Energy bills misery as Britons set for new green levy in bid to ‘supercharge’ UK industry

To boost their competitiveness, ministers have scrapped charges like the Feed in Tariff, Contracts for Difference and the Renewables Obligation, as well as GB Capacity Market costs, saving them an estimated £20 per megawatt hour on their bills.

The announcement was hailed by industrial groups, as soaring energy prices have been blamed for some of the UK steel industries’ difficulties, which is currently struggling to find the funds it needs to invest in low carbon technologies.

In 2021, UK steelmakers warned that its competitors in Europe were “constantly laughing” at British manufacturers as they flooded the market with cheaper steel produced at lower costs.

Gareth Stace, Director General of UK Steel, said: “UK industrial electricity prices have been uncompetitive for many years, and today, the Government took a great step towards levelling 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.”

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Article source: https://www.express.co.uk/news/science/1738457/energy-bills-britons-green-levy-uk-scraps-charges-industry-steel