Gas markets have unsurprisingly spiked this week amid the Ukraine Crisis. Rates have returned to the incredibly high levels seen last December, although they have not quite broken new record levels yet.
Wholesale gas prices were at 171p/therm on Tuesday morning, before Russia's military invasion and this morning have continued to soar and are currently 66% higher at 284p/therm. Power prices have also followed a similar trend, up 55.6% since Tuesday and wholesale power prices are currently at 236.79£/MWh.
Markets are extremely volatile, and prices continue to increase daily as the tensions increase and the possibility of sanctions causing concerns over Russian gas supplies to Europe being disrupted. This has caused many energy suppliers to pull their pricing and cease taking on new customer contracts until the market settles.
If you are currently out of contract or coming up to the end of your contract in the next few months, we recommend looking to secure a contract with one of our suppliers who are still offering pricing at the moment, to ensure you do not end up on out of contract rates which energy suppliers can raise if they wish to an uncapped limit, as business energy consumers are not protected by the price cap, only households are.
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