Electricity prices for business customers rose by an average of 70 per cent between 2007 and 2018 – almost the double the rate of inflation – according to analysis of government figures by the price comparison website Business Electricity Prices.
The statistics show that the largest customers – those consuming more than 150GWh each year – experienced the biggest increase, with their rates climbing by 88 per cent over the period.
But even the smaller companies – those consuming less than 20MWh annually – have seen prices increase by 58 per cent.
| Segment | Micro | Small | Medium | Large | Very Large | Extra Large | Largest |
| Average price in 2007 (p/kWh) | 9.8 | 8.18 | 7.5 | 6.72 | 6.24 | 6.09 | 5.26 |
| Average price in 2018 (p/kWh) | 15.48 | 13.72 | 12.19 | 11.53 | 10.85 | 10.37 | 9.88 |
| Increase (%) | 58 | 68 | 63 | 72 | 74 | 70 | 88 |
Business Electricity Prices attributed the trend to rising wholesale costs, growing levies from environmental policies and a lack of intervention by Ofgem.
The company suggested the increased deployment of the cheapest renewables – onshore wind and solar – could help lower rates for businesses.
Average electricity prices for business customers between 2007 and 2018
Source: Statistics from the Department for Business, Energy and Industrial Strategy
Note: Inflation over the period was 36.3 per cent, according to Bank of England figures.