Business Secretary Jacob Rees-Mogg has today unveiled new support for businesses facing rising energy bills in Britain and Northern Ireland.

He said the measures will support growth, prevent unnecessary insolvencies and protect jobs.

A new Energy Bill Relief Scheme has been launched, through which the Government will provide a discount on wholesale gas and electricity prices for all UK businesses.

The support will be equivalent to the energy price cap for households, it said.

It will apply to fixed contracts agreed on or after 1 April 2022, as well as to deemed, variable and flexible tariffs and contracts.

However, it will only apply for an initial six-month period from 1 October 2022 to 31 March 2023 for all non-domestic energy users, whereas the domestic subsidy is for two years.

The savings for business users will be first seen in October bills, which are typically received in November.

As with the Energy Price Guarantee for households, customers do not need to take action or apply to the scheme to access the support. Support (in the form of a p/kWh discount) will automatically be applied to bills.

The level of price reduction for each business will vary depending on their contract type and circumstances. Further details are available here.

A parallel scheme, based on the same criteria and offering comparable support, but recognising the different market fundamentals, will be established in Northern Ireland.

The Government said equivalent support will also be provided for non-domestic consumers who use heating oil or alternative fuels instead of gas. Further detail on this will be announced shortly.

A review will be published in three months to provide details of any future support after March 2023.

“The review will focus in particular on identifying the most vulnerable non-domestic customers and how the government will continue assisting them with energy costs,” the Government said in a statement.

Prime Minister Liz Truss added: “I understand the huge pressure businesses, charities and public sector organisations are facing with their energy bills, which is why we are taking immediate action to support them over the winter and protect jobs and livelihoods.

“As we are doing for consumers, our new scheme will keep their energy bills down from October, providing certainty and peace of mind.

“At the same time, we are boosting Britain’s homegrown energy supply so we fix the root cause of the issues we are facing and ensure greater energy security for us all.”