Businesses and households worldwide are being affected in many aspects by the spread of Corona Virus, with The World Health Organisation declaring it a pandemic. As a business, you may be wondering how it will be affected until the situation is solved.
The virus has caused millions of business closures, product delivery delays and slowdowns of business activity and services. All businesses providing non-essential products and services have closed down for the short-term. Managers are asking their staff to work from home if they can. This is in response to Government calls for people to socially distance themselves to stop the spread of the virus.
You’re probably aware that energy is an essential service, since businesses rely on gas and electric to run. So, like other services, such as telecoms and social care, energy supplies will continue to function. Do not worry. Your business can continue to run with the energy it needs.
So, how is your business’ energy supply and services being affected and what changes are happening? As energy is needed for everyone, supply has to continue as normal, but it’s important to stay updated on impacts the situation is having.
Here are some ways that the virus is affecting the energy industry and changes happening. This includes direct changes and some bigger changes affecting the energy industry as a whole.
Energy companies have been gung-ho about installing smart meters to all business premises. This is particularly because businesses can pay the exact amounts they owe on their bills, However, with the UK lockdown, businesses closing and travel limited, this will now stop. This is because this service isn’t classed as an essential service. Instead of carrying out installations, staff will be assisting with emergency situations, supporting essential businesses and households with vulnerable people.
2. Grants and tax relief available to support businesses
Are you struggling to pay your business energy bill? Need support in other ways if your business has slowed down or had to stop completely? There are grants available for businesses to support during these challenging times.
For businesses finding it hard to manage financially, tax bills due in July 2020 have also been postponed. There is also support available to help pay staff so that they can remain in their jobs.
You can find out more about grants and other financial help here, where you can find plenty of guidance and advice.
3. Suppliers available for emergency energy issues
To support those essential businesses that need it, contractors can help resolve emergencies, such as gas leaks. Other businesses can also still get support. There are still gas and electric engineers looking after and helping ensure that your energy supply is running. Energy consultants and suppliers are still contactable to help and offer support with whatever problem there is.
4. Oil prices are likely to fall
With people staying at home as much as possible, they’re using less transport locally and internationally. This means the demand for oil has gone down and there is an oversupply of oil. It is because of this that there is a chance the cost of oil may go down as a result. What does this mean for your business? If your premises relies on oil to operate, costs could go down in this respect.
5. Covid-19 Hub set up by Energy UK
To keep business customers updated on energy industry changes in the light of the Covid-19 pandemic, Energy UK has set up a support hub. This will help to keep customers updated on changes happening across the industry and where to turn for help and support. This includes updates on new financial help available from HMRC and changes regarding tax and VAT. It can also provide updates on changes to energy rates.
Energy UK is having regular updates from the Secretary of State for Business, Energy and Industrial Strategy (BEIS) and with HMRC staff. The organisation is also highlighting to government officials about the impact the lockdown is having on businesses and key-workers. It’s also providing help to staff about how to manage at this time.
Energy UK is inviting businesses to share their thoughts and concerns to the central government through the hub. Simply complete the form by going to this link. Your feedback will get sent to a central database. Energy UK will put feedback together to compile essential data and statistics.
Need support riding the storm at this time? A business energy consultant can guide you through the highs and lows and guidance during this time. Need to review your energy supply? They can also help provide an audit of your premises to save money on your business energy. For more information about what audits involve, you can find out more here.
Concise Energy is supporting businesses at this time to get the best energy supply they can and keep running.