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UK to cut “unsustainably expensive” business energy subsidies by 85%

TOPICS:
energy sector

Posted By: The Corner 11th January 2023

The UK announced on Monday that it will cut its business energy subsidies by 85%, deeming the current subsidy package “unsustainably expensive”. The current subsidy package ends in March 2023 and costs £18.4 billion. It will then abandon caps of £75 per MWh for gas and £211 per MWh for electricity and give a discount of £6.97 per MWh for gas and £19.61 per MWh for electricity from April 2023 to March 2024, targeting extra support for ultra-energy-intensive businesses such as glass manufacturers.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.