Electricity Price Hike

[Major Rushen]

Surprised surprise  a 60% increase I am sure every business will absorb this….not. Appreciate that it has to be paid for but where is the money that Joe Public will need to come from. This will be a huge cost for the likes of Tesco, Shoprite  The Co-op  which will go onto food prices. 

[Happier diner]

8 minutes ago, Major Rushen said:

Surprised surprise  a 60% increase I am sure every business will absorb this….not. Appreciate that it has to be paid for but where is the money that Joe Public will need to come from. This will be a huge cost for the likes of Tesco, Shoprite  The Co-op  which will go onto food prices. 

I can't see an alternative

Its been happening in the UK (and probably the rest of the world) for over 12 months

Government subsidy is not the answer and nor is bankrupting our Energy supplier

[Non-Believer]

With a further rise to come in July as well.

 

Edited March 6, 2023 by Non-Believer
Typo

[Venus]

If we had invested in renewables and provided more support for solar installation this wouldn't be a bother on us. As it is, this is no surprise and the price has been fixed for the winter and we knew this would end in March.

[Venus]

3 minutes ago, Non-Believer said:

from £751 to £942 from April and £1,133 from July

My electric bill is already over this. And I am in a small household of 2 and do try to keep the electric bills down. Mine averages around £100 a month, what are other people's bills like?

[Passing Time]

1 minute ago, Venus said:

My electric bill is already over this. And I am in a small household of 2 and do try to keep the electric bills down. Mine averages around £100 a month, what are other people's bills like?

For businesses, it'll just be another nail in the coffin...

[forestboy]

2 minutes ago, Venus said:

My electric bill is already over this. And I am in a small household of 2 and do try to keep the electric bills down. Mine averages around £100 a month, what are other people's bills like?

Last quarterly payment £143 in January. 
Single occupancy.  No freezer.  
Oil central heating. Bungalow well insulated  

 

 

 

[thommo2010]

We knew it was coming when the process were frozen over winter. Logic would say that you would use more electric over the winter, lights being on, heaters etc

[Happier diner]

11 minutes ago, Venus said:

If we had invested in renewables and provided more support for solar installation this wouldn't be a bother on us. As it is, this is no surprise and the price has been fixed for the winter and we knew this would end in March.

That's very true. We urgently need to reduce our dependence on gas. 

[Dirty Buggane]

With the whole sale price of gas falling, and it is our own government supplying the MUA. This just stinks of another way we are being shafted for the present and past largesse of the whole incompetent government's/civil service.

[Non-Believer]

7 minutes ago, Passing Time said:

For businesses, it'll just be another nail in the coffin...

With the knock-on to prices across the board and possibly private sector employment as well, particularly if you're in manufacturing or repair industry that's energy-heavy.

[Cinderella]

A windy island. And virtually no renewables. This is where you end up

[0bserver]

There's no magic alternative. 

But some honesty and transparency from TJ would be nice, rather than just blaming Ukraine, Russia, global markets. 

1) How are they in a deficit of £50m for the financial year when they didn't touch the £26m loan facility? 

It would be worth investigating transferring the MEA debts onto Central government and then running MUA at arms length (like the IOMSPC) and on break even terms. (Sorry Frank, no more cheap EV tariff for you). 

 

[CallMeCurious]

So the logic is they didn't want to kcik the can down the road by using the £26m loan and yet they phase in the increase over 6 months? The only logic there is to keep the headline inflation rate down.

Looking forward to plummeting prices once the magic turbines and solar farms are up by 2024 so we can all reap the rewards.

What are the predicted savings on standard tarifs for green energy?  You know like some actual independent calcualtions have been done or is the 'salesman said' scenario?

Would be nice to know as presumably there must be a business case other than 'save the planet'.    

[Non-Believer]

1 minute ago, 0bserver said:

It would be worth investigating transferring the MEA debts onto Central government and then running MUA at arms length (like the IOMSPC) and on break even terms.

To the best of my knowledge the MEA debt liability is already held by Treasury, leaving it in the hands of Barclays would have meant unsustainable interest repayments. As to how far those debt tentacles extend into the supply of gas, including to IE, is one of the great unknowns.

One thing is for sure, the presence of this debt has left us on the back foot in dealing with global energy influences.