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Future of British Business

UK Plans to Slash Wholesale Prices of Business Energy Bills

  • Business discounts will apply from October for six months
  • Cap may limit costs to 21.1p/kWh for power; 7.5p for gas
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The UK plans to slash the wholesale prices that are incorporated into business energy bills this winter, people familiar with the matter said, as the government tries to contain the economic damage from spiraling costs.

The cap would limit the maximum costs to about 21.1 pence per kilowatt-hour for electricity and 7.5 pence for gas, the people said, asking not to be named because the numbers aren’t public. The planned discounts are set to apply to contracts signed since April 1 this year and would last for six months starting Oct. 1. The final amounts could change depending on market conditions.