Small businesses across the UK could face an average annual energy bill of £13,264 by April 2025, according to Utility Saving Expert.
Using data from Cornwall Insight's new Business Energy Cost Forecast, Utility Saving Expert claims that this represents a 70 per cent increase compared to the £7,811 that small businesses paid on average before "the energy crisis erupted in 2021."
Chris Richards, business energy expert at Utility Saving Expert, said: "The absence of a price cap for businesses means that firms are completely exposed to these increases.
"This is creating a real financial burden, especially for those whose energy contracts renew in April."
Craig Lowrey, principal consultant at Cornwall Insight, added: "For all the criticism of the household energy price cap, it does provide a level of protection that businesses simply do not have."
Mr Lowrey said that "boosting domestic energy production" is the “only way” to reduce exposure to international disruption and deliver sustainably lower energy bills.
He said: "While this solution is neither quick nor easy, it is essential for achieving long-term stability in energy costs."
Mr Richards also shared a number of cost-saving recommendations for small businesses, including exploring micro-metering systems, reviewing energy contracts, and comparing tariffs.
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