At least four spikes in the wholesale energy market occurred on 26 April, with business suppliers reacting to this by increasing their prices.
Estimates from consultancy Cornwall Energy showed that prices have roughly increased by around 3-4% but some suppliers have said increases “may be substantial”. One of the causes of such activity is that the electricity base price has increased by around £4/MWh over the last 10 days.
Gas prices have also seen spikes, all gas contracts increased this morning. The day-ahead gas contract jumped 1.95p/th to 34.80p/th as unseasonal low temperatures were forecast to continue. Winter 16 gas lifted 1.53p/th to a new four-and a-half month high of 38.22p/th, following a rise in oil prices.