Wholesale energy prices for businesses will be capped at "less than half" anticipated winter levels under a huge government support package:
The Energy Bill Relief Scheme will offer discounts for all firms for six months from 1st October. It is hoped the latest support will avoid mass bankruptcies and job losses across industries.
- Wholesale energy prices will be capped for all organisations for six months from 1 October
- Prices will be fixed at 21.1p per kilowatt hours (kWh) for electricity and 7.5p per KWh for gas
- The government says this represents less than half the wholesale prices which had been expected this winter
- Organisations already on a fixed price contact will be eligible for the scheme, as long as the deal started after 1 April 2022
- Those on variable tariffs will receive an automatic discount for each unit of energy used
- The savings will begin to appear in November's bills (backdated to October)
- A review will be published in three months' time to identify "vulnerable" organisations that will need further support after March 2023
The Energy Bill Relief Scheme will apply to all non-domestic energy customers in England, Scotland and Wales.
Firms do not need to contact suppliers as the discount will automatically be applied to bills and savings will be seen from October's bills but received in November.
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