Energy price rises and price cap discussion.

[Xenophon PCDGS]

Not to this scale, the level to which rampant speculation outweighs actual industry has skyrocketed over the last few years.

Speculation over the years knows no bounds and many areas of industry in the 1920-1930 period, especially in the USA, were especially prone to it.

Historically speaking, the Rail Mania period in the 1840s in Britain was another area where speculation was rife.

This is where capitalism and free-marketing are seen as areas where speculation flourishes, with the wish to make financial killings on the stock and utilities markets.

 

[Baxenden Bank]

I'm equally concerned about what the winter holds for us. I remember the Bradford riots of 2001, hell at the time I lived slap bang in one of the epicentres. And it was a long drawn out build up, albeit for very different reasons, towards chaos breaking out. And whilst the atmosphere is nothing like those months leading up to the shocking events here as yet, I can already sense growing anxiety out and about.

Social anxiety if not addressed quickly will turn into fear, then anger, and then... Well who knows. But something has to be done because most people in this country will not be able to afford the kind of prices that the cap increase will invariably cause.

I foresee lots of lower level problems.

Shoplifting, theft of items from gardens, sheds, houses, people on the street, business premises. Things which can be sold in the pub (or social media) to raise a bit of cash to cover immediate cash needs.

Unless someone is the type of person that budgets ahead, or has had their direct debit increased already, then the real scale of the price increases will not yet have hit home. Yes there is lots of noise about it in the media etc but people haven't had their actual bills yet. As it's still summer, use is still low, actual bills (not dd schemes) are still low. There are plenty of people (and not necessarily of limited income) who live payday to payday. They earn money and they spend money in a very casual way, some months they have some spare, some months they are a bit short. Those people have got a shock coming.

 

[Howardh]

I foresee lots of lower level problems.

Shoplifting, theft of items from gardens, sheds, houses, people on the street, business premises. Things which can be sold in the pub (or social media) to raise a bit of cash to cover immediate cash needs.

Unless someone is the type of person that budgets ahead, or has had their direct debit increased already, then the real scale of the price increases will not yet have hit home. Yes there is lots of noise about it in the media etc but people haven't had their actual bills yet. As it's still summer, use is still low, actual bills (not dd schemes) are still low. There are plenty of people (and not necessarily of limited income) who live payday to payday. They earn money and they spend money in a very casual way, some months they have some spare, some months they are a bit short. Those people have got a shock coming.

Add that if businesses go part time, the current full-time workers who can just about budget/cover power on their current wage won't be able to on part-time wages (will there be govt help?) and they will be at home longer using up more fuel...vicious circle.

If the government does give full assistance, then the national debt grows even further, more cuts in services etc. Will inflation simply spiral out of control??

 

[brad465]

Whilst we should be looking for ways to lessen our energy consumption, for both ecological and financial reasons, let's not pretend for a moment that just lessening use will suddenly turn things around environmentally. I know its the current trend for a generation to believe that we can just flick a switch and make things better, but our species has been changing the environment for literally thousands of years. From the moment that the first farmer cut down the first tree to make way for agriculture, we set out on this route. Cutting usage today won't change things tomorrow, it will take decades, centuries and probably millennia before any tangible results will be seen. We need to be honest about this, otherwise we are just chasing rainbows and not tackling the real problem.

That's not to say we should do nothing, but we have to be realistic. There are over 7 billion of us on this planet, and we are going to consume more & more. So we need to find more efficient ways of generating, storing and consuming energy. We also need to make far more effort in re-fixing carbon back into the ground to offset all the carbon we have released by reforesting but also making our urban areas greener, which in turn can actually reduce our energy use. But most of all we need to take energy out of the hands of the speculators, and make energy public property in which we all have some say, even if it is just via the ballot box. Too long have we relied on private companies to provide energy to us at whatever prices they feel will make their shareholders profit. I would rather pay a little more in tax to have a predicable flow of energy & a cost that cannot and will not spiral out of control, as we are going to see this year.

