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Energy prices cut for business as part of UK industrial strategy
UNITED KINGDOM, JUN 23 – The British Industrial Competitiveness Scheme exempts high-energy manufacturers from green levies and increases network charge discounts, protecting over 300,000 jobs and boosting investment.
- The UK government announced a multibillion-pound package on Monday to cut industrial energy prices as part of its 10-year industrial strategy.
- This plan responds to high electricity costs that added £29 billion in expenses over four years, driven partly by volatile international gas markets.
- From 2027, over 7,000 manufacturing firms will see electricity bills cut by up to £40 per megawatt hour via exemption from levies and increased discounts.
- Standing charges for electricity supply will fall by up to 90% for steel, ceramics, and chemicals, while the British Industry Supercharger discount rises from 60% to 90% starting in 2026.
- These measures aim to improve UK manufacturers' competitiveness, protect jobs, support regional growth, and reduce regulatory burdens amid global market uncertainty.
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