The government has revealed a new scheme designed to provide businesses with discounts on their energy bills. The initiative was unveiled to help alleviate the financial strain that many businesses are facing in response to the current economic climate.
The UK Government has affirmed that the Energy Bill Relief Scheme for businesses will be supported with £5.5bn over a 12-month period, a considerable reduction from the £18bn allocated to the initial programme.
More details about the scheme:
Coming into effect in April, the Energy Bill Discount Scheme is set to replace the prior scheme. In contrast to capping energy prices, this new system only provides benefits to businesses when gas prices are £107 per MWh or higher and electricity prices at £302 per MWh or higher.
Businesses in energy-intensive sectors such as steelmakers and manufacturers will receive higher discounts, and the threshold for the discounts to kick in is also lower for these firms. The reduction will be £6.97 per MWh for gas and £19.61 per MWh for electricity. This reduction applies to businesses, charities and public sector bodies.
When entering into agreements with energy providers, discounts will be applied automatically.
The Chancellor of the Exchequer, said: “My top priority is tackling the rising cost of living – something that both families and businesses are struggling with. That means taking difficult decisions to bring down inflation while giving as much support to families and business as we are able.
If you need to seek financial help for your business, email firstname.lastname@example.org, call 0115 958 6872 or fill in an enquiry form below.
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