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30% increase in electricity prices


Amadeus
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3 hours ago, Happier diner said:

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. 

Because the UK is already facing a serious energy shortage that will only get worse unless at the very least the Net-Zero rubbish is set aside.  It should have been done before the stupid Purpose power station was decided on and a PROPER interconnector was installed.

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2 hours ago, Gladys said:

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.

 

I don't think they should do anything with their accounts. They are irrelevant and their business. We should only be interested in their tax.

How they get increase in the rate they charge is calculated by a formula and has been described on here many times. 

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13 minutes ago, Happier diner said:

I don't think they should do anything with their accounts. They are irrelevant and their business. We should only be interested in their tax.

How they get increase in the rate they charge is calculated by a formula and has been described on here many 

Who is interested in a nil rate of corporate tax?

It depends on the deal that has been struck and there are a few strands there. After all it is regulated by CURA, let alone the contract with MUA.

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8 hours ago, Gladys said:

Who is interested in a nil rate of corporate tax?

It depends on the deal that has been struck and there are a few strands there. After all it is regulated by CURA, let alone the contract with MUA.

That's fair comment. The deal that has been struck is the contract and there is a mechanism for adjustment of the charge to customers. 

As far as I know Manx Gas negotiate their own purchase deals. The MUA have to buy it for them and get it here. 

But their profit is not part of this process. Related of course. If they didn't make profit they would not exist. 

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11 hours ago, Happier diner said:

How they get increase in the rate they charge is calculated by a formula and has been described on here many times

One of the variables is the administrative costs of delivering the gas. Increase the reported costs of this admin and hey presto, your profit margin goes down to the level set by CURA. The admin money wings its way to Jersey to turn into separate profit there. Trebles all round.

I don't expect Manx Gas to play fair and I have no faith that CURA are capable of preventing their dirty tricks.

Clearly, for whatever reason, you're happy to trust Manx Gas.

 

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On 3/17/2022 at 7:31 AM, Non-Believer said:

It's not a question of this rise, the reasons for which are well documented - it needs to be remembered why we're paying the sort of price that we are before this rise.

Add your "Toilet Tax" on to your annual electricity bill too...

If my memory serves me correct that wanker Proffit got off scott free after saddling the taxpayer with millions of debt?

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1 hour ago, Ringy Rose said:

One of the variables is the administrative costs of delivering the gas. Increase the reported costs of this admin and hey presto, your profit margin goes down to the level set by CURA. The admin money wings its way to Jersey to turn into separate profit there. Trebles all round.

That's commonly known as fraud and they would be unlikely to do that. Its not admin costs that they might be tempted to manipulate, its operational costs. Their admin costs are pretty much fixed.

I don't particularly trust them, nor do I particularly distrust them. All I keep saying is that they are in the business to make money out of us (and ensure they don't lose money) so why is everyone so hysterical about it.

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On 3/17/2022 at 10:41 AM, GD4ELI said:

All food prices are increasing, even ALDI and LIDL. Not everyone has easy access to multiple stores.

Just been to ASDA - petrol £1.62, diesel £1.74 and we're usually about as cheap as it gets. Baton down the hatches...

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2 hours ago, Manx Bean said:

If my memory serves me correct that wanker Proffit got off scott free after saddling the taxpayer with millions of debt?

Technically there was no offence and didn't Tynwald retrospectively approve the loans so they didn't look stupid, after all (as far as I remember) no-one asked where the money came from?

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Just now, Cambon said:

So, £100 of electricity currently costs £105 with vat. 

15% increase means £115, and then £120.75 with vat.

a further 15% means £132.25, becoming £138.86 with vat,

a 33.86% increase in real terms. 

The people's prince clarified yesterday that the second 15% is calculated on the original price.

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