It sounds like he’s suggesting that we nationalise the energy industry. Then we wouldn’t need to worry about windfall taxes and the record profits can come into the public purse. Then following that green energy investment decisions can be made in the public interest rather than being motivated by profit
He needs more money and enough poor people aren’t dying from the cold yet.
Minor correction to headline;
> Energy boss jubilant higher profits are here to stay
Which, if you are Norway with your vast sovereign wealth fund, is *maybe* OK. But if you are the UK, where our mineral resources have been squandered by successive Tory and Labour governments, not so much.
When heating your home during the winter is considered a luxury….
Now I’m sure Ofegm wont be utterly useless as a regulator and have sold themselves out to the industry rather than working for the country. Wait who am I kidding after a decade of rampant corruption of course our regulators well be bending over to take it from the industry while screwing us all over
How can he say this so assuredly when wholesale prices have returned to what they were before the Ukraine war?
Hold on, the investment needs to be paid for…..isn’t that something your companies should do before giving profits to shareholders?
Why can’t those profits pay for future green technology? I know that goes completely against capitalism but the person/company who discovers the next form of energy that can be as reliable as Oil and Gas will make more money and be remembered for that over increasing profits.
They made approx $20bn profit in the same period this year as compared to $10bn last year.
This inflation is nothing more than corporate price gouging.
If costs have increased then surely a company’s profits should either go down or at least stay the same? Not DOUBLE.
Corporations are using the war and covid as an excuse to raise prices GREATER THAN costs have increased and raise profits astronomically.
> Consumers have proven they will pay the higher prices, so why should we reduce our profits?
Or at least that’s how I’ve read it.
The contradiction is right there in the bloody text!
“Anders Opedal told the BBC the transition from fossil fuels towards less damaging sources of energy meant costs would remain high.
Energy companies have reported record profits because of higher **gas** prices”
Not until we disband OFGEM and re-organize it into a regulator, that’s actually not in the pockets of the energy companies , but on the side of the consumers.
National critical infrastructure should be in public hands and the responsibility of government accountable to the electorate.
No surprise there. Time to renationalise just to end the gravy train for the shareholders rinsing this country.
>profits were $10bn
>profits are now $25bn
>tax is up by 25% rising to 35% but can have 91% written off if it’s reinvested
But energy prices can’t come down and reinvestment can’t happen because…
*checks notes*
~~it’s unaffordable~~ greed
I sincerely hope this drives/enables everyone to go off grid somehow, all of these companies collapse and this guy ends up experiencing the same cold we’ve felt this winter. What an awful excuse for a human being. I know… it’s not gonna happen, but I can dream.
Hmmm, let’s see. Oh yes, ‘Equinor reported pre-tax profits of $24.3bn between July and September compared to $9.7bn last year’.
Am I reading that right? Over just three months? Iceland’s GDP as a nation was $25.6bn over the whole of 2021. Geez…
On another article ‘Mr Opedal saw his base annual salary double last year in 2022’ – wanna bet we will see it double again in 2023?
Laughing all the way to the bank at us
Translation:
The poor must freeze if I am to buy another Yaught.
So now heating your home is considered a luxury instead of a right?
Yeah this country is beyond stupid.
It’s okay, no need to worry OfGem are there to save the consumer!!! They are on our side !!!
Hate to spell it out to these assholes, but renewables investment has skyrocketed, red tape on new renewable developments has vastly reduced and public investment into nuclear has been renewed for the first time in decades. Fusion startups are seeing insane investment, and some are looking ridiculously promising. Deep Mind are jumping in on fusion to boot, and they have a track record of changing the world (protein folding).
Their days are limited, and they’re so big headed they can’t see the wave of change that is coming.
Also, please note your energy supplier, e.g. Octopus, EON, British Gas are not making record profits. The energy producers and traders, like BP, Shell, etc are making record profits.
So nationalising energy suppliers will not benefit the taxpayer. Nationalising BP on the other hand…
But energy prices have fallen so bills will be going down just as fast right?
The problem with privitising essential services is that it is a license to print money. People need energy for heating and cooking, they cannot do without it. The result is that you are able to charge premium prices.
The government should be doing what they said the advantage of reducing the periods between the evaluation of the price cap was and lower the cap as soon as possible.
The fact that energy firms have not chosen to invest their profits in the shift to renewables and instead chosen to pay dividends etc is their choice, not ours. It is not as if they have not had plenty of time to plan.