How do we achieve this I suspect you'll ask? Well it would be a good question, and if I am honest I haven't yet a clue. But these are the things that we should all be asking, because collectively we might just find a way to achieve it. In fact we have to, because if not, in time, all this will lead to serious civil unrest.

For all my disgust at how we responded to covid, it did show that if there's a will, there's a way. We spent like there was no tomorrow to try and manage it, and businesses and workers rapidly adapted to what was seen as necessary change. Similar rapid change has been seen during wars, particularly WW2. If we can behave like that for those crises, then I think we could turbo-charge a drive towards resolving this energy crisis and action towards climate change at the same time. Home insulation, heat pump installation, increasing renewable capacity (more solar panels on roofs, research into tidal power, accelerate offshore wind farms), more small modular reactors for nuclear (should be quicker and easier than large scale plants), and energy storage technology and capacity to overcome the intermittency of renewables and increase supply during peak demands. A few years of this could get us a long way towards energy security and independence.

I don't see the current Government (nor the one led by the new PM next month) doing anything about it unfortunately, the best I think we can hope for is to loudly and publicly demand more action that at least means those vying for power in 2024/25 decide to adopt them if they see it as politically viable.

 

[DelayRepay]

Unless someone is the type of person that budgets ahead, or has had their direct debit increased already, then the real scale of the price increases will not yet have hit home. Yes there is lots of noise about it in the media etc but people haven't had their actual bills yet. As it's still summer, use is still low, actual bills (not dd schemes) are still low. There are plenty of people (and not necessarily of limited income) who live payday to payday. They earn money and they spend money in a very casual way, some months they have some spare, some months they are a bit short. Those people have got a shock coming.

To add to that, there seem to be an increasing number of people in the media cancelling their monthly direct debit plan and intending to pay on receipt of the bill. That's great while it's summer, usage is low and the price increase hasn't kicked in. But in a few months these people will get a real shock - their bill won't go up by 80%, it will go up a lot more depending on their summer/winter usage split. Yet somehow they seem to think they've got one over on the power company. To add to the confusion the media keep quoting the £3,500 average figure. Some will be lower, and worrying unnecessarily, and some will be higher but won't realise how much they'll actually have to pay.

Actually I can see the level of defaults causing problems for the suppliers. Their normal approach of installing pre-pay meters to recover the debt won't work; there won't be enough court time to gain warrants or engineers to install the meters.

For all my disgust at how we responded to covid, it did show that if there's a will, there's a way. We spent like there was no tomorrow to try and manage it, and businesses and workers rapidly adapted to what was seen as necessary change. Similar rapid change has been seen during wars, particularly WW2. If we can behave like that for those crises, then I think we could turbo-charge a drive towards resolving this energy crisis and action towards climate change at the same time. Home insulation, heat pump installation, increasing renewable capacity (more solar panels on roofs, research into tidal power, accelerate offshore wind farms), more small modular reactors for nuclear (should be quicker and easier than large scale plants), and energy storage technology and capacity to overcome the intermittency of renewables and increase supply during peak demands. A few years of this could get us a long way towards energy security and independence.

We need all of this, and we also need politicians to be honest; part of the solution has to be that we reduce our demand for power, which will mean lifestyle changes and a lower standard of living for some. I do not think people should sit at home shivering in the dark, but equally I don't think the government should be subsidising people who like to crack the heating up to the max then sit around in their underpants all day! Like with Covid, and with wars, I think people will try their best to reduce consumption if it's in the national interest, in addition to any financial motivation. But the current focus seems to be on how to make very small changes that will make virtually no difference (unplug the TV when not in use etc) and how the government can support bill payers financially. The reality is that putting on extra jumpers and sitting under a blanket in the evening when it's cold will have to become the reality.

It's a bit like food waste - we throw a huge amount of perfectly good food away in this country, but it's left to celebrity chefs like Jamie Oliver to show people how to avoid wasting food.

 

[Cdd89]

While I fully agree with increasing insulation, renewables, nuclear, etc, these are at best mid-term solutions and we still have several years to get through. I think the scale of the crisis is such that we can’t be too picky about the available solutions. At this stage I’m pretty much open to anything.

