Gas companies rigging prices

DorsetDude

DorsetDude

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On the news this morning a whistle-blower saying that the big 6 are fiddling gas wholesale prices and prices are inflated.

Q1: Is anyone in the least bit surprised by this? I know Im not

Q2: Is anything likely to happen in the way of prices now getting a bit more reasonable. No chance.

Q3: Will they be announcing their quarterly profits of 300 Million pounds or whatever next week as a blatant thumbs up to the consumer? Most likely.

I sincerely hope that the chairmen/managing directors of all 6 companies go down for 10 years and we finally get a bearable fuel bill. Although if anything I expect they'll get 50 million pay offs and everything will continue on as corrupt as ever.

</rant over>
 
Q1: No
Q2: No
Q3: Yes
 
I suspect many commodity prices are manipulated. Gas prices are linked to oil prices. It seems offensive in the extreme to trade in these goods without actually wanting the actual physical item. Commodity trading needs stopping as it artificially messes with prices. No one needs to bet on the price of wheat or oil or anything else like that.
 
DorsetDude said:
Who said that? :suspect:
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You did and we agreed that you said it. And now we agree that we all agree that it was said and who said it and when and by whomever said it after you said it.:thinking:

Sod it just blame Ruth :D
 
pepi1967 said:
You did and we agreed that you said it. And now we agree that we all agree that it was said and who said it and when and by whomever said it after you said it.:thinking:

Sod it just blame Ruth :D
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Huh?? Wha??.....Oh.....:coat:
 
Agree, BUT, thats their job - making profits. I am guessing that while their profits may be high - lets say £300m, the % of turnover is probably low. Ok, by and large we do need energy and its an essential product but remember that profits go into investment, and that many of us will benefit with this performance in their pension plans.

Any company will 'fix' prices in the same situation.
 
I work in the Oil & Gas industry, so I am biased I suppose.
Profit - any idea how much it costs to a) find a field, b)drill a field and c) bring it on stream. No profit = no future gas/oil = no electricity and we're all stuffed (as things stand at present), unless we go green AND for nuclear energy (that should cause a few raised eyebrows, dont worry you wont see them the lights will have been turned out ages ago). Bit of a conflict of interest there, can just see the Greens going for that.

Fixing prices, obviously I wouldnt condone that, that would be like the bankers fixing mortgage/interest rates and surely that would never be tolerated?

Matt
 
gramps said:
Q1: No
Q2: No
Q3: Yes
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don't think many will disagree with that



MatBin said:
Fixing prices, obviously I wouldnt condone that, that would be like the bankers fixing mortgage/interest rates and surely that would never be tolerated?
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like the massive investigation into most British banks currently underway? and the (as near as) £300m fine Barclays were hit with
 
MatBin said:
unless we go green AND for nuclear energy (that should cause a few raised eyebrows, dont worry you wont see them the lights will have been turned out ages ago).
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We should have started building new nuclear power stations a decade ago. There's loads of fissile material and not that many other uses for it, unlike oil and gas.
 
gramps said:
Making profits yes, but rigging the market is another thing entirely.
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Yes, and while we all frown on rigging the market it happens and will continue to happen - human nature.

Lets say you lived on an island, say Jersey, and there were 5 other togs... if you all had business sense you would all speak and make sure that you were not undercutting each other as you have a captive market and are trying to make the most you can.
 
cambsno said:
Yes, and while we all frown on rigging the market it happens and will continue to happen - human nature.

Lets say you lived on an island, say Jersey, and there were 5 other togs... if you all had business sense you would all speak and make sure that you were not undercutting each other as you have a captive market and are trying to make the most you can.
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Trouble with that analogy is its only a small percentage of the Jersey population who are likely to want to pay a photgrapher to take pictures. whereas with the Gas companies its near as dammit every poor ******* on the island who gets screwed. Year in year out, with no chance of another realistic choice.
 
DorsetDude said:
Trouble with that analogy is its only a small percentage of the Jersey population who are likely to want to pay a photgrapher to take pictures. whereas with the Gas companies its near as dammit every poor ******* on the island who gets screwed. Year in year out, with no chance of another realistic choice.
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Appreciate that, what about undertakers then... we all need them at some point, thought I would use togs as relevant to forum :p
 
Anything on the Market can be rigged, we are all paying to much for everything.

1 No
2 No
3 Yes
 
The whole thing needs cleaning up, along with all these phony tariffs the power companies dream up to befuddle us all, no body knows what or how much they are paying these days, scamming load of bar-stewards.
 
crofter said:
The whole thing needs cleaning up, along with all these phony tariffs the power companies dream up to befuddle us all, no body knows what or how much they are paying these days, scamming load of bar-stewards.
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It's not just them. It's mobile phones and fuel too.
 
crofter said:
The whole thing needs cleaning up, along with all these phony tariffs the power companies dream up to befuddle us all, no body knows what or how much they are paying these days, scamming load of bar-stewards.
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If you have any intelligence it's dead easy. Use a comparison site. Anyone not shopping around to get best deal deserves to pay more.
 
cambsno said:
Anyone not shopping around to get best deal deserves to pay more.
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No they don't. There are plenty of people, pensioners (some not all) forming a large group I imagine, who cant do "internet" and are therefore at the mercy of the power companies.

