Forbes Advisor – Energy Expert’s Advice On Ofgem’s Energy Price Cap Reduction
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As Ofgem announced that the energy price cap will be reduced by almost £1,000, Forbes Advisor’s energy expert, Kevin Pratt weighed in on what this means for both domestic customers as well as British businesses.
Kevin Pratt, Forbes Advisor‘s energy expert commenting on Ofgem’s energy price cap reduction:
“News of the reduction in the Ofgem energy cap from April is welcome, even if it remains above the government’s energy price guarantee – which itself is due to rise by 20%, heaping more misery on hard-pressed households.
“But it is worth remembering that the cap and the guarantee are for domestic customers. The situation for commercial energy customers is even worse. They will see a steep reduction in government support from April, with a consequent rise in their bills. As an example, the hospitality sector is bracing itself for bills to increase by more than 80% – and, in many cases, they are already twice what they were this time last year.
“As things stand, cries for help from swathes of the UK business community are going unanswered by the government. Energy bills have become the primary cause for businesses struggling financially, and companies are being forced to either absorb increased costs or pass them on to consumers already struggling with the cost-of-living crisis.
“Unless the government provides the business community with additional support for their crippling energy costs, we run the risk of companies simply shutting up shop.
“With over half (54%) of business owners looking for ways to reduce their energy bills*. Forbes Advisor‘s experts have shared three top tips on how to keep costs down:
- Switch energy suppliers – this could help you cut down costs significantly so be sure to shop around for the best deal at every opportunity
- Carry out an energy audit of your business – this can help stamp out inefficient energy habits by identifying areas where there is unnecessary or excessive consumption.
- Consider switching production or peak consumption to the evenings or weekends to take advantage of an off-peak tariff.