Ossoi
Tranny Chaser
- 15,857
- 7,861
This is an exaggeration and a misrepresentation of what actually happened.
The UK has an "energy price cap" implemented in 2019 and set by the regulator. It limits the maximum amount gas/electric suppliers can charge customers. Before Russia/Ukraine the energy market functioned as expected and customers could swap suppliers in pursuit of better deals.
After invasion of Ukraine the spike in wholesale prices meant that every supplier was forced to increase their prices to the maximum allowed by the cap. This meant all suppliers were charging the same and there was no point in switching.
The cap is reviewed every 3 months. So even if you were locked on fixed rates pre Ukraine price spike then your prices would go back to the top of the cap once that fixed expired. Some/most suppliers would then give you the option to fix again either at that current cap or slightly higher. This new fix would then prevent you from consecutive increases every 3 months as the cap kept getting raised.
Also, last year the govt gave people a contribution towards their bills, but that support scheme has now ended.
So whilst it is possible to fix gas/electric prices saying "I had my rates locked in for most of that (big spike in prices" is disingenous because it implies that you weren't affected, when you've probably had at least 2 increases in your rates since then.
- 1
