Though in that case the exact prediction made did come true. Massive gas price increases due to the Ukraine war bankrupted a bunch of businesses selling fixed price energy that they could no longer supply without making unsustainable losses.

Various government interventions followed but they were so bad you might assume that they were more interested in ensuring their mates in the gas industry made high profits than protecting the nation from the fallout.

I suspect the real failure mode was around the price cap. Utilities should have been hedging against wholesale prices raising above the cap for a sustained period of time as occured. Net-net the result is the same and the cents in the dollar saved when prices were normal / stable were long gone when prices went much higher. (Note in the UK at least we have been in payback for a long time now with customer pricing at the cap and wholesale typically much much lower)