The Manipulation of the UK's Energy Market

Energy companies have pocketed about £525 million by "manipulating" the power market as UK consumers face skyrocketing electricity bills. Some of the UK’s biggest energy companies participate in a practice that regulators say drives prices higher.
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[Avengerie]

Reminds me of Californian energy market deregulation and Enron.

[diogosoaresmendes]

It's essential to raise awareness about practices that impact electricity prices and potentially harm consumers, especially during times when many are facing financial difficulties. Thank you for shedding light on this issue and sparking a conversation about the role of energy companies and regulators in ensuring fair and transparent market practices. Your dedication to informing the public is commendable, and I hope this video leads to increased scrutiny and positive change in the energy sector. Keep up the great work!

[pierrehollander]

Energy companies in UK with profits that have gone up 7 fold in 2022 and my energy bill has gone up 4 to 5 fold.

[lemiesh]

Before the pandemic, UK energy companies collectively earned substantial but relatively modest profits. For example, the "Big Six" generated approximately £7.7 billion in operating profits from 2016 to 2020. However, since 2020, profits have surged dramatically, with firms like Centrica (British Gas) and Shell reporting record-breaking earnings in the billions. This is largely attributed to the global energy crisis and increased wholesale prices during and after the pandemic

In total, the energy sector has accrued nearly £427 billion in profits since the crisis began, raising concerns about affordability and inequality.

[RobertGott-cf]

A child at infants school could work out how every energy company as put one over on British people what’s worse is the British gov
Have let

[peterjones]

Unfortunately this is just another example of regulators in the U.K. ( in this case OFGEM) being well behind the curve, even though this scheme by energy companies has been common knowledge for years. You, (Bloomberg) may also care to look into the regulatory failures at OFWAT ( regulates water companies) and how excessive leverage and payments to shareholders has put the financial stability of several water companies in jeopardy.

[tknoman]

doesnt price controls just give issues somewhere else along the supply chain?

[buzz-]

This is what happens when you shift your energy grid from cheap coal or expensive green energy

[tknoman]

how is this market manipulation? wouldnt this signal to the market PRODUCE MORE energy? unless there are government regulations or policies preventing the production of more energy?