Forum Topic

EU gas price fall

Gas prices in the EU have fallen to a 10 month low. When will ours follow?

Nicholas Beard ● 1359d25 Comments

I like your humour :)

Basil Finnis ● 1359d

Guess you mean the TTF.https://www.gasstrategies.com/information-services/gas-matters-today/pricewatch-23-dec-2022-gas-matters-todayHenry Hub has cheapest, all that shale gas?

Russell Pearson ● 1359d

It's already down to its lowest since start of Russia invasion.  All the gas mkts are linked , one can't go up or down without the others responding. If you mean when will your domestic supplier start charging you what you used to pay. The answer is never. Even at todays price of 179 pence , even if that holds for a whole year , its still 2.5 times the highest normal price we used to pay when gas was about 3p a kWh

Andrew Craig ● 1359d

Why are our bills so much higher than the rest of Europe?

David Turner ● 1357d

It’s mainly to do with the UK’s over- reliance on gas.

Stewart Jones ● 1356d

Multi factored, but lack of planning, green agenda taking precedence over energy security, and shutting down storage to save costs -  so hence the UK exported gas across the year as nowhere to store it. UK Gov view here https://commonslibrary.parliament.uk/research-briefings/cbp-9491/

Russell Pearson ● 1356d

Partly due to the Tory/Lib Dem coalition 12 years ago (Ed Davey's voice most vehement against fracking I remember) disregarding digging for shale gas, and why? It would take 12 years for the planned investment to reach fruition.Oh dear.Liz Truss was all for fracking, but this was overturned by Rishi who prefers wind farms which won't function without wind, and solar panels which won't function without sun.Oh dear.And so beneath our green and pleasant land lie trillions of tons of safe gas going untouched.Oh dear oh dear.

Denis I. Fox ● 1356d

Exactly right Russell. Still we saved some money on maintaining the gas storage and that is all the government can see. No long term view.

Nicholas Beard ● 1356d

Wholesale gas price today is lower than at any time in the last 18 months: will the price to the public fall any time soon?

James Petri ● 1310d

You first need to insulate your home so that it does not get so cold or so hot that you need so much energy to heat or cool it.Solar panels have improved and no longer need direct sunlight.  Energy can also now be saved as well as exported to the grid.Plenty of info and exhibits and talks by those working in this sector on energy and more at Futurebuild coming up shortly at the Excel Centre.  www.futurebuild/energyA lot of MPs have been connections with fossil fuel companies and have received donations from them.  Just take a look at Desmog!And take a look at the Ethical Consumer at https://www.ethicalconsumer.org/energy to see how we also subsidise the companies while wanting them to reduce their activities and while they gain and keep huge windfall amounts while paying no or little tax.  Also what other countries are doing.Fracking was stopped because of the earth tremors they caused.  The USA is huge in comparison the UK so fracking is less likely to need to be so close to communities.  Funny how people always want fracking to be in someone else's backyard.And you missed out tidal/water power.

Philippa Bond ● 1310d

https://ealingtransition.org.uk/Investigate the schemes above where people are joining together and sharing what they are doing to reduce their need for fossil fuel.

Philippa Bond ● 1310d

We need as much gas storage as possible to keep ourselves warm, until better ways of heating the large hovels of wealthy eco saints in Bedford and Grove Park become available of course. In the meantime, Centrica post profits in the billions, yet refuse to invest properly in gas storage, leaving us paying over the odds for it in liquid form.https://www.ft.com/content/0ebf0cf1-af77-4670-90d6-ec060fd94f66

Russell Pearson ● 1310d

"Wholesale gas price today is lower than at any time in the last 18 months: will the price to the public fall any time soon?"My guess is that current forward prices are less than half what we're paying now. I quite realise that energy companies have to buy ahead to ensure future supply but wouldn't you think that just one energy supplier would be buying at current forward prices to obtain hugely cheaper gas? How does this work?

James Petri ● 1310d

I've never understood why companies that sell fuel for a living were given the job of giving advice on insulation to customers when that would reduce their profits.  I do  appreciate that they may be able to identify those that use an excessive amount of energy.To offer tax concessions to companies for them to invest in renewables also bemuses me.  They just can't help it as they will look after themselves and their investors first.  Those investors are unlikely to be those people who are unable or struggling to pay their bills.

Philippa Bond ● 1309d

"Wholesale gas price today is lower than at any time in the last 18 months: will the price to the public fall any time soon?"My guess is that current forward prices are less than half what we're paying now. I quite realise that energy companies have to buy ahead to ensure future supply but wouldn't you think that just one energy supplier would be buying at current forward prices to obtain hugely cheaper gas...and pass that on? How does this system work?

James Petri ● 1309d

Where will they store it? We have to buy LPG as we don’t have enough storage.https://www.ft.com/content/0ebf0cf1-af77-4670-90d6-ec060fd94f66

Russell Pearson ● 1309d

https://tribunemag.co.uk/2022/04/national-grid-sale-privatisation-climate-crisis

Philippa Bond ● 1309d

It ain't coming down because people are willing to pay extortionate prices without complaining. People may grumble, but will still pay what they're told to thus allowing the sector to keep increasing. Make Centrica's profits even more lucrative.

Carl Johns ● 1309d

Hanging on in quiet desperation is the English way.

Marlene Plimley ● 1309d

The French would be out on the streets.  The British are busy trying to make any kind of protest illegal.

Philippa Bond ● 1309d

“Looking ahead, supply risks and price volatility will likely persist next winter since talks between the UK government and Centrica, the nation's biggest energy supplier, on funding the expansion of its natural gas storage have stalled.”https://tradingeconomics.com/commodity/uk-natural-gas

Russell Pearson ● 1309d

The talks have stalled?  What like the talks with the nurses, doctors, railways and everyone else.  Was any Govt representative available who could string a sensible sentence together?  They usually can't because the situation they are in is untenable.Where is the announced £200 that those not on the gas grid who rely on oil or LPG to heat their homes, hot water and dry their clothing in Winter are supposed to get?  This apparently is supposed to be delivered via the electricity company - you know the electricity company who would really prefer you to use lots of....  electricity.  Will it arrive before next winter?  Sometime?  Never?

Philippa Bond ● 1308d

Stalled and heated arguments. As you point out, Centrica is about making money, but our government of late is about promoting the Green Agenda and penny pinching, vs protecting Energy Security - rightly or wrongly. This means that if they had to put down a line about protecting energy security, they’d have to admit previous policy was an unwise route to take. They won’t do that. We just have to pray that next winter isn’t a very cold one.

Russell Pearson ● 1308d

Highly recommend this mini-series.  It's fascinating.https://www.channel4.com/programmes/guy-martins-great-british-power-tripHow Britain makes its power and why it costs so much.

Philippa Bond ● 1308d

Thats a good series Im a fan of the nutcase anyway

Julian Pavey ● 1308d