I would like to know why the electricity rate will increase.
Might the sun radiation or the wind or whatever else you use to produce my 100% RENEWABLE ENERGY now they cost more?
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Because you don't actually get 100%
Renewable Energy @
Ricardo, and more importantly, there's the regulatory body OFGEM which is supposed to act in the consumers interest but doesn't.
My observation is this, there's no shortage of Gas and Oil, just market speculation hiking the prices. Then there's the energy companies that have gone bust, so there's a need to recover losses there. The Government gets 5% Vat so there's an opportunity to collect a lot more Vat.
OFGEM have said that the Standard Variable can increase by a whopping amount (Energy Suppliers and Government both rubbing hands), but more importantly they have allowed the Daily Standing Charge to be increased by an incredible amount. The increase to the SC should in theory be negligible, but if for example you wanted to recover losses, generate income etc, increase by a very large amount and you get a guaranteed income. I would also say that it's even more fishy that it's being increased for the summer months when consumers should be using less, again it can only be to generate a fixed income.
On the back of what's happening in the Ukraine, investors, energy suppliers, Governments, oil companies, supermarkets etc, are all smelling the whiff of opportunity to increase prices by large amounts and get away with it.
Over the last 12 months, 34% of Great Britain's electricity came from
renewable sources (excluding imports).