The British steel industry has called for capped energy prices to remain competitive, proposing a contract for difference (CfD) to level costs with France and Germany. UK Steel highlights that energy prices disadvantage UK operations, with electricity costs significantly higher than competitors. The campaign is intensified by a global steel supply glut and fallout from Trump's trade tariffs. It suggests government intervention to offset high energy costs, which are exacerbated by the UK's reliance on gas-fired power and insufficient foreign electricity access.
Energy is the biggest area. You need to have good energy [supply], and competitive energy pricing. At this time, when there is a struggle, it would help.
UK Steel has proposed the government set a maximum price for energy through a contract for difference (CfD), advocating for equal energy costs with its European counterparts.
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