The British government announced proposals on Thursday to help reduce electricity costs for energy-intensive companies beginning next year in order to ensure their international competitiveness.
The government said the measures will look into lowering network charges paid by industrial users for power supplies and exempting businesses from some prices linked to renewable energy obligations and capacity market costs.
This support would help about 300 businesses in the sectors of steel, metals, chemicals, and paper, and also for employing the talents of about 400,000 people.
The government has stated that these proposals, which are expected to rollout in Spring 2024, will bring the energy costs of Britain’s energy-intensive industries in line with those levied in the world’s leading economies.
Gareth Stace, the director general of industry body UK Steel, said that “we welcome this announcement and look forward to working with the government to ensure full price parity with European competitors,” and noted that the British industrial energy price has not been competitive for many years.