"Peter Kyle, the Business Secretary, confirmed that from next year energy-intensive industries such as steel, glass and ceramics will receive a 90 per cent discount on electricity network charges - up from the current 60 per cent. The move is expected to save around 500 firms as much as £420 million a year. The announcement follows mounting pressure on ministers to tackle Britain's sky-high industrial electricity prices."
"Mr Kyle said the new discounts would be funded through departmental efficiency savings rather than additional customer charges or new industry levies. He described the reforms as a vital step towards levelling the playing field for British exporters competing with European rivals. "These measures will help businesses grow and invest with confidence," he said, promising additional support for energy users "in the not too distant future". He declined to confirm whether further help will be included"
From next year energy-intensive industries such as steel, glass and ceramics will receive a 90 per cent discount on electricity network charges, up from 60 per cent. The cut could save firms as much as £420 million a year. Business groups criticised the decision not to apply the measures retrospectively to April 2024 after Mr Kyle was reportedly overruled by energy secretary Ed Miliband. The Department for Business and Trade has faced criticism for delays to the British Industrial Competitiveness Scheme (BICS), to cut energy costs by up to a quarter. The discounts will be funded through departmental efficiency savings rather than new levies.
Read at Business Matters
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