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Energy crisis

The rise in energy prices is already having an impact on businesses and individuals, and with prices likely to continue rising, the financial viability of organisations is at risk. In this section, we analyse how supply difficulties, rising electricity prices and sanctions against Russia are contributing to turmoil in energy markets and look at what businesses can do to lessen the impact.

Latest articles Mini-budget and its aftermath

Key developments

Announcement
Power plant at night 17 October 2022
Limits to support for consumers announced

In a reversal of policy, Chancellor of the Exchequer, Jeremy Hunt, announces that the Energy Price Guarantee for consumers will run only until April 2023, instead of ending in September 2024.

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Article
Pipework against a brick wall 12 Oct 2022
Government’s business energy price cap scheme backdated

The government says that business energy contracts signed since 1 December will now be eligible under the scheme.

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Article
Professional in a modern factory using a laptop to programme machinery 21 Sep 2022
Government business energy plan revealed

The Government has unveiled further details of its energy plan, revealing that businesses will automatically receive a reduction in energy costs from 1 October 2022.

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Article
Pylon against a blue sky 8 Sep 2022
Six-month energy support for businesses promised

Prime Minister Liz Truss announced in parliament that businesses have been promised “equivalent support” to the domestic energy price cap of £2,500 a year. Further details are expected in the Chancellor’s fiscal statement later this month.

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Article
Boiler room gas pressure gauge 22 Aug 2022
Energy supplier collapses highlight bigger sector crisis

The explosion of wholesale energy prices since the middle of last year has resulted in 29 energy companies failing. What has the experience taught us about the regulatory structure and insolvency process?

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Webinar
Traders waving arms on Exchange floor 7 Jul 2022
Energy markets and prices

Understand what has changed and why markets and prices have changed in Oil & Gas, Electricity, and supply. Also, assess the likely short-term impacts.

Watch recording

Support for members and business

For ICAEW members
Oil pipeline and expansion vessels
caba and more

Members can call on the services of caba and receive support to help them through the hard times. They also have access to a network of volunteers in our Support Members Scheme, ready to offer confidential advice and support.

Support from caba Support Members Scheme
For ICAEW members
Wind turbines on an autumnal hilly landscape.
Save money, cut carbon mentor offer

Reduce your business energy costs and deliver on your ESG agendas. ICAEW members can benefit from a free, no obligation call with an IEMA qualified Energy & Carbon Mentors to find out how to reduce their energy costs and reduce their carbon footprint.

Find out more
For business
One part of Nord Stream pipeline from Russia to European Union seen from above.
Business Advice Service

ICAEW's Business Advice Service provides a free, initial consultation to businesses. Whether you are seeking to obtain new investment, dealing with HMRC or handling cashflow problems, a BAS firm of Chartered Accountants can be relied upon to provide trusted business advice.

Find out more
For everyone
Pipeline going through a field
News on the crisis

ICAEW'S Insights section provides up-to-date news and analysis of the latest developments affecting business and the wider economy.

Read the latest news Sign up for the daily newsletter

Forecasts and predictions

Article
A train at a platform. 11 Nov 2022
What happens when energy support for businesses ends?

The UK Energy Bills Relief Scheme for non-domestic customers is set to end after 31 March – but the cost-of-doing-business crisis will last much longer than that. According to the Federation of Small Businesses, 96% of the companies it represents are concerned about rising energy costs.

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Article
American plug and socket 19 Oct 2022
Scaling back of energy support risks renewed inflation surge

The latest official estimate from the Office for National Statistics reveals that UK inflation accelerated to 10.1% in September as food prices soar.

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Chart
chart test 2 Sep 2022
Chart of the week: energy price cap update

Our weekly chart illustrates the upward movement in the energy price cap, highlighting how April's 54% price rise pales into insignificance in comparison with the recently announced 80% rise in October and the prospect of further big rises in the first half of 2023.

View chart
Article
A person looking at financial data on a screen 23 Aug 2022
How long will the cost of energy run the economy?

The Times economics editor David Smith considers what the rising price of energy will mean for financial services and ESG in an exclusive column for the Financial Services Faculty.

