The forecast from Cornwall Insight comes after Chancellor Jeremy Hunt said the energy bill help, which was originally expected to last for two years, would be cut in April.
The UK Government said the the most vulnerable families would continue to be protected from increasing energy prices.
Hunt announced the change to the energy price support as part of measures put in place to help families save money following the big hole in the public finances the Government's mini-budget left.
The Chancellor said on Monday that "it would not be responsible to continue exposing public finances to unlimited volatility in international gas prices".
Based on expected prices, this will save people £1,000 per annum, she told MPs. This is because, in October, the energy price cap was expected to increase from £1,971 to £3,549.
Businesses are also receiving a six-month support package, which will include “equivalent support”. Further support will be provided to vulnerable industries after the six-month period.
"This is the moment to be bold. We are facing a global energy crisis and there are no cost-free options," the new PM told the Commons.
New research from Haven Power, one of the UK’s largest business electricity suppliers, reveals two fifths of Financial Services firms think renewable energy is just a passing trend. A perception that is significantly higher than any other industry.
Despite scepticism, almost two thirds of businesses in the sector are keen to start selling energy back to the grid. The Financial Services industry is one of the greenest compared to others surveyed, with 41% stating they already had onsite battery storage facilities installed.
The survey of Utility Decision Makers in Financial Services showed the biggest barrier preventing them from implementing sustainable change was cost (44%), followed by uncertainty on both how to measure the impact and ROI (30%) and how to discuss with investors or senior management (26%).
Paul Sheffield, Chief Operating Officer at Haven Power, commented: “Despite a proportion of firms still seemingly sceptical about the future of renewables, it’s encouraging to see that many are implementing positive changes. Understanding of renewable energy and its benefits varies greatly from sector to sector. We believe that every industry needs to start making sustainable changes to help reduce carbon emissions and embrace cleaner energy.”
When asked to list whose responsibility it is to lower carbon emissions, energy suppliers were cited top (48%), ahead of the Government (47%) and manufacturers (44%). Additionally, almost half (46%) strongly agree it is the energy providers’ responsibility to educate decision makers on the different types of energy available.
Paul Sheffield continued: “It’s imperative that organisations of all sizes across different industries work together with their energy provider to ensure the future of British business is low carbon. By moving beyond viewing energy as a commodity, we can help to drive sustainability and profitability. Here at Haven Power we are keen to help businesses understand the wider benefits of renewables.”
Haven Power is one of the UK’s largest business electricity suppliers, founded over ten years ago, it aims to help businesses control spend, manage risk and boost sustainability by using renewable electricity, energy efficiency and bespoke energy solutions.
(Source: Haven Power)
