Phil Foster, Love Energy Savings chief executive has warned that the rising wholesale prices is likely to hit SMEs hard.

Phil said: “Whilst the media has been awash with warnings and advice as to how the rising wholesale prices will affect households, there has been little to no advice given to SMEs as to how they will also be affected.

“Whether you run your small business from home or from a commercial premises, the rising wholesale prices are still likely to affect you – especially for heavy energy users. Energy bills can get very expensive very quickly.

“This is especially concerning for those SMEs who struggled to survive the various lockdowns and need to be mitigating the cost of all overheads as much as possible.”

Phil says there are a number of steps that SMEs can take to help protect themselves from the October price hikes.

  • There is generally a 12 month renewal window on business energy contracts. Lock prices in early for an extended period at the start of the renewal window – rather than waiting until your current contract is nearly over. You will have an increased likelihood of getting a better deal (average prices increased over 40% in last 12 months)

  • If your business energy contract is almost over, get a free market comparison from a business energy specialist, like Love Energy Savings, who will have access to exclusive products due to economies of scale and direct relationships with key business energy suppliers

  • If your business energy supplier goes into administration you will be migrated to a new supplier. Wait until this has happened and then get a market comparison to ensure on the best tariff for your business