 

[birchesgreen]

Some tips from someone who already sits in the cold in winter:

- buy some draught excluders now, or make your own!
- buy some nice toasty fleece lined slippers
- get into the habit of closing doors, even if you were born in a barn
- get some extra blankets so you can layer them up
- plan your day e.g. if your house is East facing maybe it would be better to spend your morning there with the sun shining on you
- learn who is to blame for this nonsense, the hate may keep you warm like in Red Dawn

 

[Yew]

Speculation over the years knows no bounds and many areas of industry in the 1920-1930 period, especially in the USA, were especially prone to it.

Historically speaking, the Rail Mania period in the 1840s in Britain was another area where speculation was rife.

This is where capitalism and free-marketing are seen as areas where speculation flourishes, with the wish to make financial killings on the stock and utilities markets.

However, since the early 90's the ratio of derivatives to global GDP has increased from around 2.5 to around 10. For every pound of economic activity, there are 10 pounds of speculation gambling on the future. Of middlemen taking their cut to add to their already vast sums of wealth.

Railway speculation in the 1840's allowed real industrial activity to happen - if the railways failed then their building stimulated economic activity and provided employment. These days it it more like a ticket scalper exploiting their capital to buy up supply, then selling at a profit once scarcity has pushed up the price.

 

[Xenophon PCDGS]

However, since the early 90's the ratio of derivatives to global GDP has increased from around 2.5 to around 10. For every pound of economic activity, there are 10 pounds of speculation gambling on the future. Of middlemen taking their cut to add to their already vast sums of wealth.

The question on a global basis therefore is why the stated ratio of derivatives to global GDP has increased in the manner that it has.

 

[tomuk]

However, since the early 90's the ratio of derivatives to global GDP has increased from around 2.5 to around 10. For every pound of economic activity, there are 10 pounds of speculation gambling on the future. Of middlemen taking their cut to add to their already vast sums of wealth.

Is that based on notional amount outstanding or estimated gross market value?

 

[philosopher]

If the leaders of all countries where high gas prices are an issue got together in an special summit, could they come up with some emergency measures some to reduce wholesale gas prices. I suspect it would require some highly unorthodox measures, but it would not be the first time governments in the past couple decades have adopted unusual policies.

 

[Pete_uk]

Imagine if we have a very long, very cold winter like we did in '09 and '10, the phrase which includes a reference to 'S*** Creek' won't begin to cover it.

 

[Howardh]

Some tips from someone who already sits in the cold in winter:

- buy some draught excluders now, or make your own!
- buy some nice toasty fleece lined slippers
- get into the habit of closing doors, even if you were born in a barn
- get some extra blankets so you can layer them up
- plan your day e.g. if your house is East facing maybe it would be better to spend your morning there with the sun shining on you
- learn who is to blame for this nonsense, the hate may keep you warm like in Red Dawn

I've alluded to this before, downstairs I have a large-ish hall (about the size of a 12'caravan, lounge, dining room and kitchen. The radiator in the hall is linked to the unit's thermostat, so if another radiator is on, that has to be on - therefore using energy I'm not using.

So until an engineer can move the thermostat, the hall will be my living room, with desk/pc, comfy chair and TV, curtained off with make-do sheets so the heat doesn't escape upstairs, so during the dark winter months I can keep myself occupied and warm. If the bedroom's too cold I can place a camping bed next to that radiator. I'm hoping I can get away with setting it at 21 or 22c.

But overall, I'll try to spend as much time out of the house, even breaks in hotels abroad or down south will be on the cards. Long days on the train with a bottle of red....

 

[yorksrob]

The Establishment needs to realise that "markets" aren't an end in themselves.

Yes, in certain circumstances they can being benefits to consumers, but when they stop working, the state needs to be ready to step in.

 

[Sm5]

I think part the issue is the fear the media is chucking out.

They dont really know any more than we do, so focus on the extreme academic sources who offer hypotheticals.

