Our new Prime Minister, Liz Truss, has announced additional support for families and businesses to help minimise the impact of rising energy bills. The home energy support is well documented, but what about for businesses? ...
In the announcement today it was confirmed that the scheme fixes gas and electricity prices for businesses for six months from the 1st of October 2022, to help firms facing soaring costs from going bust.
This means that wholesale prices will be fixed for all non-domestic energy customers at £211 per MWh for electricity and £75 per MWh for gas and companies will not need to contact suppliers as the discount will automatically be applied to bills.
Savings will be seen from October, but received in November, and the scheme applies to fixed contracts agreed on or after the 1st of April 2022, and variable and flexible tariffs and contracts.
The scheme is going to be reviewed after three months with an option to extend support for any vulnerable businesses, but it is yet not known what sectors come under that category.
Our new Prime Minister, Liz Truss, said that the government understands the "huge pressure businesses, charities and public sector organisations are facing with their energy bills. I also intend to boost the UK's homegrown energy supply, fixing the root cause of the problems we are facing."
The Government will provide energy suppliers with the difference between this new lower price, and what energy retailers would charge their customers were this not in place!
Schemes previously funded by green levies will also continue to be funded by the Government during this two-year period to ensure the UK's investment in home-grown, secure renewable technologies continues.
I feel this is a very positive move by our new Prime Minister and her newly-appointed Cabinet. It seems news and policy about energy bills have been on hold due to the national mourning period for Her Late Majesty, now it's all hands to the pumps again to sort it out.
I'll keep you informed as I know more.
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