UK businesses and other non-domestic energy users are to receive a discount on high energy bills during 2023-24.
From 1 April 2023 until 31 March 2024 suppliers will apply a unit discount of up to £6.97/MWh to gas and a unit discount of up to £19.61/MWh to electricity bills, following Government support.
The aim is to help businesses locked into contracts signed before recent substantial falls in the wholesale price to manage costs and to provide reassurance against the risk of prices rising again.
Latest data shows wholesale gas prices have now fallen to levels just before Putin’s invasion of Ukraine and have almost halved since the current scheme was announced.
Chancellor of the Exchequer Jeremy Hunt also said that Ofgem will investigate to ensure falling wholesale prices are passed on to businesses.
Customers do not need to apply for their discount. As with the current scheme, suppliers will automatically apply reductions to the bills of all eligible non-domestic customers.