Ofgem have now announced it will be going up to its highest ever level on 1st April to reflect ongoing wholesale costs, meaning customers will pay more.
Since September last year, the wholesale cost of energy has dramatically increased. The cost to suppliers is now much higher but they have been unable to raise prices due to the energy price cap. The last price cap was set in August 2021 but Ofgem have now announced it will be going up to its highest ever level on 1st April to reflect ongoing wholesale costs, meaning customers will pay more. Suppliers have stopped offering deals leaving energy customers with few switching options and the prospect of a 54% increase in their energy bills.
This increase represents an additional burden to already struggling businesses that are faced with a dilemma; to swallow the cost or pass it onto their customers. Maintaining a market advantage means ensuring customer prices stay competitive, and many businesses may opt to shoulder the energy cost increase. Fortunately for businesses, Low Carbon Workspaces can make the burden more palatable by helping businesses reduce their energy demand through the implementation of low-carbon technologies. Find out more here.
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