By City A.M – Dec 08, 2023, 11:00 AM CST
Ofgem and the Department for Energy Security and Net Zero are making a move to secure businesses as the winter season costs bite. This action is in response to the plea for more assistance by the Federation of Small Businesses (FSB).
The FSB reached out to Ofgem and other energy providers for changes in agreements and standing charges as they noted small companies are struggling with high energy expenses.
The goal is to ensure that small businesses receive the highest standards of service, and to provide clarity on the costs being paid to third parties. Ofgem is working to better protect businesses and provide a fair and cost-effective service.
It’s necessary to make this move as over 57 percent of small businesses reported that utilities were the primary cause of increased costs last quarter. The proposed changes are aimed at relieving some of that financial burden for small business owners.
These proposals by Ofgem and other regulatory bodies indicate a positive step towards addressing the challenges faced by small businesses with respect to their energy suppliers. The move towards fairness and protection is clearly visible.
This effort to address the needs of small businesses is commendable, especially the proposal to extend the assistance to businesses with less than 50 employees. This shows a commitment to fairness and a level playing field.
By Jennifer Sieg by means of CityAM
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