It said that the maximum wholesale price for gas would be 75 pounds per megawatt-hour (MWh) and the maximum wholesale price for electricity would be 211 pounds (239.17 dollars).
“We have stepped in to stop businesses collapsing, protect jobs, and limit inflation.
“The government will compensate suppliers for the reduction in wholesale gas and electricity unit prices that they are passing onto non-domestic customers,” finance minister, Kwasi Kwarteng, said.
The program will initially be available to all non-domestic energy consumers from October 1 through March 31 2023, including businesses, charities, and public institutions like hospitals and schools.
“The level of the cap has been set at less than half the wholesale prices anticipated this winter,” it said.