National Grid figures show that electricity use fell by 3.5% in both September and October.

But remember the help we're running out of electricity scares of as recently as our post of September 27? : 

The energy trader Inenco says the UK could face power blackouts "within weeks" if a sudden cold snap or unplanned power outage occurs.

But less than six weeks later in the FT:

Michael Abbott, the deputy managing director of Inenco, said: "There had been serious concerns over supply being tight. But all of a sudden in the past few weeks we have started to see margins of spare capacity improve. And that is because demand is falling

No Hot Air doesn't make predcitions, however tempting it is for us to start. We predict Janaury gas day ahead at below 40, and possibly lower, for what it's worth.  And we promise to update you in February on how that turned out, not to pretend we never said it six weeks later.  Unlike other companies though, we don't charge for opinions, or recommend anything other than buy on an index.

Speaking of which, a fixed price based on the gloom and doom scenarios of people eating candle toasted fish fingers by torchlight was not only obviously a disastrously wrong choice, it was unfortunately the ONLY choice that most electricity buyers were steered to by most Third Party Introducers.  Even more disturbingly  suppliers were pulling index options to even 100kW sites during August and September.

Simply put the disaster prophets made a fat profit.  Tell someone something is in short supply and they pay up.  Meanwhile, deny them the chance to have a market based on good old fashioned supply and demand and they get shafted from here to end of a contract. And end users simply pay the bill:

Manufacturers' electricity costs were 23 per cent higher in the three months to July than in the previous quarter and 243 per cent higher than a year ago, according to BDO Stoy Hayward, the accountancy firm

 

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