A few days ago, Tom P over at Labour and Capital asked me: "is it affecting the real economy ?" and you can see my reply there.
Just to illustrate from my own neck of the woods:
For well-understood reasons, wholesale electricity prices are volatile with a capital V - indeed the most volatile prices ever traded. You and I are not exposed to them in our domestic bills because the utilities hedge them for us. Indeed, most industrial companies tend to prefer to be hedged too, and until now they have been able to obtain fixed-price deals from the suppliers.
Just in the last few days, however, suppliers have been notifying large industrial customers that this hedging may no longer be available to them through their 'physical' electricity purchase contracts. Needless to say, the financial players in the electricity market are withdrawing from long-term hedging products, which means the utilities are increasingly unable to lay off the risk. So they'll be passing the volatility through in the electricity price - and the industrials also won't be able to get financial hedges.
As night follows day, so their industrial customers will be forced to pass this through in turn ... and at the end of this chain, one way or the other, sits the consumer.
Oh yes, this is the Real Economy all right. And that bell you hear tolling in the background ? - never send to know ...