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We previously reported on the sharp rise of wholesale electricity prices in November and how we had to adjust our prices accordingly back then. Prices have continued to climb ever since and are now reaching record-high levels. Levels that have not been reached for about 20 years.
Many suppliers have already declared bankruptcy, and everyone else has been forced to adjust prices — as have we.
The chart above once again illustrates the current market situation. As you can see, the last price adjustment could not cushion the recent fluctuations. In general, an increase of 10 €/MWh at the wholesale electricity market equals an increase of 1 ct/kWh of the unit price.
Even though prices are currently quite high, we expect them to return to normal towards the second half of the year, in the summer of 2022. Current predictions at the electricity wholesale market also indicate that electricity prices will fall in the future.
So we strongly recommend you don’t sign an electricity contract with a price guarantee now — if prices fall again, you’ll continue paying the current market price level (which is way higher than normal) for the entirety of your contract (usually 12 or 24 months). This is why we only offer one flexible, transparent tariff that can be terminated at any time, and when prices do fall, we will also lower our prices for all of our customers :)
If you want to learn more about our tariff and price adjustments, check out our blog posts here and here.
picture by Federico Beccari on Unsplash
People Behind Ostrom: Johannes, Finance Lead
People Behind Ostrom: Tina, Operations Associate