Electricity prices for small and medium enterprises (SMEs) reached record highs in the second quarter of the year.
A new analysis by Cornwall Insight suggests power prices reached the highest level since the research company’s records began in the second quarter of 2012.
The data estimates prices soared by 5.82% to average at 18.99p/kWh during the last quarter.
The report also stresses that gas prices also hiked.
Molly Lloyd, Analyst at Cornwall Insight, said: “The rise in SME prices correlates with a significant upward trend in wholesale prices which saw wholesale energy costs rising to some of the highest since the Beast from the East in 2018
“Day-ahead power prices rose 15.6% in April to average £69.31/MWh. Wholesale prices were supported by factors including higher gas prices, unseasonably cold temperatures and the associated higher demand levels.
“This has been compounded by higher carbon prices and outages at some fossil and nuclear fuel plants, causing a tighter power-supply margin.”