Britain caps electrical energy and gas rates for companies

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Britain caps electricity and gas prices for businesses

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U.K. Chancellor Kwasi Kwarteng outside 10 DowningStreet Britain will top the expense of electrical energy and gas for companies.

Rob Pinney|Getty Images News|Getty Images

LONDON– Britain stated on Wednesday it would top the expense of electrical energy and gas for companies from next month, following a comparable plan for customers, assisting alleviate the pressure of skyrocketing energy expenses.

It stated wholesale rates for electrical energy would be topped at 211 pounds ($23917) per megawatt hour (MWh) and for gas at 75 pounds per MWh.

“We have stepped in to stop businesses collapsing, protect jobs, and limit inflation,” financing minister Kwasi Kwarteng stated.

The federal government will compensate providers for the decrease in wholesale gas and electrical energy system rates that they are passing onto non-domestic consumers, it stated.

The plan will at first use fromOct 1 toMar 31 2023, for all non-domestic energy users, consisting of charities and the general public sector such as schools and health centers in addition to companies.

The level of the cap has actually been set at less than half the wholesale rates expected this winter season, it stated.