British companies are paying the highest electricity prices of anywhere in the developed world, official data have shown, after costs more than doubled in the past five years. The Telegraph has the details.
The cost of power for industrial businesses has jumped 124% in just five years, according to the Government’s figures, catapulting the U.K. to the top of international league tables.
It is now about 50% more expensive than in Germany and France, and four times as expensive as in the U.S.
The figures will fuel concerns about the future of U.K. industry amid warnings that high energy prices are crippling domestic manufacturers.
They underline the challenge facing Ed Miliband, the Energy Secretary, who wants industrial businesses to switch away from gas to electricity-powered processes.
Frank Aaskov, the Director of Energy at lobby group U.K. Steel, said: “High industrial electricity prices have for too long damaged the competitiveness of U.K. steelmaking, and many in the wider manufacturing sector will be feeling the same pressure our steel companies do.
“The Government should tackle steep electricity costs and make the U.K. a fruitful place to invest, while enabling growth and improving competitiveness.”
The electricity price paid by U.K. industrial users per kilowatt hour rose to 25.85p in 2023, the data show. That compares to 10.43p as recently as five years earlier and 8.89p a decade ago.
It also far outstripped European rivals and allies such as the U.S. and Canada. The equivalent price was 17.84p in France, 17.71p in Germany and 6.48p in the U.S.
Across all the 31 member countries of the International Energy Agency, which collates the data, the median price was 17.70p per kilowatt hour, with Britain’s price higher than any other country.
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