Industry leaders warn over energy prices
A coalition of UK trade associations has urged the Chancellor to take action to reduce electricity prices and help businesses switch to clean power.
A coalition of UK trade associations has urged the Chancellor to take action to reduce electricity prices and help businesses switch to clean power.
In an open letter to Rachel Reeves, the bodies point out that 50% of industrial emissions come from businesses outside the government’s hydrogen and carbon capture clusters which are aimed at helping firms decarbonise.
These firms face what the coalition calls a “perfect storm” of crippling electricity prices and grid delays.
“Right now, we are writing off half of our industrial economy,” said Sarah Honan, Head of ADE: Demand.
“Thousands of vital businesses and hundreds of thousands of jobs have no viable path to decarbonisation. Fifty per cent of industrial emissions cannot be an afterthought.”
The letter warns that up to 1.4 million manufacturing and utility jobs are at risk as high electricity prices make clean electrification “an economic non-starter”.