Posted by: @editor

@mike-patrick, it's frightening at how fast this is all shooting up. I don't keep tabs on mains gas at all, but is it going up at the same rate as electricity?

Every supplier has increased gas prices dramatically more than electricity prices for the last year. 

It is going to be cheaper to run a heat pump on the majority of the extreme fixed tariffs at todays quotes (apart from some existing customer specific tariffs perhaps) 

As i type eon are offering 50.55p for elect, 17.17p for gas for new customers. 

That's 2.94 elect vs gas. Not a unreasonable number for a heat pump COP

It is realistically probably impossible to shift much if any of the levy from electricity to gas until things settle down a bit. It would result in millions more people unable to heat their homes. Probably unacceptable, even given climate change in the short term. 

At the moment heat pump owners vs mains gas owners are doing better relatively by the look of things.

Anyone who has solar pv/batteries and managed to pick up a decent time of use tariff like Octopus Go before prices went up is very lucky. I see Octopus aren't taking on any new customers online as i type, whether you can phone up and pick up a tariff i don't know. 

My tariff runs out on 26th April. 2.75p gas, 15.3p electricity. It is going to be a big jump whatever is available but we are fortunate we can afford it. 

I am just grateful i am not in Ukraine being shelled so i honestly can't complain. 

Posted by: @batalto

I am 100% getting more batteries this year. At these prices, they will pay for themselves in months vs years. You can get something like 5kw for £1,500 delivered. If I have 4kwh usable that's worth if you can fill them up every day

£146 @ 10p/kw

£292 @ 20p/kw

£438 @ 30p/kw

£584 @ 40p/kw

£730 @ 50p/kw

The value becomes even larger in the shoulder seasons or if you have some kind of time of use tariff you can arbitrage. 

The financial case for new solar panels must have also changed dramatically. 

From 14th April

Suppliers to make all tariffs available to new and existing customers

OFGEM.GOV.UK "https://www.ofgem.gov.uk/publications/decision-short-term-interventions-address-risks-consumers-market-volatility"

Decision on short-term interventions to address risks to consumers from market volatility | Ofgem

Addressing the risks to consumers in the short term from ongoing wholesale market volatility.

@jeff so we can get any tariff?! That's going to be carnage

Posted by: @batalto

@jeff so we can get any tariff?! That's going to be carnage

Basically yes

There can be no difference depending on whether you are an existing or new customer. 

Exit penalties can still apply. 

They can still differentiate in other ways. For example a tariff only for EV drivers, but this tariff has to be available to all EV drivers, not just the suppliers existing customers. 

It is similar to what has recently been introduced for insurance, you can't offer a different car insurance quote for new and existing customers as an example.

We don't yet know when wholesale gas prices will peak/stabilise/fall. Wholesale gas prices are now completely detached from the cost to extract and transport so some companies are making obscene amounts of money. 

Heating oil now selling at over £1.00/L 

Wow! And the online supplier I used to use is currently not taking orders for my postcode at all.

@prjohn, kerosene in our neck of the woods is 80p, but I suspect it’ll go over £1 soon. Had no idea that gas had risen that steeply. I can see why this will have driven so many households into fuel poverty this winter.

I think the levies argument has been shelved for the reasons cited above, but I like what Dale Vince has been hammering on for weeks. Impose a windfall tax on the O&G companies that are making millions/billions and getting government support, and distribute these funds in a similar way to what the government did with furlough during Covid lockdowns.

@editor windfall tax must happen surely. It’s logical and fair and will avoid crippling the economy as families won’t be buying anything. 
I’m staying with in-law this weekend and I will save money by staying there despite petrol costs 

Posted by: @editor

@prjohn, kerosene in our neck of the woods is 80p, but I suspect it’ll go over £1 soon. Had no idea that gas had risen that steeply. I can see why this will have driven so many households into fuel poverty this winter.

I think the levies argument has been shelved for the reasons cited above, but I like what Dale Vince has been hammering on for weeks. Impose a windfall tax on the O&G companies that are making millions/billions and getting government support, and distribute these funds in a similar way to what the government did with furlough during Covid lockdowns.

It is not just the O&G companies, but the commodity traders, who can buy and sell the cargo of a LNG tanker numerous times whilst it is in transit, making a profit each time, and in some cases actually diverting it from its original destination. The governments need to crackdown and change the system to prevent these traders from making vast profits on other peoples misery. The whole energy production and supply system is broken. I suggest that you watch the documentary 'Moving Zeitgeist Forward'.

@derek-m traders take a risk when they buy a commodity. A price can fall as well as rise...

I guess the former is currently unlikely 😉