The Department for Business, Energy and Industrial unveiled its new Energy Bill Relief Scheme this morning (21 September) which will be introduced 1 October and run until 31 March 2023 and will be automatically applied to appropriate businesses.
Chancellor Kwasi Kwarteng said: “We have stepped in to stop businesses collapsing, protect jobs, and limit inflation. And with our plans to boost home-grown energy supply, we will bring security to the sector, growth to the economy and secure a better deal for consumers.”
Under the scheme, wholesale prices are expected to be fixed for all non-domestic energy customers at £211 per MWh for electricity and £75 per MWh for gas for six months.
The business secretary Jacob Rees-Moog said: “The help we are already putting in place will save families money off their bills, and the government’s plans for businesses, charities and public sector organisations will give them the equivalent level of support.
“This, alongside the measures we are taking to boost the amount of domestic energy we produce to improve both energy security and supply, will increase growth, protect jobs and support families with their cost of living this winter.”
The bill was announced just days ahead of the emergency Budget due on Friday and the after prime minister Liz Truss detailed some of the tax cuts that would be introduced, but a windfall tax on energy companies would not be among them