The way electricity prices are set has pushed UK household bills up by £7.2bn over two years, analysis suggests.
If an average price was used the UK's bill could be much lower, the not-for-profit climate think tank Carbon Tracker Initiative said.Charging an average price for wholesale electricity would have made the bill in the two years from 2021-22 £7.2bn lower, the Carbon Tracker Initiative said.What do I do if I can't afford to pay my energy bills?
Because of elevated wholesale gas prices, that type of electricity generation has been much more expensive than nuclear power and up to three times as expensive as renewables such as wind farms. He said these prices did not reflect the different technology the UK now uses to generate electricity.
Why ?
uh, is your intention maybe to say 'UK pays more for electricity from outside the country than it would cost to harness inland' or a permutation thereof? Cause otherwise: welcome to people wanting to make a profit I guess?
The BBC has a ready stream of cash from a tax paying population. They have no idea what it takes to produce something and sell it. Cancel your licence fee and defund this mob.
Greed
please stop scare mongering...getting every down....you know yourselves will turnover as lots do...tell the bastards to do one....they can't cut you off, they need a court warrant, smart meter cut off should be banned
That's literally the case with every single thing you buy anywhere.
Of course we do, hence rampant inflation, hence every person & their dog now taking Industrial Action. These fecking tories needing throwing overboard without a life raft 😡🤬
They’ve launched a major review; so there’ll be action in a couple of years then
RishiSunak cunt
Unfortunately they don't sell electricity with yellow stickers on so what choice do we have. The energy companies are not only making money from us, they are also making money from the Tory handouts
Of course, we pay more than it costs. It's the price of the unnecessary, unscientific, and unbelievably expensive Net Zero policy being forced on us by a dysfunctional government.
No surprise at all, an incompetent government that doesn't care. I bet it's the same for petrol and diesel
Isn't that true of most things?
This is a parody account surely ?
Short term benefits of the neoliberal brigade
RipOffBritain Public inquiry needed!!!
And that’s why you shouldn’t privatise essential services.
Of course it does, what do you expect from a private industry? Charity? Selling at a loss?
The windfarm barons are coining it at the moment, no wonder they want to keep gas in the ground.
Surely that's true of any product as the key to to make a profit? Profit isn't the problem, rampant greed is and a lack of combine sense in supposedly well educated business types
No shit
The privatisation experiment has failed in the UK.
What? Companies dont sell at a loss? Truly breaking news
Capitalism in a nutshell. Well done BBC
Straight to the comments
We have sanctions on half the countries in the world now. No wonder everything is so expensive.
I pay more for Mars bars than they cost to make as well - what’s your point?
I’m certain we pay more for EVERYTHING than it costs to make! Isn’t that called Profit🤷
Well...duh. If you pay less than the cost to make something, the producers go bankrupt.
Errr right. The socialist child has control of the bbc twitter account again
Thick as SH..
No surprises there. It is called massive profit.
Looks as if that the BBC economics journalists lack basic understanding of profits as well as debt.
Breaking!! UK pays more for eggs and bacon than it costs to make! 🤣🤣🤣
You remember the report just the other day that said the BBC doesn't understand economics. You've just doubled (nay, quintupled) down on demonstrating that. However, the real headline is 'monstrous green subsidies paid to the green blob push electricity bills billions higher'
UK energy strategy was never right.
“make” electricity it’s a circuit and pretty basic science, are they paying per electric parcel wtf?
Wtf, I'm literally shaking rn
The BBC charges us to watch ITV
They could have used that article to neatly explain how most of the 'energy suppliers' these days are also energy producers.. they bankrupted the cheap suppliers when power price inflation hit.
How do you think they pay wages?
So change the way it calculates electricity 🤷🏻♂️
Because there is no wind sun or wave power in the uk … we have no free energy at all we choose to live dirty Conservatives
U ok hun?
Insert litterally any other item or commodity with the same headline.
Not a suprise...the tax is being fleeced
That's called how you make a profit.
Bbc and its cutting edge journalism here.
