Cost of Living: When will bills fall if wholesale costs are dropping? ✍ patersonHT
THE law of gravity does apply to energy prices, it would seem.
The cost was rising, and rising very sharply, meaning the price paid by our energy suppliers to those who take it from the ground was going up.Why those costs were rising is another story altogether and the profits made by the producers were literally eye-watering. But not so. Customers have yet to see the impact of the falling price of energy on the international markets.
So, the lower wholesale price being paid now will be reflected in what customers pay nine months to a year down the line.We asked Scottish Power, Centrica EDF, E.ON, OVO and Octopus if their tariffs had come down since August, in line with the price they are paying, and if not, why not? Octopus explained its pricing strategy and how the wholesale price and the energy price cap will have a bearing on when customers see a reduction in their bills.
On the discrepancy between falling wholesale prices not matching the bills you pay, the energy supplier said it comes down to how it purchases it in advance and applies a “smoothing out” over a period of months to protect customers from short-term spikes.Equally, when they fall it will not come down at the same rate.
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