December 9, 2022

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Support for businesses during the energy crisis

2 min read

The energy crisis means that as the price of wholesale commercial energy hits an unprecedented high, businesses must pay notably more for their energy bills.

As businesses reopened after the coronavirus pandemic, this created a surge in demand for business energy, although this clashed with the termination of Russian energy supplies as a result of the Ukraine war which ultimately led to a global energy shortage.

The cost of running a business is also rising exponentially as the government look at new ways of taxing businesses to pay for Covid-19 loans and grants distributed during the pandemic.  Material shortages and supply chain delays triggered by the pandemic also mean that it now costs more to replenish stock and operate a business.

As energy prices hit an all-time high and the energy crisis places pressure on already strained company finances as a result of the pandemic, businesses must understand what support is available to them.

Rising business energy bills – what help is available?

The energy sector is enduring a catastrophic turn of events as the price of wholesale energy jumps to an all-time high due to supply shortages.

Energy Price Relief Scheme – To prevent businesses from falling into financial difficulty as a result of rising energy bills, a temporary ‘price cap’ has been announced for non-domestic customers under the Energy Price Relief Scheme. The government will provide a discount on gas and electricity unit prices throughout the winter, establishing a baseline ‘government supported price’ which is lower than currently expected wholesale prices this winter.

Cut down on usage – If you can cut down on energy usage by operating more efficiently, you can reduce your energy bills. Make small changes to your routine, from switching off monitors when they are not required or closing counters when footfall is typically low, to large changes, such as scrapping additional lighting or streamlining the variety of technology that you…

Business Matters

2022-11-22 22:34:03

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