:

Those such questions would be far too awkward to be tabled and would seek to rake over what has passed...expect to see more effort about smoothing over and whitewashing such things.

Together with mutual congratulation over the seamless transition to the new regulatory agreement which will be held up as a beacon of success between Govt and private industry for the gas bill payer.

I don't know if you are correct. The Committee was set up following a petition I circulated and presented in 2021 regarding refunds. It got over 1000 signatures in a few weeks.

So far Chris Thomas MHK and I have been in for a hearing. I was there for 90 minutes. The issue of the refunds was taken seriously in my opinion. We shall see what happens next. 

 

Edited April 8, 2022 by Bazza Smurf

[Banker]

Interesting that MUA refused to hedge Manx gas forward which will have contributed to the higher price rise now & possibly in future 

https://gef.im/2022/04/12/manx-utilities-deemed-manx-gas-a-credit-risk/

[Itsmeee]

Every time this woman opens her gob she inserts both feet.How stupid does she think we are?

https://www.manxradio.com/news/isle-of-man-news/gas-boss-rebuts-suggestion-that-customers-are-turning-off-supply-due-to-cost/

[finlo]

3 minutes ago, Itsmeee said:

Every time this woman opens her gob she inserts both feet.How stupid does she think we are?

https://www.manxradio.com/news/isle-of-man-news/gas-boss-rebuts-suggestion-that-customers-are-turning-off-supply-due-to-cost/

Quite, fuck all to do with the fact that you need to sell a kidney to afford to strike up your boiler!

[Non-Believer]

1 hour ago, finlo said:

Quite, fuck all to do with the fact that you need to sell a kidney to afford to strike up your boiler!

Warmer weather or not, I can assure Ms Cox that my use of gas heating has been diminished considerably (how environmental am I? 😂). Absolute bare minimum now, if not at all where possible. Regardless of the markets, I've got better things to do than line Ancala and other speculator's pockets.

It needs to be remembered that somebody, somewhere is getting rich on the back of this current situation.

[Bandits]

So now Jo Cox tries to claim that the MEA didn’t regard them as credit worthy enough to extend them credit to hedge their position in the wholesale market

https://gef.im/2022/04/12/manx-utilities-deemed-manx-gas-a-credit-risk/

I thought the agreement they had with the MUA was for execution only deals to be placed on an instruction basis. Maybe Rob Callister can confirm as to whether the MUA were not prepared to assume the risk of temporarily funding their position until it was settled? 

[Rob Callister]

6 hours ago, Bandits said:

So now Jo Cox tries to claim that the MEA didn’t regard them as credit worthy enough to extend them credit to hedge their position in the wholesale market

https://gef.im/2022/04/12/manx-utilities-deemed-manx-gas-a-credit-risk/

I thought the agreement they had with the MUA was for execution only deals to be placed on an instruction basis. Maybe Rob Callister can confirm as to whether the MUA were not prepared to assume the risk of temporarily funding their position until it was settled? 

“I thought the agreement they had with the MUA was for execution only deals to be placed on an instruction basis“ - that is correct….….

However, I won’t comment further until Manx Utilities have published a statement. 

[0bserver]

25 minutes ago, Rob Callister said:

 

However, I won’t comment further until Manx Utilities have published a statement. 

 

6 hours ago, Bandits said:

 

I thought the agreement they had with the MUA was for execution only deals to be placed on an instruction basis. Maybe Rob Callister can confirm as to whether the MUA were not prepared to assume the risk of temporarily funding their position until it was settled? 

MUA has dropped a bollock here. What's the worst that would have happened? They end up with a load of pre-purchased gas... some how I don't think they would have struggled to shift it. 

Just another IOMG fuck up costing residents dearly.

[GD4ELI]

43 minutes ago, 0bserver said:

MUA has dropped a bollock here. What's the worst that would have happened? They end up with a load of pre-purchased gas... some how I don't think they would have struggled to shift it. 

Just another IOMG fuck up costing residents dearly.

With a guaranteed market this was a most stupid decision.

[Happier diner]

1 hour ago, 0bserver said:

 

MUA has dropped a bollock here. What's the worst that would have happened? They end up with a load of pre-purchased gas... some how I don't think they would have struggled to shift it. 

Just another IOMG fuck up costing residents dearly.

 

46 minutes ago, GD4ELI said:

With a guaranteed market this was a most stupid decision.

Armchair experts?

You are speculating. Massively.

[Bandits]

2 hours ago, Rob Callister said:

“I thought the agreement they had with the MUA was for execution only deals to be placed on an instruction basis“ - that is correct….….

However, I won’t comment further until Manx Utilities have published a statement. 

You’re the politician. Why do you have to wait for the civil servants to tell you what you can say about it? It will be interesting to see why you thought they were such a poor credit risk and refused to let them fund their forward position. It looks like the MUA actually constrained their ability to protect the consumer from the price increases we are all now paying. Did anyone seriously expect such a well funded private equity group not to cough up. Execution only is just that. You can still execute on forward priced deals. You just facilitate the instruction. 

[Mysteron]

On 4/2/2022 at 4:48 PM, hissingsid said:

Strange world the rent a gob ranters on FB who were saying no way could they pay their heating bills have now moved to ranting about being no fair this year, children deprived of any enjoyment in life, handy to leave them there whilst they visit the beer tent etc.   Priorities a thing of the past.

Coming soon . . . "I only dealt drugs to pay my extortionate gas bill."

[lethargy]

edit - incorrect quote

Edited April 13, 2022 by lethargy

[lethargy]

On 4/2/2022 at 4:48 PM, hissingsid said:

Strange world the rent a gob ranters on FB who were saying no way could they pay their heating bills have now moved to ranting about being no fair this year, children deprived of any enjoyment in life, handy to leave them there whilst they visit the beer tent etc.   Priorities a thing of the past.

You do comprehend the notion that people can both want to heat their homes and not live in abject misery with fuck all  social life because the gas bill has left them utterly broke? You're one step away from wanking on about people not being poor because they have FLAT SCREEN TELEVISIONS and SMARTPHONES. Give over.