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Gas Prices :S

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Just read that the wholesale price of natural gas has risen with 60% in two days across Europe. We just had a new (efficient) boiler installed and genuinely considered going for a ground heat exchange system thanks to Scottish subsidies on acquiring such a system - decided against it because of the huge amount of work/disturbance to our garden and the noise these pumps make. 

 

Beginning to regret that decision now, despite prices being 'protected' in the UK. Do you think the price will get lower in the coming year, or are we all going to have to swallow yet another huge bill due to the circumstances we find ourselves in? 

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1 hour ago, tzijlstra said:

Beginning to regret that decision now, despite prices being 'protected' in the UK. Do you think the price will get lower in the coming year, or are we all going to have to swallow yet another huge bill due to the circumstances we find ourselves in? 

I'll stick my neck out. I think the price will fall back to pre-pandemic levels within the next 24 months. The pandemic turned everything upside down and demand for lots of things collapsed. For industries with big investments and long lead times that creates a lot of planning problems. I am optimistic that post-pandemic will look similar to pre-pandemic after a period of turbulence.

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Assume prices will rise again in 6 months time as the cap moves up to take into account the cost of the gas that companies will have to buy for next year. 
 

even if wholesale prices start to fall next October is likely to be when you see benefit 

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Shame we have closed down nearly all the North Sea gas platforms and bought gas in. Would take years to get to the state of production again 

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11 hours ago, BigAl1 said:

Assume prices will rise again in 6 months time as the cap moves up to take into account the cost of the gas that companies will have to buy for next year. 
 

even if wholesale prices start to fall next October is likely to be when you see benefit 

The way things are going, the cap will be increasing very soon.

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Well the ‘good’ news being that we’re all saving so much money on the holidays that we’re not taking that we can easily afford the new utilities costs. Well that’s my excuse and I’m sticking to it. 😉

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It may return to none insane prices after Russia agreed to increase the supply; https://www.bbc.co.uk/news/business-58815665

 

Quote

UK wholesale gas prices hit a record high before falling after Russia said it was boosting supplies to Europe.

Russia President Vladimir Putin appeared to calm the market after gas prices had risen by 37% in 24 hours to trade at 400p per therm on Wednesday.

UK gas was 60p per therm at the start of the year, but high global demand and reduced supply has driven prices up.

The high cost of wholesale gas has seen several UK energy firms collapse and halted production across industries.

Following Mr Putin's comments on supplies, gas prices dropped to about 257p a therm later on Wednesday.

 

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12 minutes ago, BigAl1 said:

yes but do not expect domestic prices to come down any time soon

Yes I agree however, many tuppence ha’penny suppliers will soon have bitten the bullet, leaving the path clear for a new major player to give the remaining ‘big boys’ a run for their money.

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2 minutes ago, crookesey said:

Yes I agree however, many tuppence ha’penny suppliers will soon have bitten the bullet, leaving the path clear for a new major player to give the remaining ‘big boys’ a run for their money.

Yes most of the  tuppence ha’penny suppliers will soon be gone.

 

I would very much doubt that at the moment anyone would be looking to join the market. With the price of gas in excess of what they can charge domestic customers they would not survive long . At the moment for the companies it is survival not expansion

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On 07/10/2021 at 12:43, BigAl1 said:

Yes most of the  tuppence ha’penny suppliers will soon be gone.

 

I would very much doubt that at the moment anyone would be looking to join the market. With the price of gas in excess of what they can charge domestic customers they would not survive long . At the moment for the companies it is survival not expansion

Today’s advice appears to be to stay put, I’m looking at a circa £350 increase, me being me, I’ll probably still have a nosey, how about you?

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On 07/10/2021 at 12:43, BigAl1 said:

Yes most of the  tuppence ha’penny suppliers will soon be gone.

 

I would very much doubt that at the moment anyone would be looking to join the market. With the price of gas in excess of what they can charge domestic customers they would not survive long . At the moment for the companies it is survival not expansion

The share price of Centrica PLC is up 17% this month; good for a punt?

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