New price cap for domestic users confirmed

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Last week the new PM announced her plan to manage the energy crises. Typical UK households will pay no more than £2,500 a year on their energy bill for the next two years. “Equivalent support” will be available to businesses for at least the next 6-months, with regular reviews from then on with a focus on “vulnerable industries”. The details of how this support will be provided has not yet been established and will likely be announced in the coming weeks. It is difficult to try and predict what this might do to the market as capping consumer prices in an uncapped wholesale market brings with it a raft of complexities and unknowns. However, it is of course welcome news that businesses will be getting support and we will look to share more on the detail as soon as we have it.