You do realise you pay more for most things than it costs to make . Otherwise you go bankrupt
BBC shouldn't costs as much as the money it generates , by the quality of this article
It's scary that there are people replying who are genuinely outraged by this as some sort of government ploy. We're doomed. 😂😂🤦♂️
Yep it's called business see Lord Sugar you buy or make it but sell it for more pay tax, wages, reinvest, gets dodgy if you sell it for a huge amount more by obeying International set prices when only selling internally.
Worst headline ever!
That is generally how business works.
Yeah, like what is the point of any green energy initiative, if there’s always some high-cost energy production source and people have to pay the highest price for any energy given. It’s not about capitalism, it’s about how gov makes no sense.
Outrageous fleecing.
Don’t forget, the price allows the privatised energy companies to make a ‘modest’ profit for all their hard work and service so they can pay their shareholders a welcome dividend.
Why is this basic economics “news”? BBC gets more pathetic by the day. DefundTheBBC
How did it cost to reach that sensational story?
You’re getting even lazier…who sells anything less than the unit production cost! It’s time you were defunded
Oh, really? 🤡
😂🤡
Is it work experience gets to write a story day
Errr…. That’s capitalism
Are you f*cking serious You actually wrote this headline?
Wholesale gas prices are now lower than when the energy prices started to go up. This has always been about poor business management, greed and profiteering of a basic human need. Yet the government or opposition have done anything about this corrupt practice! Renationalise now!
Well done bbc, what an educational headline!!! Did you think we all believed the energy companies were selling it to us at a loss?
Whooo hooo £250 quid off my now annual £6k a year bill thx a bunch
What a stupid misleading headline
This government’s helping to hold the cost high so they can claw the highest possible tax for as long as possible. They have the power to stop this extortion but choose not to
iphone 14 pro max & voucher giveaway. To get click this link.
Don’t go to any ‘shops’, you’ll be horrified.. bbc BBCBreakfast bbcnews
Nuclear is the answer
carolvorders another example of Tory Rip-Off Britain.
Thick or what?
Years of incompetent regulation by Ofgem, years of lack of effective strategy from BEIS, years of abrogation of responsibility by government got us here.
Like paying for repeats.
That would be capitalism.
Yes because you have to also distribute it, deal with all the customer care and all the trappings of running a business as well as profit being private companies with shareholders who provide upfront investment to fund the provision. BBC doesn’t understand business, shock.
Burisma
What did the recent report say about BBC journalists not understanding economics?
The cow has to be milked.
“Capitalism bad” says BBC.
The future: Work all day for a souless megacorporation, then sit in the cold and dark eating insects.
Uk gov and tories for you!
Same as for shoes then!
😢😢😢
I … what? Maybe they should privatise the BBC after all 😭
Brexit benefits
Won't someone please think about the billionaires.
Strange that isn’t it. You tend to pay more for all goods and services than it costs to make. Bit like paying a rip of TV License fee to listen to the crap the Biased BBC say.
Would be normal business but scandalous when we’re forced to pay twice+ the price it costs to produce
Isn't that how capitalism works?
That’s how businesses work…
Who and why would anyone pay the gold price for silver, apart from British mugs!?
Had to double check this wasn't from the TheBabylonBee
Everyone pays more for everything than it costs to make. Otherwise who’d make it?
Isn't that the same for everthing we buy?🙄
Translation: when you have a single market price for all electricity supplied some suppliers whose costs are lower make more profits.
British looting mentality
Normal country.
GB, not UK. NI is in a different, all Ireland, electricity market, seperate supply network and grid, with a different pricing structure than GB.
BREAKING NEWS: you pay more for products and services than it cost to make / produce / provide them 🥵🤯🤯🤯
Thanks to the green nonsense subsidies we're paying for. 🙄
No shit
🤣🤣🤣 BBC has been hacked! You know you pay more for anything you buy that it costs to make right
Breaking news: capitalist country has profit motive
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
German economy shrinks as energy and borrowing costs pinch demand\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Source: FT - 🏆 113. / 51 Read more »