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The British government announced today that it is introducing price caps on electricity and natural gas for businesses and public sector consumers to help them face rising energy costs, Reuters reported.

Wholesale electricity prices for business customers are capped at £211 (around €241) per megawatt hour.

For natural gas, they are £75 per megawatt hour (nearly €86).

These prices, which will be confirmed on September 30, are below 50 percent of the wholesale prices of energy resources expected in winter, the British government announced.

British Prime Minister Liz Truss said that this would help many businesses "get through the winter," the Associated Press reported.

The measure comes into effect on October 1 and will be valid until March 31, 2023. It will apply to both businesses and public sector energy users, including hospitals and schools. 

The Czech Republic approved a cap on gas and electricity prices

A similar measure is in place for residential consumers in the UK.

The government in London has announced that it will also apply to households in Northern Ireland. 

The British government will compensate electricity and natural gas suppliers as they sell the catch at capped wholesale prices.

Rulers in London expect the introduction of price caps on electricity and natural gas to curb galloping inflation in the United Kingdom.

Great Britain

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