“On the good side there’s record dividends for our shareholders”
Fuck them and their fucking *record profits.* They only reason I have power at all right now is because govt are subsidising (France’s) EDF to keep supplying it to me. I cannot afford it on my own. When the subsidy stops, I’ll be unable to afford the higher prices. And millions are in my situation. Good luck making record profits when millions of customers stop paying their bills. Good luck running a country in which millions cannot afford electricity and gas.
Back in the 1940s if business was to try profiteering from crisis it would be repossessed by government. Those who get wet thinking about Blitz spirit should support that to. Pass the laws banning it with punishments that close business like this. Grow some spine as politicians.
Cheeky bastards. Wholesale prices are now back at pre-Ukraine levels, they’ve rinsed us for profits but now want to us to pay for the transition to renewables as well. If only they had massive windfalls to pay for it ey
When does the revolution start? We’re all just as sick of this shit right?
Disgraceful how these companies have been allowed to profiteer at the expense of the people and planet, then turn around and claim the we should use less energy and invest more in renewable. Absolutely dodging any responsibility that they should bear.
We need to nationalise the energy services in this country.
Who could have seen that coming, the food prices are never going to come back down either
No way!? I was expecting them to come back down very soon. Oh no! Oh dear! What?!
How can this be? A company that is making billions in profits not wanting that to end? This is almost unfathomable to me.
/s
ps. Fuck capitalism.
Ok, well I hope the supermarkets can cope with everyone not buying meat or the farmers are going to be ok with me eating dried food, or entertainment industry will be ok with the continued zero subscriptions.
Growth across all businesses will continue to be hit because of this. At this rate it would be cheaper money wise to just go to war, which is a prospect that’s terrible to think about.
Of course they are, they won’t drop the prices without a fight because a precedent has been set.
Capitalism. Russia is just a smokescreen to profit off of the poors
We need to stop using gas and oil. That is the only way. The oil and gas industry needs to be shut down as soon as possible.
The rising cost is not out of our pockets, but out of our children’s due to climate change.
Not surprised, I am expecting food and fuel to not really change either. Its all greed. The government should tax them more if they making more profit
He’s basically admitting that the energy companies are profiteering.
Prices will have to stay high because of windfall taxes on energy companies obscene profits because they’ll just offset the extra tax bill by increasing bills to make sure their obscene profits continue to rise.
37 comments
It sounds like he’s suggesting that we nationalise the energy industry. Then we wouldn’t need to worry about windfall taxes and the record profits can come into the public purse. Then following that green energy investment decisions can be made in the public interest rather than being motivated by profit
He needs more money and enough poor people aren’t dying from the cold yet.
Minor correction to headline;
> Energy boss jubilant higher profits are here to stay
Which, if you are Norway with your vast sovereign wealth fund, is *maybe* OK. But if you are the UK, where our mineral resources have been squandered by successive Tory and Labour governments, not so much.
When heating your home during the winter is considered a luxury….
Now I’m sure Ofegm wont be utterly useless as a regulator and have sold themselves out to the industry rather than working for the country. Wait who am I kidding after a decade of rampant corruption of course our regulators well be bending over to take it from the industry while screwing us all over
How can he say this so assuredly when wholesale prices have returned to what they were before the Ukraine war?
https://www.theice.com/products/910/UK-Natural-Gas-Futures/data
Hold on, the investment needs to be paid for…..isn’t that something your companies should do before giving profits to shareholders?
Why can’t those profits pay for future green technology? I know that goes completely against capitalism but the person/company who discovers the next form of energy that can be as reliable as Oil and Gas will make more money and be remembered for that over increasing profits.
They made approx $20bn profit in the same period this year as compared to $10bn last year.
This inflation is nothing more than corporate price gouging.
If costs have increased then surely a company’s profits should either go down or at least stay the same? Not DOUBLE.
Corporations are using the war and covid as an excuse to raise prices GREATER THAN costs have increased and raise profits astronomically.
> Consumers have proven they will pay the higher prices, so why should we reduce our profits?
Or at least that’s how I’ve read it.
The contradiction is right there in the bloody text!
“Anders Opedal told the BBC the transition from fossil fuels towards less damaging sources of energy meant costs would remain high.
Energy companies have reported record profits because of higher **gas** prices”
Not until we disband OFGEM and re-organize it into a regulator, that’s actually not in the pockets of the energy companies , but on the side of the consumers.
National critical infrastructure should be in public hands and the responsibility of government accountable to the electorate.
No surprise there. Time to renationalise just to end the gravy train for the shareholders rinsing this country.
