The EIUG welcomes the parliamentary Energy Security and Net Zero committee’s report into the cost of energy and urges the Government to act on its recommendations. The committee concludes that “High energy costs pose an existential threat to many UK industries and are among the greatest concerns facing businesses of all sizes. The UK’s industrial electricity prices are the highest in Europe and around four times higher than the US and Canada, which places UK businesses at a severe competitive disadvantage. This is undermining economic growth, forcing the closure of important production facilities and leading to the loss of high-paying, skilled jobs”.
Arjan Geveke, Director of the EIUG said; “High industrial electricity prices are putting vital British energy intensive industries at a competitive disadvantage, deterring investment and undermining economic growth. Government must urgently increase the rate of compensation in the network charging compensation scheme”.