Also, consumer energy costs tend to be hedged, so an increase in wholesale will generally only have delayed effect on more visible consumer rates. This was very

Also, consumer energy costs tend to be hedged, so an increase in wholesale will generally only have delayed effect on more visible consumer rates. This was very noticeable in Europe after the Russian invasion of Ukraine; while spot market rates went very high very quickly, it took about a year for consumer rates to peak in most places.