Household electricity bills will rise if government cuts energy prices for industry, company secretary warns
Households could see their electricity bills rise if the government cuts energy prices for heavy industry.
Business Secretary Kwasi Kwarteng said ministers have launched a consultation on how to deal with skyrocketing prices paid by companies, including manufacturers and steelmakers.
Steel companies in particular have been complaining for years that tariffs make it less cost-effective for them to work in the UK rather than in other European countries.
Balancing act: Company secretary Kwasi Kwarteng (pictured) said rocking energy prices could come at the expense of domestic bill payers
They have said austerity measures could be a shot in the arm for the struggling industry.
But Kwarteng said rocking energy prices could come at the expense of domestic bill payers.
He told MPs yesterday: ‘One of the compensating features of our pricing structure is that domestic electricity consumers generally have quite low prices, much lower prices than their counterparts, especially in Germany.
“And we have to figure out a way to balance costs and burdens.”