Wednesday, August 4, 2021

Household bills could rise if energy prices for industry are cut

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Households could see their electricity bills rise if the Government lowers energy prices for heavy industry.

Business Secretary Kwasi Kwarteng said ministers have launched a consultation on how to address the sky-high prices paid by companies, including manufacturers and steelmakers.

Steel companies in particular have complained for years that rates make it less cost-effective for them to work in the UK rather than in other European countries.

Balancing act: Business Secretary Kwasi Kwarteng (pictured) said shaking up energy prices could come at the cost of domestic bill payers

Balancing act: Business Secretary Kwasi Kwarteng (pictured) said shaking up energy prices could come at the cost of domestic bill payers

Balancing act: Business Secretary Kwasi Kwarteng (pictured) said shaking up energy prices could come at the cost of domestic bill payers

They have said cuts could act as a shot in the arm for the struggling industry.

But Kwarteng said shaking up energy prices could come at the cost of domestic bill payers.

He told MPs yesterday: ‘One of the compensating features of our price structure is that domestic electricity users generally have quite low prices, much lower prices than their counterparts certainly in Germany.

‘And we have to think of a way of balancing the costs and balancing the burden.’

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