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30% increase in electricity prices


Amadeus
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2 hours ago, Banker said:

Here’s details if the gas agreement as many seem to not understand simple economics 

https://gef.im/2022/03/17/gas-prices-will-rise-on-april-1-as-well/?fbclid=IwAR08HoBwJEwOO_WoUHoGH4ESG2CYuQ_td_X8vQt5hOdORnBxJr5yWQPO6Ms

CURA are swallowing Ancala Partners LLP's bullshit whole, I see.

The chances of Ancala Partners LLP going bust is about the same as the chance of Jeff Bezos going bust.

CURA spouting such bollocks doesn't give me any faith at all that they will scrutinise Manx Gas' accounts and expenditure properly. Expect the "administrative costs" to shoot up.

Edited by Ringy Rose
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1 hour ago, Eris said:

It is paid for by the investor selling excess production to the UK national Grid in the same way that the Northern France nuclear generators takes place today and has been taking place for decades.

EDF are building new nuclear power plants in the UK.

The total cost for just one plant- Hinckley Point C- is expected to be at least £50 billion. 

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7 minutes ago, Ringy Rose said:

CURA are swallowing Ancala Partners LLP's bullshit whole, I see.

The chances of Ancala Partners LLP going bust is about the same as the chance of Jeff Bezos going bust.

CURA spouting such bollocks doesn't give me any faith at all that they will scrutinise Manx Gas' accounts and expenditure properly. Expect the "administrative costs" to shoot up.

They are partnered with Peel holdings, and we know how cosy the relationship is there.  Alf and gang schmoozing with the HNWIs

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10 minutes ago, Happier diner said:

Yes I see that, but they still have to recoup the cost. Yes some can recouped by selling electricity back the UK but to do that you would need an oversized reactor with extra capacity that would cost more (offsetting any gain) and you couldn't get much electricity down our tiddly little inter-connector so it would take a lot of time to pay off hundreds of millions of pounds. Investors are not stupid. Like Manx Gas, they are only ever in it to make money.

I wouldn't be holding my breath on that one.

So let's look at a few facts.  Let's take Hinkley Point C.  Firstly it's fully financed by CGNP and EDF.  It provides enough capacity to cater for six million homes. The whole object would be to provide a nuclear generating plant that the Island would get low cost electricity as part of the license and at zero capital outlay from the island.  The cost of an interconnector upgrade to a proper interconnector would be "in the noise" and not different from existing UK interconnectors.

The costs from "dust to dust" would be around £45 billion which would be covered 100% by the licensee so no cost to the Island.  It's necessary to think beyond the borders of the Island when dealing with matters such as this.

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7 hours ago, Happier diner said:

Is the electricity and gas more expensive here at the moment? Its a genuine question?

When the gas and the electricity suppliers are one supplier only for each, a monopoly, then yes it can be argued it’s cheap as you can (t) perform a comparison. At least with telecoms and internet it’s slightly better choice. 

Edited by 2112
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54 minutes ago, Eris said:

Let's take Hinkley Point C.  Firstly it's fully financed by CGNP and EDF.  It provides enough capacity to cater for six million homes. The whole object would be to provide a nuclear generating plant that the Island would get low cost electricity as part of the license and at zero capital outlay from the island. 

Hinckley Point C is funded by a surcharge on electricity and a minimum price guarantee. It is expected to cost a total of £50bn. Hinckley Point C is also already ten years late, and counting. There's a decent chance it'll be obsolete before it's built.

 

57 minutes ago, cissolt said:

They are partnered with Peel holdings, and we know how cosy the relationship is there.  Alf and gang schmoozing with the HNWIs

I didn't know that.

Explains why we've not just told Ancala to sod off.

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1 hour ago, Eris said:

So let's look at a few facts.  Let's take Hinkley Point C.  Firstly it's fully financed by CGNP and EDF.  It provides enough capacity to cater for six million homes. The whole object would be to provide a nuclear generating plant that the Island would get low cost electricity as part of the license and at zero capital outlay from the island.  The cost of an interconnector upgrade to a proper interconnector would be "in the noise" and not different from existing UK interconnectors.

The costs from "dust to dust" would be around £45 billion which would be covered 100% by the licensee so no cost to the Island.  It's necessary to think beyond the borders of the Island when dealing with matters such as this.

A PPI or a DBO is an option, I don't disagree. Yes they finance it but they generally do this by borrowing. They then have to pay back the loan, the interest, and make a profit. 

I'm not saying it's not possible,  I'm not even saying it's not an option. What I am saying is it wouldn't be cheap. In fact it would be outrageously expensive as at the end of the day the users of the electricity have to pay.  That is regardless of whether its on island or in the UK. Doing it on a small scale is just stupid. Why not just put the new interconnectors in and buy nuclear from the UK where the economy of scale must make it much cheaper that us (or anyone else) building on a small scale. 

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21 minutes ago, Ringy Rose said:

Hinckley Point C is funded by a surcharge on electricity and a minimum price guarantee. It is expected to cost a total of £50bn. Hinckley Point C is also already ten years late, and counting. There's a decent chance it'll be obsolete before it's built.

 

I didn't know that.

Explains why we've not just told Ancala to sod off.

Ancala have a contract with us. We have no right to scrutinise their accounts. Why can't you understand they are here to make money. That's what they do. They are doing nothing wrong. 

Edited by Happier diner
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3 minutes ago, Happier diner said:

Ancala have a contract with us. We have no right to scrutinise their accounts. Why can't you understand they are here to make money. That's what they do. They are doing nothing wrong. 

Depends on the terms of the contract.  Many service contracts include reporting requirements including accounts.

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26 minutes ago, offshoremanxman said:

Gef’s tongue in cheek reporting is brilliant:

“In a statement, the Communication and Utilities Regulatory Authority (CURA) said the new framework agreed by all Tynwald members, with the exception of Onchan MHK Rob Callister, will ‘remove the price freeze that has kept tariffs at 9.1p per kWh for consumers”

https://gef.im/2022/03/17/gas-prices-will-rise-on-april-1-as-well/

Posted hours ago keep up!

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2 hours ago, Happier diner said:

Statement of accounts yes. Not scrutiny. 

What do you think they will do (or should do) with the accounts?

Also, many contracts will require more reporting, KPIs etc  beyond just the FS.

It is actually normal, for some monitoring data to be provided.

I think you are confusing these normal reporting requirements with someone auditing the books.

 

Edited by Gladys
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