30% increase in electricity prices

[ManxTaxPayer]

1 minute ago, Eris said:

Go nuclear and sell excess production to UK.

Is that before or after the station is paid for? 

[SleepyJoe]

Don't think the Sustainable Bond Fund will stretch quite that far Eris

Mind you, Rolls Royce haven't released pricing yet for their Small Modular Reactors

[Ringy Rose]

22 minutes ago, Eris said:

Such is only one of the consequences of allowing monopolies.

The MUA isn't a monopoly, though, at least not in the usual sense. Electric and water are state-owned utilities.

Manx Gas are a monopoly, though, and they *are* greedy.

This is the consequence of insane wholesale prices, partly caused by the war in Ukraine and partly caused by commodities traders.

[Ringy Rose]

48 minutes ago, Rob Callister said:

Thank you for all the comments this morning....

Happy to confirm that both 15% increases will be based on the current tariffs, and not from the April tariff increase. 

That's good to hear.

Whilst you're here, any explanation why Manx Gas were allowed to increase by 30% in one go and are now being allowed another price rise on top? The MUA have behaved creditably in all this. I'm interested in your thoughts as to why Ancala Partners LLP have resorted to their usual greed and why CURA have allowed them to get away with it?

As Manx Gas take their supply from the MUA, it seems a very odd situation. 

Edited March 17, 2022 by Ringy Rose

[Ringy Rose]

3 minutes ago, offshoremanxman said:

I bet it’s untrue though. 

We'll see. The government press release shows it going from 16.9p to 22p.

16.9px130%=21.97p. So it's pretty much right.

[Eris]

10 minutes ago, ManxTaxPayer said:

Is that before or after the station is paid for? 

Put a licence out to tender with the winner to build and run with a deal that includes a %age of generated power as license servicing.  Look on it as a joint venture as is commonly the basis of such developments BUT engage a competent contract negotiation firm because it has been obvious for many decades that there is no such competence anywhere within your government or civil service. However the whole gas farrago is disgusting from start to finish.

[Banker]

27 minutes ago, Ringy Rose said:

That's good to hear.

Whilst you're here, any explanation why Manx Gas were allowed to increase by 30% in one go and are now being allowed another price rise on top? The MUA have behaved creditably in all this. I'm interested in your thoughts as to why Ancala Partners LLP have resorted to their usual greed and why CURA have allowed them to get away with it?

As Manx Gas take their supply from the MUA, it seems a very odd situation. 

Not sure you understand, MUA have used £18m of reserves ie taxpayers money to subsidize the prices for past 12 months. MUA have been selling to Manx gas at cost & MG have been selling it to users at the regulated price eg at a massive loss , no one can carry on in business incurring huge losses which is why so many energy companies have gone bust.

If IOMG took over MG then prices would still go up the same or taxes go up to fund losses 

[Eris]

30 minutes ago, Ringy Rose said:

The MUA isn't a monopoly, though, at least not in the usual sense. Electric and water are state-owned utilities.

Manx Gas are a monopoly, though, and they *are* greedy.

This is the consequence of insane wholesale prices, partly caused by the war in Ukraine and partly caused by commodities traders.

The whole gas/electricity supply (and more besides) on the island is a monopoly. You're being ripped off.

[Banker]

13 minutes ago, Eris said:

The whole gas/electricity supply (and more besides) on the island is a monopoly. You're being ripped off.

Well if the monopoly is bringing cheaper prices than UK how is it a ripoff?

[Non-Believer]

2 hours ago, GD4ELI said:

All food prices are increasing, even ALDI and LIDL. Not everyone has easy access to multiple stores.

There's been some noticeable hikes in Shoprite over the last 2 weeks

[cissolt]

1 hour ago, Rob Callister said:

Thank you for all the comments this morning....

Happy to confirm that both 15% increases will be based on the current tariffs, and not from the April tariff increase. 

Interesting that you voted against Manx gas regulation, don't you feel that it's in the interests of your constituents?  Or does your Mua role override your consideration towards voters?

[Non-Believer]

2 minutes ago, Banker said:

Well if the monopoly is bringing cheaper prices than UK how is it a ripoff?

In the UK there is at least the availability of a choice of suppliers and the option of choosing tariffs that may suit particular circumstances or volume of use.

Here there is no such option. We are shackled to a gas monopoly that has already shown its colours in availing itself of the chance to take the piss out of weak regulation; and a statutory supplier of electricity that has saddled IOM residents with generations-worth of debt courtesy of corruption and political incompetence.

Not a particularly healthy choice of options, I'm sure you'd agree?

[Ringy Rose]

25 minutes ago, Banker said:

Not sure you understand, MUA have used £18m of reserves ie taxpayers money to subsidize the prices for past 12 months. MUA have been selling to Manx gas at cost & MG have been selling it to users at the regulated price eg at a massive loss , no one can carry on in business incurring huge losses which is why so many energy companies have gone bust.

If IOMG took over MG then prices would still go up the same or taxes go up to fund losses 

The MUA won't, as far as I can see, be using reserves to subsidise electricity prices going forwards. Therefore the new tariff will be what it costs them to purchase or produce the electricity.

Therefore 30% rises for MUA and 30% for MG seem reasonable. Wholesale prices have gone up a lot since the summer.

MG haven't been selling gas at a loss, that is why their tariff went up. Wholesale gas prices today are 265p/therm, lower than they were in December, although the market is volatile.

MG haven't been making profit, hence Cox and Ancala Partners LLP bitching about their 10% profit. But, you know what, there's a cost of living crisis and we all need to make sacrifices. Sadly it seems that, as always, it's us plebs who get to make the sacrifice and the hedge funders who get to guzzle the cream.

ETA UK suppliers went bust because of the UK's idiotic market structure. Suppliers signing new customers up on cheap tariffs the companies had no way of affording.  The reason why they hated the price cap is because they previously rinsed those who couldn't/wouldn't/didn't switch (often elderly and vulnerable people) to offset the cheap tariffs. They should have stopped the cheap tariffs, but they didn't because of a desperation to grab market share.

Edited March 17, 2022 by Ringy Rose

[WTF]

1 hour ago, Eris said:

Go nuclear and sell excess production to UK.

we can't get log flumes or tram tracks to work as they should and you want to let them play with radio active stuff ???!!!   FUCK OFF.

[Banker]

25 minutes ago, Non-Believer said:

In the UK there is at least the availability of a choice of suppliers and the option of choosing tariffs that may suit particular circumstances or volume of use.

Here there is no such option. We are shackled to a gas monopoly that has already shown its colours in availing itself of the chance to take the piss out of weak regulation; and a statutory supplier of electricity that has saddled IOM residents with generations-worth of debt courtesy of corruption and political incompetence.

Not a particularly healthy choice of options, I'm sure you'd agree?

No I don’t agree as any available option in UK would leave you paying more than you would here!

the new agreement is good in that it sets the return MG can make which is linked to cost of gas so if gas goes down then prices to consumers will as well . The constant whining about fuel price rises which are outside everyone’s control are getting boring!