The government has announced that wholesale energy costs for businesses in Gedling borough will be slashed to less than half their expected price through the winter months.
Local businesses will now see government-funded cuts to their energy bills in line with reductions announced for homes two weeks ago.
The level of discount being offered will depend on what a business is already paying.
Like the energy price promise for homes a maximum price will be placed on the unit price cost of electricity and gas being charged.
The energy bill relief scheme will mean those on fixed-term contracts, agreed on or after April 1, see wholesale prices for electricity capped at £211 per megawatt hour (MWh) and £75 per MWh for gas.
Those businesses on other contracts, including those on variable rates, will come under a maximum discount band likely, the government said, to be around £405/MWh for electricity and £115/MWh for gas.
The scheme will run for six months, with a review planned after three months to consider whether it should be extended.
The energy bill relief scheme will also apply to public entities such as schools, hospitals and charities.
Prime Minister Liz Truss said of the package: “We know that businesses are very concerned about the level of their energy bills, that’s why we are putting in place a scheme for business that will be equivalent to the scheme for households, to make sure that businesses are able to get through the winter, we’re going to review it after six months.
“We’ll make sure that the most vulnerable businesses, like pubs, like shops, continue to be supported, after that.”
