Energy prices have come down, can I have a new contract?
The implications of fixing rates in business energy contracts, and the considerations businesses should make when entering such agreements
As business energy contracts are legally binding. Once you have signed, you cannot usually cancel or amend the terms. In recent years price volatility saw prices rise and fall sharply. This was a very unusual situation. Prices usually increase gradually over time, meaning you could pay less by fixing your rates.
Fixing your rates is also the only way to protect against price volatility and usually protects against price rises. But it does come with the risk that you could pay higher rates if prices drop.