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Chart
A chart 20 Jan 2022
Chart of the week: energy prices

Our chart this week is about domestic energy prices and the Ofgem energy price cap rises expected in April and October 2022.

View chart

Support with energy costs

Article
Coiled lighting 26 Sep 2022
Mitigating spiralling business energy costs

How can large and small companies offset the effects of energy price rises – and how helpful are the government’s recent countermeasures?

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BEIS guidance
Logo for the energy bill relief scheme 21 Sep 2022
Energy Bill Relief Scheme details

The Department for Business, Energy & Industrial Strategy has set out the details of its Energy Bill Relief Scheme for non-domestic customers. Find out how businesses and other non-domestic customers can get support this winter.

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Announcement
Light bulbs 8 Sep 2022
Energy Price Guarantee for families and businesses

The Government has announced the Energy Price Guarantee for families and businesses. Households will pay up to an average £2,500 a year on their energy bill for the next two years. Support was later limited to six months.

Read more Six month limit announced
Article
Pipes going to an oil refinery 10 Aug 2022
Save £400 on your energy bills this winter

We are all feeling the pinch of rising energy costs across our businesses and homes. The Energy Bills Support Scheme is a UK government initiative that will offer all eligible households in the UK a £400 discount on their electricity bill.

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OFGEM guidance
Gas storage tanks in the harbour area in Hamburg, Germany
Energy help for businesses

Official help on businesses energy complaints, microbusiness gas or electricity and advice on energy efficiency schemes from Great Britain’s energy regulator, Ofgem.

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Energy supply disruption

Article
Traders analysing computer data 26 Oct 2022
Coping with the complexities of the energy market

The rise in energy costs across the UK is in part driven by the way the energy markets work. How should businesses use knowledge of that market, and what role should accountants play?

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Announcement
Energy sub station 8 Sep 2022
Energy Markets Financing Scheme announced

HM Treasury and the Bank of England have announced the launch of the Energy Markets Financing Scheme to address the liquidity requirements faced by energy firms operating in UK wholesale gas and/or electricity markets.

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Article
Electrical current transformer 9 Mar 2022
Europe’s energy and electricity supply challenges before and after the Ukraine war

Energy is an essential component of modern life. It impacts our homes through heating and electricity. It also impacts our mobility whether by car, bus, train or airplane. Energy is an important cost of most manufacturing, agricultural and service businesses. It is vital for the economy as a whole.

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Factsheet
Hydrogen storage tanks 25 Feb 2022
Russia-Ukraine and UK energy: BEIS factsheet

Factsheet on the impact of the Russia-Ukraine conflict on UK energy supplies produced by the Department of Business, Energy & Industrial Strategy.

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Hub
Docked container ships 22 Aug 2022
Managing supply chain disruption

In this section you will find articles and guides to help you map supply chains and plan for potential supply chain disruptions.

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Impact on industry sectors and business

Podcast
Cars on an assembly line with two people working on them 03 Nov 2022
The energy crisis – what can businesses do?

In this ICAEW Insights podcast, we discuss the impact of the energy crisis on how businesses are sourcing their energy as well as planning for the longer term.

Listen now
Article
Electricity pylon 21 Sep 2022
Business reaction: energy plan “a sticking plaster on a bleeding wound”

The energy discount for businesses has received a mixed response from members and companies, who welcome the support but question whether it’s too little, too late.

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Article
Man repairing an electricity connection 22 Sep 2022
Business energy support fails to cheer hospitality

Government energy support measures do little to quash concerns about the impact of rising fuel prices on the viability of thousands of pubs

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Article
Electricity danger sign on a chain link fence 1 Sep 2022
Cost-of-living crisis hits charity sector hard

Double whammy of increased demand and cost pressures including inflation, rising energy bills and falling donations mean charity leaders will need strong financial management and ingenuity to survive.

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Small business advice
An electricity meter
If your small business can't afford its energy bills

Information from Citizens Advice on what to do if you are small business struggling to pay its energy bill, in debt or at risk of default.

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