Energy bills are set to soar by October

As more and more companies have difficulty operating through rising energy costs and the soaring prices of living, reports have cautioned business energy bills are set to rocket in October.

Consultants at independent data analyst company Cornwall Insight have stated as many businesses are negotiating their contracts with suppliers in October, some will face bills five times their current price.

They suggest concerns over gas supplies, tight electricity markets and the disruption to liquefied natural gas market could trigger further energy costs spikes.

The report suggests business energy costs have been rising for 15 months, with higher boosts than those experienced by homes.

The consultancy claimes those businesses who negotiated two-year fixed cost contracts in summer 2020 may possibly face a severe fivefold rise in October.

Those updating an annual contract are due to see bills two times what they paid this year.

The extra increases in energy costs are believed to have a knock-on effect on firms’ resilience as it is feared that soaring energy bills could make more businesses closures.

Energy bills are set to soar by October

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