Rob Callister Posted April 15, 2022 Share Posted April 15, 2022 7 minutes ago, Bandits said: That’s a broker or intermediary. As for Mr Callister you’ll be hearing nothing from him until after the weekend with him being off island. But his statement was clear. They trade on behalf of Manx Gas (or clearly also don’t on certain occasions). No, I am still on the Isle of Man Manx Utilities have issued a formal statement last week - but further details will be published in the fullness of time Enjoy the Easter Break 1 Quote Link to comment Share on other sites More sharing options...
Bandits Posted April 15, 2022 Share Posted April 15, 2022 6 minutes ago, Rob Callister said: No, I am still on the Isle of Man That’s partial lie. You’re currently swanning around the departure lounge at Ronaldsway airport. 1 2 Quote Link to comment Share on other sites More sharing options...
SleepyJoe Posted April 15, 2022 Share Posted April 15, 2022 1 hour ago, Ringy Rose said: Obviously. It couldn't possibly be that Ancala Partners LLP are lying. After all, Ancala Partners LLP have never lied before. Still, in the spirit of lending money to people with no evidence they can repay it, will you lend us fifty grand? Yes, I'm aware of that, although the infrastructure in and around Douglas was installed by the predecessors of MG before it was privatised. It's also worth noting the new regulations are designed to separate the network costs and retail costs with a view to introducing competition in the future. It's more, as you say, I'd be up for the MUA buying MG out, certainly on the network side. I don't see what value they bring for their profit margin. I never have. There's a stronger justification for buying out MG than there ever was for buying the Steam Packet. What is it? Quote Link to comment Share on other sites More sharing options...
SleepyJoe Posted April 15, 2022 Share Posted April 15, 2022 1 hour ago, Rob Callister said: No, I am still on the Isle of Man Manx Utilities have issued a formal statement last week - but further details will be published in the fullness of time Enjoy the Easter Break Why weren't the details included with the formal statement? Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted April 15, 2022 Share Posted April 15, 2022 10 minutes ago, SleepyJoe said: Why weren't the details included with the formal statement? Because both creative accountancy and redaction take time? 😂 1 Quote Link to comment Share on other sites More sharing options...
Happier diner Posted April 15, 2022 Share Posted April 15, 2022 3 hours ago, Ringy Rose said: It's more, as you say, I'd be up for the MUA buying MG out, certainly on the network side. I don't see what value they bring for their profit margin. I never have. There's a stronger justification for buying out MG than there ever was for buying the Steam Packet. Yes. But with what money? Quote Link to comment Share on other sites More sharing options...
Bandits Posted April 15, 2022 Share Posted April 15, 2022 1 hour ago, SleepyJoe said: Why weren't the details included with the formal statement? He’ll tell you after the live footy. Quote Link to comment Share on other sites More sharing options...
Omobono Posted April 15, 2022 Share Posted April 15, 2022 53 minutes ago, Bandits said: He’ll tell you after the live footy. And I thought he was fully engaged until he potted the black ! Quote Link to comment Share on other sites More sharing options...
Ringy Rose Posted April 15, 2022 Share Posted April 15, 2022 (edited) 4 hours ago, Bandits said: They trade on behalf of Manx Gas (or clearly also don’t on certain occasions). They do trade on behalf of MG. MG tell them what they want and MUA go and buy it. MG pay for it later. It's a reseller relationship. MG: "we're very poor and have terrible cashflow, can you buy us £10m of gas and we'll pay you back later, honest" MUA: "sure, can we have some evidence you're good for the cash?" MG: *silence* The BBC reported it like this: "Forward-buying gas is millions and millions of pounds [and] at that time they were concerned that we wouldn't be able to pay that back," Jo Cox said. Yeah, the MUA are *definitely* the bad guys here. Edited April 15, 2022 by Ringy Rose Quote Link to comment Share on other sites More sharing options...
Bandits Posted April 15, 2022 Share Posted April 15, 2022 7 minutes ago, Ringy Rose said: They do trade on behalf of MG. MG tell them what they want and MUA go and buy it. MG pay for it later. It's a reseller relationship. We’re getting to the nub of this now. So if it’s a re-seller relationship you’re saying that the MUA have the right to sell the gas on to Manx Gas at a mark up (ie, re-selling), but they don’t want to be on the hook for any actual commercial risk that doesn’t involve a guaranteed mark up? Quote Link to comment Share on other sites More sharing options...
Ringy Rose Posted April 15, 2022 Share Posted April 15, 2022 (edited) 8 minutes ago, Bandits said: So if it’s a re-seller relationship you’re saying that the MUA have the right to sell the gas on to Manx Gas at a mark up Where on earth does a mark-up come into it? You do realise you can resell at cost. Which is precisely what the MUA do for MG. MG want gas, MUA buy it for them, MG pay for it in arrears. What the MUA didn't want to do was enter into a hedging agreement and then have MG fail to pay them for it. Jo Cox said this was the issue. The MUA have said this was the issue. I'm not sure why you're so determined to argue otherwise. But I'll leave you to it if you're so determined to argue the MUA should enter into a £10m agreement without knowing for certain that they'll get paid for it. The MUA wanted evidence before extending a credit line. MG couldn’t/wouldn't/didn't provide it. So it's all on MG. Edited April 15, 2022 by Ringy Rose 1 Quote Link to comment Share on other sites More sharing options...
Bandits Posted April 15, 2022 Share Posted April 15, 2022 6 minutes ago, Ringy Rose said: Where on earth does a mark-up come into it? You do realise you can resell at cost. A mark up comes into it as the legislation allows them to supply at a mark up. And they have charged a mark up. Quote Link to comment Share on other sites More sharing options...
Happier diner Posted April 16, 2022 Share Posted April 16, 2022 8 hours ago, Bandits said: A mark up comes into it as the legislation allows them to supply at a mark up. And they have charged a mark up. Are you sure? I mean it's fair that MUA should charge some on cost for running the assets that bring the gas here and the pressure reducing stations that are vital before MG get their hands on it. Quote Link to comment Share on other sites More sharing options...
Bazza Smurf Posted April 16, 2022 Share Posted April 16, 2022 I am currently in the process of organising a question and answer session with the CEO of CURA for members of a Facebook group which I admin. Is there anyone on here that would like to attend? Seems to me like there are lots of unknowns. Be nice to get them known. The q&a session will likely be Douglas on a Mon, Tue, Wed after 6.30pm and within the next month or so. I'm just trying to get an idea of numbers now. 1 Quote Link to comment Share on other sites More sharing options...
SleepyJoe Posted April 16, 2022 Share Posted April 16, 2022 16 hours ago, Ringy Rose said: Where on earth does a mark-up come into it? You do realise you can resell at cost. Which is precisely what the MUA do for MG. MG want gas, MUA buy it for them, MG pay for it in arrears. What the MUA didn't want to do was enter into a hedging agreement and then have MG fail to pay them for it. Jo Cox said this was the issue. The MUA have said this was the issue. I'm not sure why you're so determined to argue otherwise. But I'll leave you to it if you're so determined to argue the MUA should enter into a £10m agreement without knowing for certain that they'll get paid for it. The MUA wanted evidence before extending a credit line. MG couldn’t/wouldn't/didn't provide it. So it's all on MG. The issue is that - in it's actions - the MUA wasn't necessarily looking after the best interests of the hard pressed Manx consumer 1 1 Quote Link to comment Share on other sites More sharing options...
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