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Energy prices benefit from the fall in oil prices

The fall in oil prices has just started to have an effect on energy prices. While oil prices have fallen over the last six months and we’ve seen the benefit of lower prices at the petrol pumps, gas prices have remained volatile.

Part of the problem as far as energy prices are concerned is that bills are made up of several different costs – not just wholesale energy prices. It’s these other costs that have increased and will undoubtedly increase further over the coming years.

Yesterday E.ON announced a price cut for its domestic energy customers while its small business customers have already benefitted from price reductions on several price plans. Those customers on 30 day notice, deemed and out of contract variable price plans will be the ones to benefit.

It means that those who move on to variable price plan tariffs when their fixed plan ends will be on a more competitive deal than if they had moved to such a rate in the past. The prices they pay will be closer to the ones they have been paying on their fixed plan while they decide which deal to move to.

The chances are that energy prices will increase and by fixing your energy contract for one, two or three years will mean small businesses are able to manage their cash flow for the next few years.

You can check if you’re on competitive rates by visiting a comparison site. For example, will be able to look at your current plan and your renewal prices and compare these with prices from 17 suppliers to check if your offer is the right one for your business.

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