Question to the Department for Energy Security & Net Zero:

To ask the Secretary of State for Energy Security and Net Zero, whether she has had recent discussions with Ofgem on (a) the impact of high energy costs on the finances of businesses that agreed new electricity contracts in the last two years and (b) taking steps to help support those businesses to agree new electricity contracts.

Ministers and officials regularly meet with Ofgem to discuss the energy retail market including for business customers.

The Energy Bills Discount Scheme (EBDS) provides all eligible businesses and other non-domestic energy users with a baseline discount on high energy bills for 12 months from April 2023 until 31 March 2024. The EBDS is helping businesses locked into contracts signed before substantial falls in wholesale prices manage their costs and provide others with reassurance against the risk of prices rising again.

Ofgem’s non-domestic review findings noted that more than half of suppliers are now offering contract renegotiation.