Extra electricity discounts for energy-intensive giants

PLANS to cut electricity costs for businesses and bring them in line with foreign competitors are moving forward.

- By Helen Corbett

British Steel and Ineos are among the 500 most energy-intensive firms set to benefit from the move from next year.

The Government is launching a consultation on the changes, which it estimates could save businesses up to £420million a year. Some of the UK's biggest industrial names have already had 60% off network charges - the cost to access the service - since April 2024. This discount is likely to rise to 90%.

The new measures are expected to bring costs down by another £7 per megawatt hour, bringing them closer to France and Germany.