When they're making 2 million pounds a day profit (figures taken from here) and still have the nerve and are allowed to put prices up 10% (every year) something has to be done surely?

Surely?
 
First off it's alleged price fixing.

They were supposed to be manipulating the market so they paid LESS for the gas, thus increasing their profits. The only real victims are the dealers at banks who bet on future prices of commodities .

Should a company try to buy their raw materials at the lowest price, well yes, but it sounds like two or more companies can't join together to do that. Does that mean that if we all band together to make a bulk order for say camera straps, we are fixing the market ??
 
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DorsetDude said:
When they're making 2 million pounds a day profit (figures taken from here) and still have the nerve and are allowed to put prices up 10% (every year) something has to be done surely?

Surely?
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You are arguing for price controls? Just on domestic power, or on other things too?
 
When they're making 2 million pounds a day profit (figures taken from here) and still have the nerve and are allowed to put prices up 10% (every year) something has to be done surely?

Surely?
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Is that all, Apple make nearly £5 million an hour profit.
 
acetone said:
First off it's alleged price fixing.

They were supposed to be manipulating the market so they paid LESS for the gas, thus increasing their profits. The only real victims are the dealers at banks who bet on future prices of commodities .

Should a company try to buy their raw materials at the lowest price, well yes, but it sounds like two or more companies can't join together to do that. Does that mean that if we all band together to make a bulk order for say camera straps, we are fixing the market ??
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So profiteering only makes victims of those who can't get in on the deal?
 
They all have blood on their hands along with the government.
 
DorsetDude said:
No they don't. There are plenty of people, pensioners (some not all) forming a large group I imagine, who cant do "internet" and are therefore at the mercy of the power companies.

When they're making 2 million pounds a day profit (figures taken from here) and still have the nerve and are allowed to put prices up 10% (every year) something has to be done surely?

Surely?
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So what is an 'acceptable' proft? £1.5m per day, £1m per day, £500k per day, £20k per day?
 
cambsno said:
So what is an 'acceptable' proft? £1.5m per day, £1m per day, £500k per day, £20k per day?
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You tell us. I'd say it's the amount that doesn't lead to the old and poor unable to heat their homes leading to sickness and death.
 
Steep said:
So profiteering only makes victims of those who can't get in on the deal?
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No, but if your in the business of gambling ( the futures market) then be prepared to lose sometimes.
 
cambsno said:
So what is an 'acceptable' proft? £1.5m per day, £1m per day, £500k per day, £20k per day?
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To be honest, something so essential to eveyones lives that they *have* to buy it, should not be controlled/run by profit making organisations at all in my opinion.
 
DorsetDude said:
To be honest, something so essential to eveyones lives that they *have* to buy it, should not be controlled/run by profit making organisations at all in my opinion.
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This.
 
Its crazy that they hike their costs up to us by what is a massive % when they have huge profits!!
 
DorsetDude said:
To be honest, something so essential to eveyones lives that they *have* to buy it, should not be controlled/run by profit making organisations at all in my opinion.
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Whilst I agree in principle....my last house had no gas at all, so I didn't *have* to buy it.
 
DorsetDude said:
To be honest, something so essential to eveyones lives that they *have* to buy it, should not be controlled/run by profit making organisations at all in my opinion.
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Food is also absolutely essential to everyone's life so they have to buy it. Ban supermarkets and corner shops, greengrocers, butchers, bakers etc etc etc? Make all farmers employees of the state and force them to sell only to the state who then sell on through state run food shops? No more restaurants (food is essential to people's lives, after all), cafes or food in pubs, unless the state runs them.

No thank you.
 
At least with food, a local shop can open up and offer to sell you food cheaper than the supermarkets if they got too expensive.
With gas and electricity we're screwed and are being.
 
Following a 9% increase to customer bills, SSE just announced 38% increase in profits over last 6 months ... £400 million.

Yes every privately owned company needs to make a profit but the money made by the utility companies amounts to profiteering and sticking their fingers up at their captive customers - and don't kid me that 'switching' in any way resolves the problem, they have a seemingly legal price-fixing cartel in place that cares nothing for the well-being of their customers.
 
It's a lot easier and cheaper to grow your own food than it is to make your own electricity.

I actually think communities need to start their own generation schemes that are run for the benefit of people not shareholders and over paid CEOs. If they make lots of people opt out from getting their leccy from any of the cartel they'll have to mend their ways to even stay in business.
 
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