It’s been a topic on everyone’s lips for almost a year and none of us are exempt from its impacts. Energy prices are going ‘through the roof’ and have spiralled well out of any of our individual control.

Why has it happened? A combination of the government significantly increasing the price cap and a shortage of supply, largely as a result of the conflict in Ukraine.

Energy companies have got much richer and we have paid the price

Quite why the price cap had to increase so dramatically is beyond me. All that has happened is that the energy companies have all got much richer and we, businesses and households alike, have paid the price. The government have provided some help to ease the pain a little, but they would have done us a lot more favours if they hadn’t been one of the causes of the issue in the first place.

The increases will create hardship for individuals and could cause businesses to ‘go to the wall’. We should listen to, and learn from, those who advise us on how to save money by using less fuel, but that will only ease the pain, not cure the problem.

Many businesses have enjoyed the benefit of fixed-price contracts that they were savvy or lucky enough to have secured before the price hikes. But rather like fixed-rate mortgage deals that finish in a time of rising interest rates (another story for a different day), the shock can be even greater when you’ve been used to paying so much less.

Brokers are receiving huge, undisclosed commissions

When it comes time for a business to research the options available before negotiating a deal with their chosen energy supplier, there are a number of brokers who have come into the market. They will offer to help you get the best price, or at least that’s what they say. But they are apparently receiving huge, undisclosed commissions that the energy companies are passing onto businesses without telling them. It’s off to court shortly and if it proves to be true, it will be one of the biggest financial scandals for some years.