Four more small energy firms could go bust next week

[expressman33]

https://www.bbc.co.uk/news/business-58610561

[Richard Frost]

A lot of speculation and hearsay but no facts from the BBC. Having said that the small players are having a very hard time of it at the moment and are not at all well funded, so it is extremely likey that some will go the way of the wind. I would make the most of it. If they go bust balances are protected. Bag any switching bonus whilst you can.

[planteria]

the message being pushed is to continue and don't worry.. the company that takes over a supply account will deal with all issues at a later date.

we have various accounts with Scottish Power and Octopus Energy. anyone here been directly affected by these current problems?

[Sarah]

Here are live UK vs EU prices (approximately £150 vs €100 or less); this follows a £400 spike last week, so not surprising the UK industry is in crisis:



https://www.epexspot.com/en/market-data ... 2021-09-18

What went wrong?

When the UK exited the EU, it did not address the many issues identified in its own plans, where plans existed. The government ignored the EU Commission papers on the topic which identified in detail what risks existed to energy supply and balancing. It is almost as if the Government thought they could just fix issues as they ‘cropped up’ after the amateurish leaving agreement. However they did not actually have the agility or energy to do the necessary grunt work. We elected to be outside the EU Internal Energy Market, even though we rely on key aspects of it. So now we have lost significant control over prices, which is being used as an excuse to use coal fired power stations to balance the grid. And yes, that has just happened in the very year of the COP26 summit.

https://westenglandbylines.co.uk/energy ... y-markets/

[expressman33]

Majority of UK’s small energy suppliers could be left to collapse this winter

https://www.theguardian.com/business/20 ... his-winter

[macliam]

Another proof that the UK Government (Taking Back Control) couldn't organize an alchohol consumption spree in a drinking establishment. All the talk about "energy security" and the UK is paying vastly more than its near neighbours..... whilst letting the French and the Chinese take stakes in generation!!

[Sarah]

In 2015 the National Grid commissioned a study into potential effects of Brexit on energy supply in the UK...

It says if we leave the IEM we get a bunch of problems to do with decreased market coupling / trading / investment an higher costs / lower energy security.

But on the bright side, it says the risks [of running out of] gas are minimal... because the UK has excess storage capacity.

They wrote this in 2015.

Then in 2017 the Tory Government allowed their friends at Centrica to close down 70% of the UK's gas storage capacity... to save money and maximise shareholder returns.

https://threadreaderapp.com/thread/1439 ... 88673.html
https://twitter.com/mac_puck/status/143 ... 88673?s=20

[macliam]

Come, come, a parliament only lasts a few years you know. Short-termism is the order of the day, just-in-time delivery and all that. Problem is that JiT requires good planning and management.

So, that's a no then, with the current bunch....