High energy prices will see UK energy intensive industries lose market share

Britain’s heavy energy user industries face a 10 per cent slide in their market shares under a 20 year burden of uncompetitive prices caused by low US gas prices according to the International Energy Agency (IEA), writes Utility Week.

In its latest World Energy Outlook annual report the IEA said the US was set to become self-sufficient in energy by 2035 largely through its shale gas reserves and was currently reaping the benefits of shale gas in global markets.

“Lower energy prices in the United States mean that it is well-placed to reap an economic advantage, while higher costs for energy-intensive industries in Europe and Japan are set to be a heavy burden,” said IEA chief economist Fatih Birol.

He predicted that energy intensive industries in the UK and Europe would suffer a 10 per cent fall in their international market share.

Read more on this story at Utility Week

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