Wholesale energy prices have plunged this year to record lows but consumers have not benefited despite being on variable-rate plans that claim to track the energy market. According to Ofgem, the gas and electricity regulator, wholesale energy prices are 46pc lower than a year ago. Wholesale costs make up 38pc of a typical dual fuel bill, so a drop of this size should lead to a 17.5pc reduction in costs to consumers if all the savings were passed on. For average usage this would be a saving of £16 per month or £200 a year if wholesale prices remained low, according to research by Switchcraft, an energy switching company. Standard variable tariffs should “go up and down in line with the market,” Ofgem said.
Telegraph 8th June 2020 read more »