Wholesale prices for electricity will be capped at about £211 per megawatt hour (MWh) and for gas at £75 per MWh, compared to forecast market rates of £600 and £180 respectively.
“We have stepped in to stop businesses collapsing, protect jobs and limit inflation,” said Finance Minister Kwasi Kwarteng, who is due to give a fiscal update on Friday morning.
Wholesale gas and electricity prices in Europe surged after Russia invaded Ukraine and have remained volatile since. The final unit prices for the scheme will be confirmed on Sept. 30.
This will come as good news to businesses.
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If you’re already with the cheapest energy supplier in your area, you’ll find out immediately and there will be no need to switch. The only thing that you will have to do is make sure you are on there cheapest tariff.
As soon as you’ve filled your postcode in and answered a few questions, which literally takes a few minutes, you’ll see a list of all the cheap energy suppliers in your area. This will also include how much you can save with each energy supplier when you make the switch online. You can then go ahead and choose the best energy supplier that offers you the most savings and we will send you an email to confirm the switch. The details are processed and forwarded to the supplier. The supplier will contact you to confirm the date on which your new service will commence. You will have to take a meter reading on this date, to ensure you’re not billed twice for the same energy.
Don’t delay! Find out today if you can get cheaper gas and electricity, by comparing prices of all the energy suppliers.
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