Due to measures introduced via the Energy Prices Bill, healthcare businesses could be set to benefit the most with a potential bill reduction of around 60%, according to SAS.
Conducted by the AI and analytics firm, SAS analysed data from more than 1,600,000 business-used buildings to understand how much gas and electricity each sector consumes.
According to the data, the healthcare industry is set to benefit the most from the relief scheme with an average annual bill per building of £53,190, compared to a forecasted £138,460.
The healthcare industry faced a particularly bleak winter amid the ongoing energy crisis prior to government intervention. In August, the National Health Service (NHS) called on the government to limit energy bill increases and provide further support to households in need, in order to avoid a public health emergency.
This was addressed in the Energy Bill Relief Scheme which aimed to half the predicted MWh price for electricity and gas for businesses this winter, to £211/MWh and £75/MWh respectively.
The Energy Prices Bill enshrined into law the Energy Bill Relief Scheme and the Energy Price Guarantee, which came into effect at the beginning of October. It had been designed to limit the jump in domestic energy bills – which had been estimated to increase to as much as £6,500 – to £2,500 a year for a typical household by capping the electricity and gas units at 34.0p/kWh and 10.3p/kWh respectively, inclusive of VAT for standard variable tariffs.
“The energy crisis has dominated the news agenda in recent months, and for good reason as consumers and businesses alike are concerned about how to tackle rising costs. It’s understandable that some businesses were – and potentially still are – worrying, as they could be paying over £100,000 extra a year for energy at a time where budgets are already tight,” said David Ferguson, a risk management specialist at SAS UK & Ireland.
“The level of price reductions will vary across businesses, depending on their contract type and their circumstances. Our research highlights just how much businesses could be spending on energy – and the importance of all companies using technology to reduce unnecessary energy consumption where possible.”
Alongside the Healthcare industry, several other sectors are set to benefit from the relief scheme for businesses. Education and schools are now to expect an annual bill per building of £50,750 in comparison to the £133,500 that was originally forecasted.
As well as this, the Emergency Services will benefit from the Energy Bill Relief Scheme with it now expected to pay and annual bill per building of £90,250 instead of the forecasted £240,000.
“It’s understandable that some businesses were – and potentially still are – worrying, as they could be paying over £100,000 extra a year for energy at a time where budgets are already tight,” Ferguson added.
“In a constantly changing environment, applying AI to achieve energy-saving tactics can help businesses to see and deliver cost-saving results quickly. Smart meters, for example, can help businesses and homeowners alike across the UK to better understand their real-time energy consumption, and lead to more accurate billing.”
