Britain announced today that it is capping the wholesale price of electricity and gas for businesses from next month at less than half the market rate, to ease pressure from rising costs energy.
According to the announcement, wholesale prices for electricity will be capped at around £211 per megawatt hour (MWh) and for gas at £75 per MWh.
“We intervened to stop the collapse of businesses, protect jobs and curb inflation,” Finance Minister Kwazi Kwarteng said.
The price cap has been set at less than half of the wholesale prices forecast for this winter, the government announced. Price will be confirmed on September 30th.
The scheme will initially apply from 1 October to 31 March 2023 for all non-domestic energy users, including charities and the public sector such as schools and hospitals, as well as businesses.
The government also announced that the support measures will apply to households in Northern Ireland just like the rest of the UK.