Rapidly rising energy prices: Does changing provider help now, or not?

Many people may still know the basic supply as one of the most expensive tariffs on the energy market. In the meantime, however, the tide is turning. What does this mean for my electricity or gas contract?

Is your price guarantee for electricity or gas expiring? And the new consumption prices of your special contract are even more expensive than the basic service? In view of rising energy costs, many consumers are probably wondering what to do now. Udo Sieverding, Head of Energy at the North Rhine-Westphalia Consumer Advice Center, provides the answers.

Is it worth switching from the special contract, which is now often more expensive, to the basic service?

The energy markets are upside down. While the basic service was the most expensive tariff for years, customers of the basic service are currently benefiting from the defensive procurement strategy of the basic suppliers and the mixed calculation over the past two to three years. Customers should therefore consider dropping into the basic service. In the long term, however, it can also be assumed that prices for basic services will continue to rise and level out at the level of expensive special contracts.

Is there a special right of termination in the event of price increases?

Usually yes. With a special contract, customers have a special right of termination if the contract changes – in most cases, a price change represents such a contract change. The contract can then be terminated at the point in time at which the price increase takes effect. So if the prices rise around November 1st, those affected can cancel until October 31st. The notice of termination must also have been received by the supplier by this time.

Will electricity and gas providers have to adjust their prices downwards again in the future, for example if procurement prices fall?

In view of further price increases on the wholesale markets, we have to assume that we will have to live with very high energy prices for two to three years. By then at the latest, the situation should ease up and the energy suppliers will adjust the tariffs downwards.