UK steel firms will still pay 25 per cent more for electricity than European rivals even after government intervention to help with sky-high bills, industry bosses say.
From April, Britain’s most energy-intensive industries, including steel, will receive a rebate for 90 per cent of electricity network costs, in line with measures in France and Germany, and up from 60 per cent.
Network charges will fall to £2.17 per MWh on average, compared to £0.85 per MWh in France and £2.56 per MWh in Germany.
Sky-high bills: UK steel firms will still pay 25 per cent more for electricity than European rivals even after government intervention
But trade body UK Steel says the help is not sufficient, as the disparity in wholesale electricity prices will still add £26m to its members’ bills compared with France.
Ministers insist the Government ‘sees a bright future for steel-making in the UK’.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Freetrade
Freetrade
Investing Isa now free on basic plan
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
