Business Energy Prices to be Cut

Energy bills for UK businesses will be cut by around half their predicted level this winter under a government support package announced today. The scheme will fix wholesale gas and electricity prices for firms for six months from 1 October, shielding businesses from crippling costs. Hospitals, schools and charities will also get help.

It is understood the scheme will be reviewed after three months with an option to extend support for “vulnerable businesses” – but it is not known what sectors come under that category. Wholesale prices, which are what suppliers pay for energy in bulk before they distribute it to customers, are expected to be fixed for all non-domestic energy customers at £211 per MWh for electricity and £75 per MWh for gas.

Businesses do not need to contact suppliers as the discount will automatically be applied to their bills, with savings seen from October but received from November.

More details can be found on the BBC’s News Website