News & Insight

Energy prices plummeting again

Jack Stratten

If you're out of contract soon, it's the perfect time to switch energy supplier

Last month saw some of the biggest reductions in wholesale energy prices in recent history.

Gas prices fell by a huge 8.7% month on month in October, while electricity prices fell by 2.2%. This follows many months of reductions, and analysts are all predicting that utility prices for businesses and consumers will continue to drop as we move into 2020.

If you can switch, don't hesitate

These reductions do mean that anyone currently out of contract on a variable rate deal (the default contract type) will see lower bills in the short term. But, as any economist would argue, consistent reductions in prices have to end at some point. The question is, when?

From the point of view of keeping your bills under control, our advice is simple: now is a good time to lock in a great deal. With wholesale prices low, you're in a great position to negotiate a long-term contract with low monthly rates. Then, when those wholesale rises do eventually come, you'll be safely protected.

If you're already an XLN Broadband customer, you're automatically pre-approved to join XLN Energy on our lowest rates. For more info, head to www.xln.co.uk/energy.