>profits were $10bn
>profits are now $25bn
>tax is up by 25% rising to 35% but can have 91% written off if it’s reinvested
But energy prices can’t come down and reinvestment can’t happen because…
*checks notes*
~~it’s unaffordable~~ greed
I sincerely hope this drives/enables everyone to go off grid somehow, all of these companies collapse and this guy ends up experiencing the same cold we’ve felt this winter. What an awful excuse for a human being. I know… it’s not gonna happen, but I can dream.
Hmmm, let’s see. Oh yes, ‘Equinor reported pre-tax profits of $24.3bn between July and September compared to $9.7bn last year’.
Am I reading that right? Over just three months? Iceland’s GDP as a nation was $25.6bn over the whole of 2021. Geez…
On another article ‘Mr Opedal saw his base annual salary double last year in 2022’ – wanna bet we will see it double again in 2023?
Laughing all the way to the bank at us
Translation:
The poor must freeze if I am to buy another Yaught.
So now heating your home is considered a luxury instead of a right?
Yeah this country is beyond stupid.
It’s okay, no need to worry OfGem are there to save the consumer!!! They are on our side !!!
Hate to spell it out to these assholes, but renewables investment has skyrocketed, red tape on new renewable developments has vastly reduced and public investment into nuclear has been renewed for the first time in decades. Fusion startups are seeing insane investment, and some are looking ridiculously promising. Deep Mind are jumping in on fusion to boot, and they have a track record of changing the world (protein folding).
Their days are limited, and they’re so big headed they can’t see the wave of change that is coming.
Also, please note your energy supplier, e.g. Octopus, EON, British Gas are not making record profits. The energy producers and traders, like BP, Shell, etc are making record profits.
So nationalising energy suppliers will not benefit the taxpayer. Nationalising BP on the other hand…
But energy prices have fallen so bills will be going down just as fast right?
The problem with privitising essential services is that it is a license to print money. People need energy for heating and cooking, they cannot do without it. The result is that you are able to charge premium prices.
The government should be doing what they said the advantage of reducing the periods between the evaluation of the price cap was and lower the cap as soon as possible.
The fact that energy firms have not chosen to invest their profits in the shift to renewables and instead chosen to pay dividends etc is their choice, not ours. It is not as if they have not had plenty of time to plan.
“On the good side there’s record dividends for our shareholders”
Fuck them and their fucking *record profits.* They only reason I have power at all right now is because govt are subsidising (France’s) EDF to keep supplying it to me. I cannot afford it on my own. When the subsidy stops, I’ll be unable to afford the higher prices. And millions are in my situation. Good luck making record profits when millions of customers stop paying their bills. Good luck running a country in which millions cannot afford electricity and gas.
Back in the 1940s if business was to try profiteering from crisis it would be repossessed by government. Those who get wet thinking about Blitz spirit should support that to. Pass the laws banning it with punishments that close business like this. Grow some spine as politicians.
Cheeky bastards. Wholesale prices are now back at pre-Ukraine levels, they’ve rinsed us for profits but now want to us to pay for the transition to renewables as well. If only they had massive windfalls to pay for it ey
When does the revolution start? We’re all just as sick of this shit right?
Disgraceful how these companies have been allowed to profiteer at the expense of the people and planet, then turn around and claim the we should use less energy and invest more in renewable. Absolutely dodging any responsibility that they should bear.
We need to nationalise the energy services in this country.
What an arsehole.
Look at the current spot price for gas, it’s down to 2021 levels https://ycharts.com/indicators/henry_hub_natural_gas_spot_price
Who could have seen that coming, the food prices are never going to come back down either
No way!? I was expecting them to come back down very soon. Oh no! Oh dear! What?!
How can this be? A company that is making billions in profits not wanting that to end? This is almost unfathomable to me.
/s
ps. Fuck capitalism.
Ok, well I hope the supermarkets can cope with everyone not buying meat or the farmers are going to be ok with me eating dried food, or entertainment industry will be ok with the continued zero subscriptions.
Growth across all businesses will continue to be hit because of this. At this rate it would be cheaper money wise to just go to war, which is a prospect that’s terrible to think about.
Of course they are, they won’t drop the prices without a fight because a precedent has been set.
Capitalism. Russia is just a smokescreen to profit off of the poors
We need to stop using gas and oil. That is the only way. The oil and gas industry needs to be shut down as soon as possible.
The rising cost is not out of our pockets, but out of our children’s due to climate change.
Not surprised, I am expecting food and fuel to not really change either. Its all greed. The government should tax them more if they making more profit
He’s basically admitting that the energy companies are profiteering.
Prices will have to stay high because of windfall taxes on energy companies obscene profits because they’ll just offset the extra tax bill by increasing bills to make sure their obscene profits continue to rise.