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

energy sector

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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