They get funding to do academic studies, made of up students and lecturers who need that funding and ergo arent going to give a good news story as it wont attract the media and therefore lacks the hype, and often are merely speculated guesses, without real world experience.. but to secure funding you need not just results, but headline results… which the media then feasts on taking the previously unknown institution publishing it on the ride with it.

those same academics predicted an energy crisis and shortfall of production, saying we’d have blackouts by 2015 due to rising demand..Were using exponentially less energy now due to LEDs than a decade ago which erased the gap… they missed that, we all did, which makes them no better than us, as side of writing it down.

Sitting here thinking of £6k energy bulls is surreal.. £500 a month, or £17 a day… my council tax is £10 a day, Phone, Water everything thing else etc makes another £10… so call is £40 a day to live in a house…

I can see cheap hotels for less than that.

At the end of the day people can only pay what they have, I suspect people will choose eating over the energy bill and will simply let it unpaid. You cant take what they dont have.

if I’m naive to think its surreal, then i’m sure i’m not the only one, but i’m ignoring the media, living for today, and will deal with it when it actually comes, as theres nothing I can do ahead of it happening and have no say of the pricing.. so stressing wont help.

Putin must seem quite happy with the latest UK energy price "cap" as he will see this as pay-back for the money that has been poured by Britain in weaponry support of Ukraine against the Russian "short-term military exercise".

Does that mean if the war ends the cap will come down ?

When does that ever happen ?

Hinkley point was sold by Teresa may back in 2015 on a minimum price way higher than we started this crisis.. so you cant bet on it going lower.

 

[Baxenden Bank]

To add to that, there seem to be an increasing number of people in the media cancelling their monthly direct debit plan and intending to pay on receipt of the bill. That's great while it's summer, usage is low and the price increase hasn't kicked in. But in a few months these people will get a real shock - their bill won't go up by 80%, it will go up a lot more depending on their summer/winter usage split. Yet somehow they seem to think they've got one over on the power company. To add to the confusion the media keep quoting the £3,500 average figure. Some will be lower, and worrying unnecessarily, and some will be higher but won't realise how much they'll actually have to pay.

Actually I can see the level of defaults causing problems for the suppliers. Their normal approach of installing pre-pay meters to recover the debt won't work; there won't be enough court time to gain warrants or engineers to install the meters.

An amazingly daft idea. These people do realise that the unit rates for standard credit (ie pay on receipt of bill) are higher than for other credit (ie direct debit budget schemes) don't they? Hey just give your supplier even more money, that'll show em! My supplier has a penalty fee for missed direct debits and they will assume you have opted to go onto the standard credit rate.

People should wait until they receive the actual unit rates from their supplier. The average cap increase was 54% in April but my personal increase was 90% because of the way my supplier applied the increase to daytime and nighttime rates! If they jigger about the same this time round it will probably be cheaper to blast my independent heating on at peak daytimes (out of spite) and turn off the overnight storage heater use!

 

[najaB]

those same academics predicted an energy crisis and shortfall of production, saying we’d have blackouts by 2015 due to rising demand..Were using exponentially less energy now due to LEDs than a decade ago which erased the gap… they missed that, we all did, which makes them no better than us, as side of writing it down.

Sigh... this... again.

Expert: If we don't make a change, this bad thing will happen. Yes, it will be expensive, but the consequence of not doing it will be worse.
Society: Makes change.
Internet commenters: Why did we spend all that time, money and effort making a change - none of those bad things happened!

 

[Bletchleyite]

So until an engineer can move the thermostat, the hall will be my living room, with desk/pc, comfy chair and TV, curtained off with make-do sheets so the heat doesn't escape upstairs, so during the dark winter months I can keep myself occupied and warm. If the bedroom's too cold I can place a camping bed next to that radiator. I'm hoping I can get away with setting it at 21 or 22c.

Get away with 21/22? 22 is balmy. Do you have circulatory issues (or a broken thermostat)?

