As businesses have not benefitted from an energy price cap and are not always able to fix their business energy price through fixed energy deals, many – particularly those in the under-pressure hospitality sector – are reporting projected increases in what they pay for their gas and electricity of around 500% if not more.
On becoming the United Kingdom’s Prime Minister, Liz Truss announced a new six-month scheme for businesses and other non-domestic users (e.g charities and public sector organisations) that will offer equivalent support as being provided for domestic consumers in a bid to protect them from soaring energy costs.
After the initial six-month scheme, the Government says it will provide ongoing, focused support for vulnerable industries, with a review in three months’ time to consider where this support would be best targeted.
The Government has promised to provide energy suppliers with the difference between this new lower price, and what they would charge business energy customers if this were not in place. Schemes previously funded by green levies will also continue to be funded by the Government during this two-year period.
Businesses are waiting for further details with bated breath and, sadly for some, any assistance may come too late.
“The Government says they are going to do for business customers what they do for domestic users but PWC (PricewaterhouseCoopers) are currently with the Treasury to see how they can do that because it is a different marketplace,” said an Energy Management spokesman.
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