8,885.00 TRY BIST 100 BIST 100
4.87 CNY CNY CNY
34.34 USD USD USD
37.42 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
44.67 TRY Interest Interest
74.45 USD Fossil Oil Fossil Oil
32.79 USD Silver Silver
4.44 USD Copper Copper
102.49 USD Iron Ore Iron Ore
374.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,023.12 TRY Gold (gr) Gold (gr)

UK steel industry faces high electricity costs

UK steel companies pay almost twice as much in electricity costs as their foreign competitors.

UK steel industry faces high electricity costs

In the 2023/24 financial year, the average electricity price for UK steelmakers was £113 per megawatt-hour, while German and French companies paid £61 per megawatt-hour. This disparity is estimated to have led to UK companies paying £117 million more than their European competitors this year.

Calling for government intervention to reduce electricity costs, UK Steel has made four recommendations, including the introduction of the British Industry Supercharger package and monitoring energy price differentials between countries.

Unions and experts have criticized the government's slow response to the issue, underlining that high energy costs are a significant barrier to the UK steel industry.

The UK government spokesperson expressed the intention to improve the competitiveness of the steel industry by reducing electricity prices and aims to implement the British Industry Supercharger package by spring 2024.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

AM/NS India is set to develop one of India’s most substantial steel projects

Monday, November 4, 2024

Cleveland-Cliffs completes acquisition of Stelco

Monday, November 4, 2024

Jordan Steel Company Keeps Rebar Prices Steady for November 2024

Monday, November 4, 2024

Indonesia's nickel reserves under threat: Could run out in 5 years

Monday, November 4, 2024

Turkish rebar market stagnation: challenges with high costs and weak demand

Monday, November 4, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now