 

[najaB]

Get away with 21/22? 22 is balmy. Do you have circulatory issues (or a broken thermostat)?

It might not be broken, but if it's just above the radiator then it might well read on the high side. I've seen that plenty of times.

 

[tomuk]

Get some thermostatic radiator valves

 

[Bletchleyite]

Get some thermostatic radiator valves

Even if you have "classic" TRVs the radiator in the room where the main stat is can't have one.

What might be worth looking at, though, is one of the smart control systems where any radiator can demand heat directly.

 

[Herefordian]

An amazingly daft idea. These people do realise that the unit rates for standard credit (ie pay on receipt of bill) are higher than for other credit (ie direct debit budget schemes) don't they? Hey just give your supplier even more money, that'll show em! My supplier has a penalty fee for missed direct debits and they will assume you have opted to go onto the standard credit rate.

People should wait until they receive the actual unit rates from their supplier. The average cap increase was 54% in April but my personal increase was 90% because of the way my supplier applied the increase to daytime and nighttime rates! If they jigger about the same this time round it will probably be cheaper to blast my independent heating on at peak daytimes (out of spite) and turn off the overnight storage heater use!

I've seen many instances of a certain energy provider increasing direct debits far above what the customer is actually using.

At least with pay on receipt people are paying for what they've actually used.

I agree that tax rises are not viable in the current climate. Possibly they are viable for the highest earners, but I doubt that would be politically acceptable to the new Prime Minister.

Borrowing to fund improvements, on the other hand, would be ok, despite the existing levels of debt. We have to borrow to fund the bill credits, and without improvements the bill credits will have to continue for ever. If we borrow to invest in reducing consumption, then this will pay for its self by reducing the need for future credits. This needs to happen in parallel with renewables - less renewables will be needed if we waste less energy overall, so we will achieve an optimal position sooner.



I agree that it will take years to insulate every property. But the sooner we start, the sooner its done. And we don't need every property insulated to make a difference. Every house that is improved means a family who can keep warm without spending as much on fuel. It also means less demand for energy overall which means prices should reduce. It means our renewables make up a greater percentage of total energy supply, so there's less dependency on foreign imports. It reduces the chance of blackouts due to energy shortages. For maximum gain you would start with poorly insulated properties occupied by people with low incomes. But I would not want to over complicate a scheme by means-testing.

A couple of years ago, when the country faced a different emergency, the government launched the Covid vaccine programme. The NHS, with support from the armed forces, local authorities and an army of volunteers did what some thought was impossible. I think we are facing a similar emergency now and need a similar response.

I don't see it as either/or - I absolutely agree that in the short term the government needs to subsidise energy use. But this is simply not a sustainable solution. Unlike investing in insulation, there's no long term benefit to the expenditure. We've already seen that the £400 proposed less than six months ago is going to need to be topped up.

I'd say borrowing should be restricted to "needs must" at the moment, but you make a good case for this being one of those.

I agree we need to start ASAP, but I think the priority should be the support packages and getting those delivered.

After that, the government should absolutely look at a programme of insulation.

We are investing in renewables in the UK. Our electricity is substantially less carbon intensive then Germany not as low as France but they use 70% nuclear.

The UK needs to invest in nuclear energy.

All of the UK's operational nuclear plants are due to be decommissioned within the next thirteen years. Most of them before the end of this decade.

There are, presently, only two new plants confirmed, with a further three only proposed. I think those, plus at least one more, are needed.

 

[Nicholas Lewis]

Add that if businesses go part time, the current full-time workers who can just about budget/cover power on their current wage won't be able to on part-time wages (will there be govt help?) and they will be at home longer using up more fuel...vicious circle.

I can see the issue with labour shortages quickly resolving themselves into unemployment

If the government does give full assistance, then the national debt grows even further, more cuts in services etc. Will inflation simply spiral out of control??

