Author Topic: Peoples Energy: any experiences and/or knowledge of this supplier please?  (Read 10777 times)

Re: Peoples Energy: any experiences and/or knowledge of this supplier please?
« Reply #225 on: 25 November, 2021, 01:12:35 pm »
I see we're subsidising Bulb to the tune of £1000 per customer.   Surely a market-led government should just let it fail and make the customers sign up to whatever tariff they can find elsewhere?  But we always socialise losses after the fat cats have taken their profits and run.

Basically BEIS/Ofgem went round the bigger suppliers asking if they could take on 1.7m customers through SoLR, the only mechanism they had, and were firmly told to do one.   Ofgem appointed insolvency advisors about a month ago so you could see this in the planning.   The losses will be collected in the same way as other SoLR costs and added on to consumer bills as a levy.   

Let's be fair though, no one at Bulb was a fat cat or has taken any profits.   They have been loss making from day one.

Re: Peoples Energy: any experiences and/or knowledge of this supplier please?
« Reply #226 on: 25 November, 2021, 01:31:20 pm »
Will Bulb customers see their energy prices rise immediately by significant amounts just as those of us who have been forced into a SoLR's hands have?

Seems unfortunate but entirely warranted to me.

Re: Peoples Energy: any experiences and/or knowledge of this supplier please?
« Reply #227 on: 25 November, 2021, 01:38:41 pm »
Will Bulb customers see their energy prices rise immediately by significant amounts just as those of us who have been forced into a SoLR's hands have?

Seems unfortunate but entirely warranted to me.

They are priced at the cap already.   All of Bulb's customers were on their standard variable rate which they had moved up to the cap to protect themselves as much as they could.

The customers aren't incentivised to leave and no-one will buy the book.   The Govt is, essentially, now exposed to its own energy policy.

Re: Peoples Energy: any experiences and/or knowledge of this supplier please?
« Reply #228 on: 25 November, 2021, 01:44:34 pm »
Will Bulb customers see their energy prices rise immediately by significant amounts just as those of us who have been forced into a SoLR's hands have?

Seems unfortunate but entirely warranted to me.

They are priced at the cap already.   All of Bulb's customers were on their standard variable rate which they had moved up to the cap to protect themselves as much as they could.

The customers aren't incentivised to leave and no-one will buy the book.   The Govt is, essentially, now exposed to its own energy policy.
And by 'The Govt', you of course mean us.
Rust never sleeps

Re: Peoples Energy: any experiences and/or knowledge of this supplier please?
« Reply #229 on: 25 November, 2021, 02:26:15 pm »
Will Bulb customers see their energy prices rise immediately by significant amounts just as those of us who have been forced into a SoLR's hands have?

Seems unfortunate but entirely warranted to me.

They are priced at the cap already.   All of Bulb's customers were on their standard variable rate which they had moved up to the cap to protect themselves as much as they could.

The customers aren't incentivised to leave and no-one will buy the book.   The Govt is, essentially, now exposed to its own energy policy.
And by 'The Govt', you of course mean us.

Yeah.   Costs will be mutualised and collected back via an industry levy.

Jaded

  • The Codfather
  • Formerly known as Jaded
Re: Peoples Energy: any experiences and/or knowledge of this supplier please?
« Reply #230 on: 25 November, 2021, 02:27:40 pm »
I see we're subsidising Bulb to the tune of £1000 per customer.   Surely a market-led government should just let it fail and make the customers sign up to whatever tariff they can find elsewhere?  But we always socialise losses after the fat cats have taken their profits and run.

It is OK, the BBC is reporting that the £1,000 per customer is a loan…
If you don't like your democracy, vote against it.

Re: Peoples Energy: any experiences and/or knowledge of this supplier please?
« Reply #231 on: 25 November, 2021, 02:57:41 pm »
The problem with market lead economies is that they crash, suffer recessions and depressions.  Profit is a short term motive otherwise known as greed.

Looks like we need to renationalise every supplier that has already and is about to fail.  Of course, this bunch of self-serving, fascist, greedy idealists will never want to tread that road willingly.

Just imagine how big the "loan" will need to if BG, Eon etc. fail...

Re: Peoples Energy: any experiences and/or knowledge of this supplier please?
« Reply #232 on: 25 November, 2021, 03:47:58 pm »
Let's be fair though, no one at Bulb was a fat cat or has taken any profits.   They have been loss making from day one.

They didn't take a salary ?!

Re: Peoples Energy: any experiences and/or knowledge of this supplier please?
« Reply #233 on: 25 November, 2021, 04:17:15 pm »
Let's be fair though, no one at Bulb was a fat cat or has taken any profits.   They have been loss making from day one.

They didn't take a salary ?!

Accounts to 2020 :-

https://find-and-update.company-information.service.gov.uk/company/08469555/filing-history

'The directors did not receive any remuneration from the company'

So then you have to go and look at the parent company :-

https://find-and-update.company-information.service.gov.uk/company/09249540/filing-history

Total salary bill of £20m with 500 employees.   Average salary of £40k with the entire workforce in the City.   Prob not unreasonable.   In these accounts you see the note 'the 2 highest paid directors were paid £113k'.   £1.5bn turnover company.   Probably not an unreasonable payment.