Mistakes in Energy Bills Costing UK Businesses £500m
According to research, it has recently been reported that UK businesses could be paying up to £500 million a year due to mistakes on their energy bills.
One in every five companies will have energy bills that contain mistakes caused by either incorrect rates or inaccurate readings from their energy meters.
Why aren’t businesses recognising mistakes in their energy bills?
With £500 million each year being overspent, it’s surprising that more companies don’t realise they are paying out a lot more than they should be. However, only 20% of UK companies conduct regular invoice validations and bill audits, meaning a huge 80% of businesses could be overcharged each year.
An analysis carried out on 10,000 UK businesses found revealed that those in the retail and leisure industry were the biggest victims, overpaying the most by £200 million. The public sector, property sector, and manufacturing industry were also being highly overcharged, adding up to over £255 million a year.
After analysing multiple invoices and bills, the analysis uncovered different types of errors including duplications in charges, inaccurate network charges, and firms paying incorrect rates over the duration of a year.
How can these mistakes be resolved?
Whilst energy suppliers need to work harder in order to cut out these errors, businesses can also help themselves by having regular invoice validations and bill audits to find out if there are any overcharges to be refunded or savings to me made.
Don’t be part of the 80% of businesses who are paying over the odds for their energy. BAS Energy provide the services (including invoice validation) that allow business to see exactly what they are paying for and the opportunity to make changes and savings where necessary.