Energy contracts for SMEs are currently priced at record highs.

That’s according to new research by Cornwall Insight which suggests the price of an average small and medium enterprise (SME) gas contract is the highest since the consultancy’s records began in 2012.

The analysis estimates that the price of an average gas contract has hit 4.98 pence per therm (p/th).

SME electricity contracts are also seeing record highs, priced at 19.95p/kWh.

It also suggests that PC3-6MWh power contracts and 25MWh gas contracts have risen by 32.6% and 58.6% respectively when compared with the equivalent contracts offered last year.

Molly Lloyd, Senior Analyst at Cornwall Insight, said: “The continual rise of business contract offerings reflects the significant increase in wholesale prices over the past year with prices reaching record highs.

“For example, with the UK coming out of a first lockdown in August 2020, day-ahead power prices averaged £38.24/MWh. The same day-ahead contract was priced at an average of £108.82/MWh in August 2021. Gas followed a similar story, with prices rising from 20.12p/th to 110.56p/th over the same period.”