UK Govt Dey Consider Chop Industrial Energy Prices Give British Biz Boost
Colaboradores
E government for UK dey consider measures wey go chop industrial energy prices, so say e go help British companies compete better. Dis dey come as businesses dey complain say Britain get de highest industrial electricity prices for de G7.
De Problem of High Energy Prices
Industrial electricity prices for UK dey 46% above de median for de 32 member states of de International Energy Agency (IEA), wey account for 75% of global demand. In 2023, British businesses pay £258 per megawatt-hour for electricity, compared to £178 for France and £177 for Germany. To match dis prices go require say dem chop am by about 27%, wey go cost several billion pounds.
De Govt Response
Ministers dey consider say dem go cut industrial energy prices for British companies to de same level wey dem dey enjoy for France and Germany. Dis dey part of de government industrial strategy. Proposals to make energy prices more competitive dey at de heart of discussions between de Department for Business and Trade and de Treasury.
Business Concerns
Earlier dis month, automotive giant Nissan talk say UK energy prices make ein Sunderland plant de most expensive for de world. Business secretary Jonathan Reynolds dey understand business concerns, and chancellor Rachel Reeves talk say de issue of energy prices “is a question we know we need to answer”.
E Impact
Around 350 companies for energy-intensive industries, including steel, ceramics, and chemicals, go save millions of pounds a year as standing charges fall by up to 90%. Dis go help dem compete better for de global market.