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The electricity price gap has grown significantly this year, rising from an average of £20/MWh from 2015 to 2020 to £34/MWH this year. This means that high electricity prices have cost UK steelmakers an extra £90 million this year, and have cost £345 million over six years.

According to the statement, all solutions for decarbonizing the steelmaking process will increase electricity consumption. Converting the UK’s blast furnace steel production to hydrogen-based steelmaking could increase electricity consumption by 250 percent, while a complete shift to electric arc furnace production would increase consumption by 150 percent.

UK Steel calls on the UK government to implement measures to provide steel producers with competitive power costs. The association stated that the costs of renewables levies and carbon costs should be reduced, a network cost reduction for the most electricity-intensive industries should be provided as French and German governments do, and a cost containment mechanism to prevent price spikes emerging in the future should be introduced.