We’ve published our latest Pure Planet blog post about the wholesale energy market and how this impacts the electricity and gas prices we charge our Members.
We thought this would be a good time to look back at what’s happening in the market over the past year, as we know a lot of our Members will be nearing the end of their fixed tariffs which were first introduced in May 2020.
The latest Pure Planet blog post about the cost of energy has some really useful information.
In summary, energy prices have shot up over the last 12 months.
Electricity wholesale prices are up 61% and gas is up 56%.
That’s meant retail prices have climbed too - right across the market, and the latest Pure Planet fixed tariff is 19% higher than this time last year. The graph below shows a steep rise over the last six months.
Other important bits of information:
- More domestic energy is being used (due to the Covid-19 pandemic). It’s normal that prices go up when there’s more demand.
- There’s been an increase in the cost transporting energy to our homes. These increases have been set by the Government.
We’re hoping our latest blog post will help to explain why Members will see a higher fixed tariff offer when the current tariff comes to an end.
Do check out the blog post in full as it has much more detail, including how we compare with other suppliers, and how our variable rate compares against the Ofgem price cap.
And don’t forget, all our electricity is 100% renewable and our gas is carbon offset. We’re also a Which? Recommended supplier for two years running.
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