Although the winter months are the most expensive, you should check that you’re on the right tariff twice a year. To check current availability, all you need is the postcode of your premises and the meter number for businesses.
With energy costs at all-time highs, homeowners are unlikely to be able to switch suppliers or tariffs. Moreover, the energy market shows no signs of improvement, although the government has various schemes available to help with the cost of living crisis.
New regulations introduced the energy price cap policy that is now updated four times per year. In addition, the regulator, Ofgem, uses market and customer data to protect consumers from soaring costs.
We post news, analysis and research into these topics to assist with lowering your energy bills in order to save money. Businesses are not part of the energy price cap and still need to have a contract in place for their gas and electric supply.
Ofgem has attempted to simplify residential tariffs and cut down the options available from the energy suppliers. Generally, for each supplier, you’re offered one standard variable rate, a longer-term fixed rate deal and a capped rate. The Energy Price Cap dictates the maximum tariff charges. Today’s electricity prices are:
Energy | Previous rate (ending June 2024) | Today’s rate (1st July 2024 onwards) |
Gas | Unit rate: 6.04p per kWh (-18.6%) Standing charge: 31.43p per day (+18.6%) |
Unit rate: 5.48p per kWh (-8.7%) Standing charge: 31.41p per day (-0.1%%) |
Electricity | Unit rate: 24.50p per kWh (-14.4%) Standing charge: 60.10p per day (+12.7%) |
Unit rate: 22.36p per kWh (-8.7%) Standing charge: 60.12p per day (+0.0%) |
Note: The figures in brackets represent the percentage change on the previous quarter.
Although there is limited loyalty in this industry, your existing provider may offer lower energy deals for existing customers so check your online account first. To get a whole market comparison, follow the following three steps:
Paying monthly by direct debit reduces prices by between 4% and 10%, depending on the supplier. If you have a pre-payment or coin-operated meter, try to change this to a regular smart meter to enable you to select lower-priced options.
In most cases, businesses have to select a fixed-priced contract for at least one year. After that, longer terms are available with a price premium, with the option of variable pricing introduced shortly.
Business Type | kWh Usage | Unit Rate | Standing Charge | Annual Cost |
Micro | 5,000 | 24.8p | 69.4p | £1,493.31 |
Small | 15,000 | 24.8p | 76.9p | £4,000.69 |
Medium | 25,000 | 25.2p | 76.9p | £6,580.69 |
Large | 50,000 | 24.8p | 120.2p | £12,838.73 |
Enterprise | 100,000 | 23.8p | 120.2p | £24,238.73 |
Data correct as of 22nd August 2024 based on new contract prices for a two-year agreement. These rates exclude VAT and Climate Change Levies.
When looking for new business electricity rates, we recommend following the following steps to find the lowest-priced contract:
Be aware that extremely high rates are applicable if you do not renew a terminated contract.
Regional differences apply around the UK based largely on the market before deregulation. A contract from one supplier can be cheaper in London than Birmingham for the same property. The typical electricity bills for all regions is shown in the graphic below.
The providers in the UK include British Gas, Cooperative Energy, Dual Energy, E.ON, Ebico, Ecotricity, EDF Energy, First Utility (now Shell), Gazprom, GDF Suez, Good Energy, Green Energy, LoCO2, Opus, Ovo, Octopus, Power NI, Sainsburys, Scottish Power, Spark Energy, Scottish and Southern, Total Gas & Power, Utilita, and The Utility Warehouse.
Formed in 2009, Electricity Prices provides comparison services for homes and businesses. Electricity Prices is a trading style of Teneric Limited. Registered in England and Wales no. 04164858. Registered office: Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA. We are not a supplier of energy but an intermediary. We adhere to Ofgem policies and the TPI code of conduct of the Utilities Intermediaries Association for business owners. Any brand logos are trademarks of the company concerned. ICO registration no. ZA044596.
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