Thousands of UK businesses supplied by BES Utilities are to see a reduction of 10.28% on their electricity bills.

The price cut will apply to customers who have signed up to the energy supplier’s Electricity Market Tracker product, which tracks changes in wholesale prices and other costs twice a year.

Following each review, the price customers pay will either remain the same, rise, or at this review point, fall, depending on what is happening on the wider energy market.

BES Utilities – which supplies more than 40,000 businesses – adds the price cut could be as high as 11.91%, depending on the customer’s location and meter type.

It will come into effect this month following a reduction in wholesale electricity costs.

Chairman Andy Pilley said: “We are delighted we are able to pass on a reduction to our customers at a time when energy prices across the industry are generally on the increase. The majority of our customers are on our Market Tracker Product and so thousands of businesses across the UK will see real reductions in the price they pay for their electricity.

“The nature of our tracker product means businesses that have chosen this type of contract are always paying a price which reflects the costs we incur so we are sure news of this price reduction will be welcomed by our valued customers.”