5 ms·
Yanis Varoufakis should enlighten you, ie if you can really understand what is going on. https://www.youtube.com/watch?v=NicE0-N9ux0 https://www.youtube.com/wa
by vfclists 2y ago
Yanis Varoufakis should enlighten you, ie if you can really understand what is going on.
https://www.youtube.com/watch?v=NicE0-N9ux0 https://www.youtube.com/watch?v=NicE0-N9ux0
TLDR version - https://www.youtube.com/watch?v=R3bo-s_OY4Q https://www.youtube.com/watch?v=R3bo-s_OY4Q
This is why. Prices are set by what electricity retailers think the "market will bear". Unlike suppliers bidding in which the lowest price wins, our electricity prices are set by the highest bidders.
It al
- Arnt 2y agoNo, they're not set by the highest bidder. They're set by the tenth lowest bidder, except that the number isn't ten. If the number of suppliers needed happens to be ten, then the ten lowest bidders prevail, and the highest bidders lose out. The ten lowest bidders all get the rate offered by the tenth lowest bidder, ie. if a supplier bids at its own cost, it'll likely make a profit (or not get a contract at all).