The problem here is the price of gas isn't going to drop back unless Russia turns the taps back on and the West takes it so this isn't a short term problem its long term. So the government is going to have to lay it on the line that people will need to economise and it will prioritise those in most need this approach will also help stop the speculation that is forcing up the price of gas especially over last few weeks. Anyhow i can see this costing nigh on a 100B/year if commercial premises are included so the government needs to take other action. They need to suspend the current way the electricity market works where the last generator on the system set the system price for all generators and given gas power stations are the primary provider of generation they end up setting the system price linked to the day ahead gas price. Yet the nukes costs haven't gone up nor have the windmills or solar parks but their all benefitting.

 

[Cdd89]

unless Russia turns the taps back on and the West takes it

I think the chances of this are non-Zero. It’s clearly the strategy to cause dire hardship and force concessions, and there are clearly no other good answers in the timeframe required.

Anyhow i can see this costing nigh on a 100B/year if commercial premises are included

One reason the lack of a commercial cap is a major issue (beyond businesses themselves), is that many blocks of flats are served by communal facilities which serve a loop which powers heat exchangers. As the individual is not the customer, such usage is not price-limited.

 

[najaB]

The problem here is the price of gas isn't going to drop back unless Russia turns the taps back on and the West takes it so this isn't a short term problem its long term.

As I noted above, Iran has the second largest gas reserves in the world! So a return to the bargaining table on their nuclear deal could unlock a lot of gas by this time next year.

 

[ainsworth74]

the hate may keep you warm like in Red Dawn

The good news is that if you move from hate to wishing to see revenge, then revenge is a dish best served cold so no gas or electric required!

 

[brad465]

In a way not surprising, but welcome with regards to reducing demand for gas and other fossil fuels:

Solar panel sales boom as energy bills soar

More people are turning to renewable energy as a way to cut energy costs.

www.bbc.co.uk

The energy bills crisis has prompted a big rise in demand for solar panels.

Just over 3,000 solar installations are being carried out every week, according to trade association Solar Energy UK, up from 1,000 a week in July 2020.
One provider said this month it had seen enquiries about solar panels rise tenfold.
"More solar panels are being put on British roofs than ever before," said Chris Hewett, chief executive of Solar Energy UK.
The fact that renewable energy helps protect the planet has always made it an attractive option.
The way they work is simple: the panels absorb sunlight through photovoltaic cells which convert it into electricity that can be flowed through your home, or into a battery.
The process significantly reduces the amount of electricity you will need from the network.
People who have successfully installed solar panels report saving hundreds of pounds on electricity bills.
But they are not the answer for everyone, as installing them means an upfront investment of thousands of pounds and you'll need the right type of property.
Soaring energy prices, however, have slashed the time taken to recoup your initial costs.

How much does it cost?​

A decade ago a typical solar panel system cost around £20,000 and would take around a decade to cover those set-up costs.
But prices for solar panel systems have fallen by more than 60% since then, meaning it takes between four and five years for a system to pay for itself.
The price includes installation and the number of panels will depend on how much space you have on a roof. A typical 20sq m roof could hold 12 panels.
The Royal Institution of Chartered Surveyors suggests a standard solar panel system costs between £9,000 to £11,700, while Solar Energy UK lists the cost of a "typical" 3.1kWp system for a three-bed house as £3,925.
What you'll end up paying will depend on the size of the system, the type of panel you choose, the quality of components, the accessibility and state of repair of your roof, and the individual installer, says Which?

Not everyone will own a home that can benefit from solar energy, especially if you own a north-facing property, or your home is largely shaded.
"Solar panels are perfect for residential properties with a south, east or west-facing roof, preferably without any shading," says Mandip Bhamra, head of renewables at SaveMoneyCutCarbon.
"Depending on how old your house is, you may want to check your roof is structurally sound before fitting the solar panels onto it," says Brian Davenport, owner of The Solar Centre .
He says most installers will have access to a structural engineer for calculating the wind-load should a roof show any signs of distress.
"There should also be a small amount of room made available in your loft for the inverter, which is roughly the size of a microwave," he adds.
If you live in a flat you'd need to discuss the issue of installing solar panels with other residents and the freeholder.
"For a block of flats, most roofing should be fine, and with some flats where there is excess land, these can be placed in the ground too," says Mandip Bhamra.

