Wholesale prices around the world have been rapidly increasing over the last 6 months. With UK gas prices rising by 70% in August alone.
Unfortunately, this means that Ofgem has had to increase the Price Cap in October and it may well increase again in April 2022.
Energy suppliers, including EDF, use a practice called hedging to buy energy in advance and therefore avoid unexpected price increases. However, many small suppliers sold fixed price tariffs to their customers without buying enough energy in advance. They've therefore had to pay extremely high prices and a growing number of these companies have now gone bust in the last few weeks.
We'll be taking on customers from one of these companies in the coming weeks because Ofgem recognises us as a trusted supplier who's here for the long term.
We've recently welcomed customers from Utility Point.
So don't worry we're here for the long term!