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Energy support for business unveiled

The Government has confirmed that energy bills for UK businesses and other non-domestic energy users including charities and schools will be cut by around half their expected level this winter under a support package expected to cost up to £150 billion.

If you arranged an energy contract on or after April 1 with a start date before March 31, 2023 the Energy Price Guarantee scheme should help to reduce the price you pay for your gas and electricity automatically.

If you took out a contract before April 1, 2022 or your contract start date is on or after April 1, 2023 the package will not, as it stands, offer any support for your business.

After this initial six-month scheme, the Government says it will provide ongoing, focused support for vulnerable industries. There will be a review in three months to consider where this should be targeted.

Businesses eligible for support with energy costs do not need to do anything as suppliers will automatically apply any subsidised rates to bills from November with a backdate to October 1, 2022 if applicable.

For businesses currently out of contract or on deemed rates, a per unit discount will be provided but the price reduction is likely to be capped at approximately 40p per kWh, which means your business is likely to pay significantly more on a variable rate than in a contract.

The Government says it is working with suppliers to ensure businesses are allowed to switch to fixed contracts/tariffs to minimise the impact of further wholesale price increases

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