Nope. Electricity can be purchased on two separate markets: the hedge market and the wholesale (spot) market. Hedging is where retailers purchase a specific amount of electricity from a generator at a fixed price, over a long period of time. It’s basically like a form of insurance helping to manage market volatility.
Historically retailers have paid more than the spot price by using the hedge market, but because they buy their power at a set price, it means they can offer customers a fixed rate that they know won’t lose them money.