"UK steelmakers are now paying up to 77% more for electricity than their counterparts in France and Germany, a yawning gap that has ballooned from roughly 25% in a matter of months."
"Without intervention, UK Steel calculates the industry will shoulder an additional £82 million in annual electricity costs compared with operating in France, a burden that risks stalling decarbonisation projects."
"The BICS itself has been broadly welcomed for what it does offer, materially reducing electricity bills for parts of the steel supply chain and energy-intensive assets."
UK steel producers are alarmed by rising electricity costs, now 77% higher than in France and Germany. The escalating Middle East conflict has exacerbated this issue, jeopardizing the industry's future and the Government's Steel Strategy. While the British Industrial Competitiveness Scheme offers some relief to parts of the steel supply chain, it fails to address the high wholesale electricity costs directly impacting steelmakers. Without intervention, the industry could incur an additional £82 million in annual electricity costs, hindering decarbonization efforts and competitiveness.
Read at Business Matters
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