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Energy prices will go up, warns Ofgem
The energy industry regulator Ofgem has stated that energy prices will go up in the remainder of 2017 and into 2018.
Its latest analysis of the energy market states that suppliers have to make ‘capacity market payments’ to ensure there is enough energy capacity over the winter. This marks the clearest indication the energy market has had for some time that wholesale prices will go up in the near future.
Green energy demand will increase prices too
Ofgem’s report also points out that the ‘costs associated’ with providing green energy from renewable sources will also increase in the coming months.
This adds even greater certainty that gas and electricity bills will go up across the UK. And with Ofgem’s indication that these increases will extend into 2018, there’s no sign of when prices will stop rising – or how high they could get before they stabilise.
What this means for your business
When Ofgem, the UK’s impartial energy regulator, says that prices are going up, then prices are going up. No provider will be immune to these increases.
As a business, this means your energy bills will increase if you’re not on a fixed-rate contract. So first and foremost, it’s essential that you check the status of your current energy deal. If you’re out of contract and on variable rates, you need to act swiftly.
The key is securing a long-term, fixed-rate deal that protects you from hikes like this. If you’re an XLN customer, you’ll be pleased to hear that we offer contracts for up to 4 years – protecting you now and for years to come.
If you’re interested in finding out more about our gas and electricity deals, head to XLN Energy