High Energy Prices: What Does the Future Hold for the UK Market?

Synopsis

The UK faces some of the highest electricity prices in the world and projected to rise further by 2030, potentially surpassing levels seen during the Ukraine crisis. The nation’s remaining electricity-intensive industries face an existential threat. This session examines the risk of job losses, production cuts, plant closures, and offshoring if energy costs continue to climb, and explores whether the UK can balance its net zero ambitions with industrial competitiveness.

• Why UK electricity prices remain among the highest globally and the role of gas prices in driving costs, particularly following the Ukraine conflict
• The threat to electricity-hungry industries, including potential job losses, production cuts, plant closures, and offshoring due to unsustainable energy costs
• Strategies to achieve net zero targets while reducing energy prices to protect industrial capacity and maintain economic competitiveness through 2030 and beyond