Vladimir Putin Will Boost Gas Supplies to Europe - He's Now My Best Mate
In the News
After his statement the wholesale price of gas dropped by 70% ( having gone up 30% earlier ) https://www.bbc.co.uk/news/business-58815665
We are certainly not out of the woods yet - comments on the business channels were " Putin says I have plenty of gas you can have , how much will you pay ? "
Perhaps everyone needs to be aware of such things (freely available on most news channels ) rather than forming their opinion after believing stuff posted on the "now disgraced " Facebook and the like .
Putin having us over a barrel doesn't fill me with confidence. Let's face it gas prices are never going down, not significantly. We are going to see more big increases over the coming years. The sooner we have renewable energy the better. For those worried about heating their homes this winter - I can only pray it's a mild season.
We get most of our gas from the North Sea, Irish Sea and Norway. I think about 5% comes from Russia. I guess we are competing with other European countries for Norwegian gas though. We have low storage capacity because we have a internal supply I guess but maybe that was short-sighted.
My current fixed term contract is about 3p a KWh for gas but ends in April. God knows what I will have to pay then. What are other people paying?
BonzoBanana I can tell you 
, not pleasant ! I was with Igloo at a similar rate . Now been shifted to EON - haven't heard the price yet but presuming it will be three times as much .
Hope your fixed rate is with a "big six supplier " ? otherwise your fixed rate goes out the door if your supplier goes bust . As I'm sure you are aware -your supply and any credit is guaranteed should your supplier go bust -but your fixed rate is not !
Golfforall I should be ok as its the big German supplier E-ON who many are getting moved to from the bust suppliers. Well ok for about the next 6 months anyway.
BonzoBanana They'll be good 
- they are who I've been moved to - but sadly at nowhere near the rate you are on !
Golfforall I'm hoping the market will stabilise and prices will reduce by then. There are many reasons to see the current pricing as a temporary blip and not a long term issue.
BonzoBanana I hope so . I have budgeted for an can afford the price rise . My worry , as always, is for those who will not be able to afford to keep their homes warm - particularly if we have a cold winter .
My worry is always for members . They will jump all over a pack of overpriced chocolates from Amazon ? Or a totally unfit for purpose Chinese razor or muscle massager (because it "seems" cheap 
) ! .
Yet 2 or 3 chat posts on here warning about energy prices and inflation in general (which will affect everyone ) have gone virtually uncommented upon ?
Prewarned is prearmed . Members may wish to keep their heads in the sand ? Or perhaps don't want to face the inevitable ? You can lead a horse to water -but you can't make it drink !
Sometimes wonder why I bother sharing well thought through advice on here - but I do .
Yes the price hike is going to catch many unaware who haven't followed the news. Such a huge increase and just as benefits are being returned to normal levels after the pandemic temporary increase so people will get a lot poorer. Many will simply not be able to heat their home or risk building up future debt. Yet I would argue these level of benefits are unsustainable and beyond what the country can afford due to having to service such high levels of public sector debt. Austerity is going to get a lot worse over the coming years as we have so much debt to pay back, how will people deal with becoming much poorer especially as there will be a significant portion of people protected from such poverty. As soon as we start paying back the public sector debt mountain it will have an extreme effect on benefits etc and our economy in general. NHS, Police, Fire brigade and general public sector services will be cut back and taxes increased.
Our real financial position just isn't reported in the mainstream media to any serious degree, I'm not sure they are even interested in showing such statistics. Really without an understanding of the situation you cannot hope to start improving the situation. A country with much reduced assets, huge debts and a decimated manufacturing base is really going to struggle in the coming years however at least outside the EU the situation should be much better in the long term.
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