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Timeyin Akerele

๐Ÿ‘ค Speaker
1117 total appearances

Appearances Over Time

Podcast Appearances

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

But primarily for your hot water, your central heating.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

That's about 85% of households in the UK have electricity and gas.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

About 15% don't have gas for central heating and things, don't have a gas connection.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

So they're different.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

But basically, using that sort of household on what we call typical consumption, so that is...

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

You know, the typical household, not particularly big, not particularly small, that sort of household.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

We calculate what that consumption is and what the cost of delivering energy to that household should be.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

And as I say, add a small profit element.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

But we can go through the different elements.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

The biggest element, sort of as you'd expect, of that ยฃ100 part of the bill is the actual energy itself.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

And that is electricity and gas.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

And that accounts for about ยฃ40 out of every ยฃ100 on your energy bill.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

So it's a big chunk, but it's less than half.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

And that's because there's lots of other things in people's energy bills.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

So the next biggest item is the networks.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

Now, obviously that's the gas pipes and it's the electric cables that bring that energy directly home, but also connect the whole network together.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

So take electricity, say from a wind farm in the North Sea all the way to your house and the same on the gas side.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

So it's quite a lot of investment goes into that and that's 28 pounds in every hundred.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

So that's another big chunk.

Making Money
Why is UK Electricity So Expensive Compared to Other Countries?

Then the company itself,