UK’s government’s Business & Trade Secretary Ms Kemi Badenoch has announced the British Industry Supercharger, a set of decisive measures to make about 300 companies of Britain’s strategic energy intensive industries more competitive across Europe. The support will be made available to sectors particularly exposed to the cost of electricity, such as steel, metals, chemicals and paper. These industries employ around 400,000 skilled workers right across the UK, and support many more in their supply chains. Ms Badenoch said “This is carefully crafted support that will mean strategically-important UK industries like steel and chemicals remain competitive on the world stage. We will back these businesses to keep on growing our economy and delivering high-quality jobs and investment into the UK, as well as the products we rely on for our everyday lives and work.”UK Steel’s Director General Mr Gareth Stace said “UK industrial electricity prices have been uncompetitive for many years, and today, the government took a great step towards leveling the playing field for the steel industry. We welcome this announcement and look forward to working with government to ensure full price parity with European competitors. It is essential we can compete on an equal footing, in the short term, within the fiercely competitive steel market, both in Europe and globally.”Proposed changes under the Supercharger, set to be consulted on in the Spring, will exempt firms from the certain costs arising from renewable energy obligations such as the Feed in Tariff, Contracts for Difference and the Renewables Obligation, as well as GB Capacity Market costs, whilst exploring reductions on network charges, which are the costs industrial users pay for their supply of electricity.It builds on the Energy Security Strategy, published last year, which committed government to taking action to address the UK’s industrial electricity prices, which are higher than those of other comparable countries. Backing these companies is critically important to the wider economy, as many of them provide products that other businesses cannot easily substitute, and which their supply chains depend upon. It will also form a key part of the government’s wider plans to seize on the potential of new green industries like electric vehicle and battery manufacturing, where the UK is already a pioneer. These businesses have high energy requirements, and this support will mean the UK is well-placed to seize on the potential for these industries to grow.
UK’s government’s Business & Trade Secretary Ms Kemi Badenoch has announced the British Industry Supercharger, a set of decisive measures to make about 300 companies of Britain’s strategic energy intensive industries more competitive across Europe. The support will be made available to sectors particularly exposed to the cost of electricity, such as steel, metals, chemicals and paper. These industries employ around 400,000 skilled workers right across the UK, and support many more in their supply chains. Ms Badenoch said “This is carefully crafted support that will mean strategically-important UK industries like steel and chemicals remain competitive on the world stage. We will back these businesses to keep on growing our economy and delivering high-quality jobs and investment into the UK, as well as the products we rely on for our everyday lives and work.”UK Steel’s Director General Mr Gareth Stace said “UK industrial electricity prices have been uncompetitive for many years, and today, the government took a great step towards leveling the playing field for the steel industry. We welcome this announcement and look forward to working with government to ensure full price parity with European competitors. It is essential we can compete on an equal footing, in the short term, within the fiercely competitive steel market, both in Europe and globally.”Proposed changes under the Supercharger, set to be consulted on in the Spring, will exempt firms from the certain costs arising from renewable energy obligations such as the Feed in Tariff, Contracts for Difference and the Renewables Obligation, as well as GB Capacity Market costs, whilst exploring reductions on network charges, which are the costs industrial users pay for their supply of electricity.It builds on the Energy Security Strategy, published last year, which committed government to taking action to address the UK’s industrial electricity prices, which are higher than those of other comparable countries. Backing these companies is critically important to the wider economy, as many of them provide products that other businesses cannot easily substitute, and which their supply chains depend upon. It will also form a key part of the government’s wider plans to seize on the potential of new green industries like electric vehicle and battery manufacturing, where the UK is already a pioneer. These businesses have high energy requirements, and this support will mean the UK is well-placed to seize on the potential for these industries to grow.
