Lower electricity prices for industry are crucial, but the government’s plan lacks details

Jonathan Reynolds’s ‘modern’ strategy looks more like a sketch of a plan than a fully worked-up scheme for the sectorUK industrial strategy: the key points – and what’s missing?The colour palette for the front cover was the same, and whizzy light beams were again used to denote go-getting national ambition. But the big difference between Greg Clark’s 2017 industrial strategy and Jonathan Reynolds’s “modern” version on Monday was supposed to be the latter’s emphasis on reducing the sky-high cost of electricity for UK industry. Does it deliver?Well, it acknowledges the problem, which is a start. But then it’s impossible to avoid the UK’s woeful position on electricity prices. The statistics are aired alongside every deindustrialisation story from the Port Talbot steelworks to the Grangemouth oil refinery. The lobby group Make UK estimates costs for UK steelmakers of £66 per megawatt hour in 2024-25 compared with estimated German prices of £50 and French ones of £43. Continue reading...

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