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The Guardian - UK

Business

Jasper Jolly

Electricity costs put UK steelmakers in worst position in three years against EU rivals

European Union Electricity United Kingdom UK Steel

British Steel's Scunthorpe works — British Steel’s Scunthorpe works. Analysts blame the UK’s high electricity prices on its reliance on gas for power generation. Photograph: Ian Forsyth/Getty Images

British steelmakers have been pushed further behind European rivals on electricity costs after the US-Israeli war on Iran caused a surge in global gas prices.

The premium paid by the British industry over its French counterpart has risen to almost £30 a megawatt hour (MWh), its highest level in three years, according to analysis by the lobby group UK Steel.

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