rashbre central: money to burn?

Tuesday 8 February 2022

money to burn?

I see London stocks rose in early trade, underpinned by solid results from oil giant BP according to Sharecast. BP are making around £350 per second from the oil price hikes. Shell similarly so. 

I thought ETRM (Energy Trading Risk Management) software and dealing was supposed to smooth the effect of energy price fluctuations, but instead we see corporate effects (good for shareholders) and domestic effects (bad for consumers). 

I thought I'd run a quick test of what would happen if I switched provider now (ie by-passed the so-called Energy Price cap)

My old energy bill was about £1200, and my new price could be one of the following:

That's around £3,820-3,850 per year or significantly more than I pay at the moment.

Of course, I'd be bonkers to 'switch' at the end of my current contract 31-March-2022, so, along with 22 million other consumers, I'll go onto the Price Cap instead. 

That way it will 'only' be around £1,971 per annum. A Price Cap rise of £693, although I was on a fixed tariff which used to give me cheaper fuel. 

 I wonder how they have the nerve to call it a price cap, when it is planned to go up again in October? 

Another example of not taking back control.

UPDATE:

I looked at the New York Mercantile Exchange NYMEX predictions for short term oil prices. The spread is so greats doesn't look as if they have a clue. Note the spread of the pricing (in red) on my two main charts.



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