For sure - they buy their supply largely on the futures markets as derivatives with physical delivery. But the point made is right: we don’t ever benefit as consumers when prices fall. So yes. Price gouging.

@Geri

so how can #Ofgem predict the price of gas will go up?

No idea, and I can't find anything on a quick search to explain it. My cynical self would not be surprised to find out that it's related to how much money energy providers are bunging to those who make the 'calculations'

so the energy firms create a base prediction of how much energy they will need over a particular amount of time into the future and then they buy forward contracts for that supply at the current forward price. They get to lock in the delivery and to know how much it will cost. If they also sell on the wholesale markets they can lose if the spot price decreases. However when they benefit from@falling prices they NEVER pass that on

I was of the opinion that we used less energy in April than February, so supply and demand would indicate the price falling.

But what would I know?

I imagine geopolitics impacts price more than regional demand but I’m no expert. With the sight of war ending in Ukraine - however speculative that might be - the markets will potentially then decrease price, feeling that supply is more secure. Really speculating there tho

@Cyclist