Britain caps electricity, gas prices for businesses amid soaring costs

Britain government said wholesale prices for electricity would be capped at 211 pounds ($239.17) per megawatt hour (MWh) and for gas at 75 pounds per MWh.

Britain said it would cap the cost of electricity and gas for businesses on Wednesday following a similar scheme for consumers, helping relieve the pressure of soaring energy costs.

Liz Truss, UK prime minister, delivers a first speech in London, UK.

It said wholesale prices for electricity would be capped at 211 pounds ($239.17) per megawatt hour (MWh) and for gas at 75 pounds per MWh.

The government will compensate suppliers for the reduction in wholesale gas and electricity unit prices that they are passing onto non-domestic customers, it said.