Mastodawn

As Dale Vince (Ecotricity) points out, all that is required to reduce energy prices (specifically electricity) in the UK is to remove the requirement from the auction system that the price is dictated by the highest bid (nearly always that made by gas).

Breaking the link with gas prices (and allowing each energy source to be supplied at its actual bid price) would immediately reduce energy prices across the country.

Moreover the Govt. has the power to do this, they just don't!

#energy
h/t FT

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GeofCox Dec 12

@ChrisMayLA6

As I understand it, the reason for maintaining prices at levels required by gas generation is that at lower prices the private gas generators are not viable - so the owners won't keep them going to cover any gaps in renewable generation - so the problem is not regulation, but private for-profit ownership.

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The Penguin of Evil

@GeofCox @ChrisMayLA6 a large part of your electric bill is taxes, vastly more so than gas and ofgem keeps stacking it more and more against electricity to the point you have to ask if it's totally captured by fossil fuel people.
As Octopus pointed out at one of the recent events even if generation was free on current tax loading electricity prices would still have to rise