The UK government today unveiled an ambitious new industrial strategy promising significant cuts to electricity bills for over 7,000 businesses. The comprehensive ten-year plan aims to foster investment and create skilled jobs by directly addressing two major hurdles for British industry: exorbitant electricity prices and lengthy grid connection waits.
The centrepiece of the energy component is the new British Industrial Competitiveness Scheme, set to take effect from 2027. This initiative will exempt a broad spectrum of electricity-intensive manufacturers, spanning sectors such as automotive, aerospace and chemicals from green levies including the Renewables Obligation and Capacity Market charges. These exemptions are projected to reduce electricity costs by up to GBP 40 per megawatt hour, translating to overall bill reductions of up to 25%.
This marks a significant expansion from the existing Energy Intensive Industries (EII) initiative, which...