Displaying items by tag: emergy price cuts

UK businesses, hospitals, schools and charities will have their energy bills cut by half their predicted level under a support package that fixes wholesale gas and electricity prices for six months from 1 October, shielding businesses from crippling costs. The scheme will be reviewed after three months and possibly extended for vulnerable businesses. Government officials have not said how much the package will cost taxpayers: Cornwall Insight estimates £25bn. Energy-intensive industries, like steel manufacturing, could close because of energy costs surging after Russia's invasion. Household bills would be limited to £2,500 annually until 2024 under a separate scheme. Business analyst Simon Jack said few businesses plan with only a six-month time horizon. There will be some whose plans to cut production, close premises and let staff go will not change in spite of this intervention. Retail and hospitality organisations see this as giving them a fighting chance over the commercially crucial Christmas trading period.