A coalition of UK manufacturers, investors, and climate groups, including steel industry association UK Steel and steel producer 7 Steel UK, has urged Chancellor of the Exchequer Rachel Reeves to reduce electricity prices. They advocated shifting outdated renewable energy policy costs to general taxation, which Energy UK estimated would cut business electricity prices by £40/MWh, resulting in a 15% reduction in bills.

The groups warned that high electricity costs undermine UK competitiveness, with businesses paying significantly more than European counterparts. They said this move meets the government's growth mission and is crucial to secure the UK's place in the projected $2.6 trillion global clean manufacturing market by 2030, citing Germany's similar policy shift in 2022.

UK Steel also proposed a bilateral contract for difference (CfD) mechanism in March this for stable and competitive electricity prices.