The latest Office for National Statistics survey shows that in the second quarter of the year, company insolvencies in England and Wales hit the highest quarterly level since the third quarter of 2009.
The polling suggests nearly 30% of firms with 10 to 49 employees said energy prices were their main concern.
Overall, 22% of all businesses admitted they were more concerned about energy prices than any other issue.
Energy costs also prove to be the main reason behind businesses’ decisions to raise prices.
Almost 46% of currently trading businesses said they would consider doing so this month because of skyrocketing energy prices.
Commenting on the findings of the survey, Rob Turner, Energy and Resources Sector Leader at PwC UK, said: “The business impact needs to be understood not just as a short-term crisis but as a medium-term challenge.
“Firms, therefore, need to engage in short-term coping measures alongside measures to reduce energy use and manage costs over the longer term.”