Britain is putting a ceiling on the wholesale price of electricity and natural gas from October, which is set below half of the current price, to relieve household and business bills.
According to the relevant announcement, the ceiling is set at approximately 211 pounds per megawatt hour and for natural gas at 75 pounds per megawatt hour.
“We intervened to stop the collapse of businesses, protect jobs and curb inflation,” said the country’s finance minister, Kwazi Kwarteng.
The cap has been set at less than half the wholesale prices forecast for this winter, the government said. Price will be confirmed on September 30th.
The program will initially be implemented from October 1 until March 31, 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.
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