When are energy prices going to come down?

[nellytheelephant1980]

I’m horrified to see our bill is rising from £150 a month to almost £300.
Is this going to be long term? Or should it reduce at some point soon?
It’s shocking how people are expected to manage this.

No it’s going up again in April and then I read its set to rise again in October!

Our Bill doubled in October 21 so we’ve been paying double for a while.

www.ofgem.gov.uk/publications/price-cap-increase-ps693-april

They won't, and PP is right about them increasing again. DH models future energy scenarios and is very concerned about next winter as it'll be colder AND more expensive.

Energy prices rise like a rocket and sink like a feather.

no time soon is the short answer!

Before Russia invades Ukraine there was some optimism that energy prices would sort themselves out by summer 2023. That was a world ago though when gas prices were well under half they are now.

Invaded...not sure what happened there.

Can you think of anything that once it goes up suddenly then comes back down long term? Nope? Nor can I.
It wont happen, even if the wholesale price comes down the companies will take it as profit.
After the gulf wars it didn't go back down either.

The only time petrol went down was due to lack of demand in lockdown.

They will not, unless we renationalise and invest heavily in renewables.

So - they will not.

They won’t

I've never heard of prices coming down

(Apart from electronics like tvs)

Strangely, my supplier’s fixed rate has come down just a little in the last couple of days (still sky high though!) Checked it Saturday and per kwh it was:

Gas - 13.76p
Electric - (day)48.41p (night) 30.10p

Today it’s:
Gas - 10.06p
Electric - (day) 39.04p (night) 24.28p

Standing charges have remained the same.

Not a huge drop and will likely jump back up, but it’s still a little bit of hope?

God, what an absolute nightmare. I really thought it was ‘short term’.
Glad the MPs get their fuel allowance though, so they won’t care….