Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

EDF & British Gas puts pressure on other UK energy suppliers to cut market-peak tariffs for small firms

by June 8, 2023
June 8, 2023
EDF & British Gas  puts pressure on other UK energy suppliers to cut market-peak tariffs for small firms

Energy companies are under growing pressure to allow thousands of struggling businesses to change their gas and electricity contracts after two major suppliers agreed to cut rates that had been fixed at the height of the energy crisis.

EDF has agreed to offer new deals to 15,000 small and medium businesses that are trapped in long-term contracts fixed when energy market prices reached a historical peak last year.

Eligible companies such as independent shops, hairdressers and small factories will be offered contracts set at lower rates for longer periods to make their bills more affordable, EDF said.

The French energy company bowed to growing calls from business groups for energy suppliers to reopen their contracts two weeks after British Gas broke ranks to cut costs for its customers.

Its parent company, Centrica, said British Gas would extend contracts by 12 months at lower rates for an unspecified number of eligible businesses including pubs, cafes, restaurants, hairdressers, shopkeepers, and charities, alongside grants worth £15m to help businesses cover their bills.

Almost 100,000 businesses are at risk of going under after fixing their long-term energy contracts last year when market prices reached record highs in the third quarter of last year, according to the Federation of Small Businesses (FSB).

These companies are still locked into long-term contracts that will force them to pay inflated prices based on last year’s peak for months or even years to come.

EDF said its fixed price contracts rose in line with rocketing energy markets last year because it bought the volumes of energy it needed to supply its customers when prices were at their peak.

Philippe Commaret, EDF’s managing director of customers, said: “Whilst we aren’t able to rewrite all contracts, we recognise that some businesses were especially impacted, and we are doing what we can to help.”

The Guardian understands many major energy companies have resisted calls to cut or renegotiate their energy deals despite growing concerns among government ministers and senior officials at the energy regulator, Ofgem.

Craig Beaumont, the FSB’s external affairs chief, said: “The devil will be in the detail to make sure that [EDF’s] promised 15,000 contracts do indeed match a reasonable fixed price for the forthcoming year, so we will be checking on the first contracts to make sure.”

“Other big energy companies must now follow suit so other small firms aren’t left behind by their energy company,” he said.

Read more:
EDF & British Gas puts pressure on other UK energy suppliers to cut market-peak tariffs for small firms

0
FacebookTwitterGoogle +Pinterest
previous post
HMRC spends over £90m on remote working technology
next post
JPMorgan Chase & Co. surges ahead in AI hiring as banking battle for AI talent intensifies

You may also like

Interest rates set for sharpest drop since 2008...

May 6, 2025

Additional rises needed, declares Bank of England ratesetter

September 6, 2022

Home charger maker Myenergi slips into the red...

December 24, 2024

Heather Mills rescues vegan food empire after blaming...

January 22, 2024

David Lloyd adds desks and spas so members...

January 2, 2025

Labour seeks to protect face-to-face banking by forcing...

November 17, 2022

3 tips for choosing a quality excavator parts...

February 16, 2024

Can the UK’s £40bn ‘Tax Gap’ Be Bridged...

July 1, 2024

Home Renovation Business in a Globalized Market: 10...

March 7, 2025

UK business optimism falls as output and new...

November 2, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,570)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved