In response to the current Energy crisis, our new Prime Minister, Liz Truss, has today announced a number of support measures to help households and businesses. It is expected that the same level of support will be made available in Northern Ireland.
Households - A new Energy Price Guarantee which will ensure the typical household in England, Scotland and Wales will pay no more than £2,500 a year on their energy bills for the next two years, starting from 1 October 2022. This will therefore save the average household £1,000 a year based on current energy prices. Whilst this is confirmed from 1 October for England, Scotland and Wales, the new PM has confirmed today that this same policy will apply in N. Ireland.
Businesses and other non-domestic users (e.g. schools & hospitals) which have not been covered by the price cap will also be given equivalent help which will be in place for a period of six months to be reviewed after 3 months and may be further extended for vulnerable businesses such as those in the hospitality sector.
The Prime Minster also announced that there will be an increase in domestic oil and gas production by launching a new oil and gas licensing round as early as next week. The government are planning to lift the ban on fracking to enable shale gas production in areas where there is local support.