That’s according to new research by Cornwall Insight which suggests the delivered prices range for an annual demand of 25MWh was from 10.35 to 15.42/kWh in the first quarter of this year.
That compares to the price range of 2.99 to 6.01p/kWh recorded in the same period in 2021.
The consultancy also stresses that the unstable energy landscape means in some cases it is harder for businesses to secure the contracts they need as energy suppliers withdraw tariff plans at short notice.
Craig Lowrey. a Senior Consultant at Cornwall Insight, said: “Volatile wholesale pricing means finding a new contract as a business customer is even more difficult.
“With many businesses’ supply contracts coming up for renewal in April, there is a significant risk that some will have no choice but to go on to out-of-contract rates for a period of time.
“The ones that find deals will be still be left with a large increase in bills to contend with – with these costs ultimately being passed on to their customers, further impacting the high cost of living across the country.”