Consultation opens on UK scheme to reduce electricity costs for businesses
The British Industrial Competitiveness Scheme is designed to reduce electricity costs for eligible businesses.
The new government scheme is for manufacturing frontier industries identified in the Industrial Strategy’s growth sectors, as well as manufacturing foundational industries that provide 'key inputs to the frontier industries, who meet a certain threshold of electricity intensity'.
Announced in yesterday's Budget, the scheme is claimed to reduce electricity costs by around £35-40/MWh from 2027.
Eligible businesses will be exempt from paying the indirect costs of the Renewables Obligation, Feed-in Tariffs and the Capacity Market.
