Latest Electricity Prices 2023
Current Electricity Prices
It has been a very volatile year in terms of business electricity prices where we have seen some significant highs. Luckily the prices are dropping although compared to some contracts haven’t had a renewal in a few years it could still come as a bit of a shock.
At Time2Switch we do try to keep that to a minimum but are always at the mercy of the wholesale and industry pricing.
Within this guide we will provide an indication of the prices available based on your business size. It is an indication only as every business is different, type of meter, region, usage will all impact the actual rates available.
Latest Electricity Prices
As expected with the wholesale market dropping slightly over the last few weeks has been reflected in lower electricity prices and although we have been seeing some prices below 30p per kWh the general pricing seems to be sticking at this mark and it is expected to stay similar over the coming weeks.
The wholesale market is still seeing prices drop and we are currently below £100 per MWh which may see prices drop below 30p per kWh but as mentioned above the feeling is it will loiter around this mark for a while.
- Micro Business (10,000 kWh)
-
-
31.2p per kWh
-
- Standing Charge: 25p per day
- Annual: £3,211 per annum
- Current Supplier: EDF
-
- Small Business (22,500 kWh)
-
-
31.2p Per kWh
-
- Standing Charge 25p per day
- Annual: £7,111 per annum
- Current Supplier: EDF
-
- Medium Business (47,500 kWh)
-
-
30.689p Per kWh
-
- Standing Charge £1.3241 per day
- Annual: £15,060 per annum
- Current Supplier: Yu Energy
-
- Large Business (80,000 kWh)
-
-
30.689p Per kWh
-
- Standing Charge £1.3241 per day
- Annual: £25,043 per annum
- Current Supplier: Yu Energy
-
| Date | Type | Supplier | Standing Charge | Rate | Annual Cost |
|---|---|---|---|---|---|
| 21/04/2023 | Micro Business |  | £0.2500 | £0.31200 | £3,211.25 |
| 21/04/2023 | Small Business | | £0.2500 | £0.31200 | £7,111.25 |
| 21/04/2023 | Medium Business |  | £1.3241 | £0.30689 | £15,060.59 |
| 21/04/2023 | Large Business | | £1.3241 | £0.30689 | £25,034.51 |
How much electricity does an average business use?
No business is the same and although 2 businesses in the same industry with similar opening hours etc. may have wildly different electricity bills. There are so many variables that come into play when a rate is calculated and what that means to you the end customer. Such things as to whether the connection is 3-phase or not, the region the property is in, the DNO or IDNO that provides the connectivity and then ultimately the type of equipment used in the property and when it is used.
Normally, having a half hourly meter and 3-phase connection will mean your rates will be higher than a smaller company with a normal 03 meter. This is especially the case at the moment. At Time2Switch we have recently swapped half hourly meters out for 03 meters to save thousands a year on electricity when the need for 3-phase is not required.
So, how much does an average business use then? Given we have just explained there is no such thing as an average business. In order to provide some element of comparison it is widely acknowledged that the below is “normal” usage based on the type of business.
| Business Type | Low end usage (kWh) | High end usage (kWh) | Electricity usage used in Comparison (kWh) |
|---|---|---|---|
| Micro Business | 5,000 | 15,000 | 10,000 |
| Small Business | 15,000 | 30,000 | 22,500 |
| Medium Business | 30,000 | 65,000 | 47,500 |
| Large Business | >65,000 | 80,000 |
In our comparison prices above, we have kept it as simple as possible. The average business in these examples are:
- In the Professional and Business service category
- Are located in the North West (it is where Time2Switch is based so why not)
- Have an 03 meter