 

[Bantamzen]

I foresee lots of lower level problems.

Shoplifting, theft of items from gardens, sheds, houses, people on the street, business premises. Things which can be sold in the pub (or social media) to raise a bit of cash to cover immediate cash needs.

All of this is pretty much nailed on, when times get hard some people step over the line of legality. But I still fear much, much worse.

Unless someone is the type of person that budgets ahead, or has had their direct debit increased already, then the real scale of the price increases will not yet have hit home. Yes there is lots of noise about it in the media etc but people haven't had their actual bills yet. As it's still summer, use is still low, actual bills (not dd schemes) are still low. There are plenty of people (and not necessarily of limited income) who live payday to payday. They earn money and they spend money in a very casual way, some months they have some spare, some months they are a bit short. Those people have got a shock coming.

This did make me think for a moment. Should I voluntarily increase my DD to my power supplier to try and cover future debts? On the face of it possibly not a bad idea, but giving it some thought I actually think it would be a bad thing because it would send the message that our bank accounts are open and ready to be bled dry by the industry. So I am going to keep my DD at the level my supplier suggested, and if I fall behind then they can just go and whistle, keeping in mind that our bills are usually what they think we will use in the future & I intend to use a lot less.

For all my disgust at how we responded to covid, it did show that if there's a will, there's a way. We spent like there was no tomorrow to try and manage it, and businesses and workers rapidly adapted to what was seen as necessary change. Similar rapid change has been seen during wars, particularly WW2. If we can behave like that for those crises, then I think we could turbo-charge a drive towards resolving this energy crisis and action towards climate change at the same time. Home insulation, heat pump installation, increasing renewable capacity (more solar panels on roofs, research into tidal power, accelerate offshore wind farms), more small modular reactors for nuclear (should be quicker and easier than large scale plants), and energy storage technology and capacity to overcome the intermittency of renewables and increase supply during peak demands. A few years of this could get us a long way towards energy security and independence.

I don't see the current Government (nor the one led by the new PM next month) doing anything about it unfortunately, the best I think we can hope for is to loudly and publicly demand more action that at least means those vying for power in 2024/25 decide to adopt them if they see it as politically viable.

Unfortunately climate and energy issues are not so easily "solved" by punitive measures. The climate situation will not be resolved for centuries in reality, and the energy problem will also take decades to find solutions. So while we may adapt to some extent, this is a far more critical issue because it has the potential to create really serious social unrest.

The Establishment needs to realise that "markets" aren't an end in themselves.

Yes, in certain circumstances they can being benefits to consumers, but when they stop working, the state needs to be ready to step in.

This. This. Thrice this.

 

[philosopher]

In a way not surprising, but welcome with regards to reducing demand for gas and other fossil fuels:

Solar panel sales boom as energy bills soar

More people are turning to renewable energy as a way to cut energy costs.

www.bbc.co.uk

With regards to solar panels and home insulation, generally only those with a lot of capital can afford them. Giving direct grants to set up solar panels and / or improving home insulation would be very costly to the government. So what I think the government could do instead is provide low interest loans to undertake such measures. The homeowners would then be able to use their savings in energy bills to pay off the loans.

 

[DelayRepay]

With regards to solar panels and home insulation, generally only those with a lot of capital can afford them. Giving direct grants to set up solar panels and / or improving home insulation would be very costly to the government. So what I think the government could do instead is provide low interest loans to undertake such measures. The homeowners would then be able to use their savings in energy bills to pay off the loans.

I think in the current climate, people would be reluctant to take on even a low interest loan. I think the government would have to come up with very favourable terms, not just a low interest rate. Perhaps offering tax relief on the repayments?

This wouldn't help those in rented accommodation though so there needs to be an incentive or legislation to make landlords improve their efficiency. Again, tax incentives may be desirable.

Just a thought but perhaps something like the student loan system would work for households, so that people only had to make repayments when they had enough income to support them?