This graph shows the average monthly wholesale electricity price for the last five years. In 2016 and 2017 the average whole sale price was around 5c per KWh (the retail price is around 25c). Since mid 2020 it has not been under 10c but even worse has been over 25c for the last three months.
If the wholesale price is higher than the retail price, you don’t need to be a genius to know what is going to happen to retail prices. And we are not just talking small increases. We are talking increases that will make house prices look stable.