BICS: Liam Conway Discusses Rising Energy Costs in The Sunday Times

Greenfields Co-Founder Liam Conway has been featured in The Sunday Times, commenting on the impact rising wholesale energy prices are having on UK businesses ahead of the launch of the British Industrial Competitiveness Scheme (BICS). 

The article looks at how recent increases in wholesale energy prices could reduce the relative benefit businesses receive from the new government support scheme. 

Liam shared a real example of just how quickly the market has moved. 

One Greenfields client, currently paying around £136,000 a month for electricity, was quoted £188,615 a month in June for its next contract. At current prices, that figure has increased again to £211,349. 

For manufacturers and other energy-intensive businesses, increases of this scale can have a significant impact. 

BICS remains a significant opportunity 

From 1 October, eligible businesses will be able to apply for BICS, which is designed to reduce electricity bills for qualifying manufacturers through relief from certain policy costs. 

Greenfields has already been contacted by around 300 companies preparing for BICS applications. 

While rising wholesale prices mean the scheme may not provide the level of overall bill reduction originally anticipated, Liam told The Sunday Times that it is “still a phenomenal benefit” for businesses that qualify. 

With energy markets moving quickly, understanding both your eligibility for available support and your wider energy purchasing strategy is increasingly important. 

If your business is preparing for BICS or has an energy contract coming up for renewal, speak to the Greenfields team.