Frank Aaskov, the director of energy at lobby group UK Steel, said: “High industrial electricity prices have for too long damaged the competitiveness of UK steelmaking, and many in the wider manufacturing sector will be feeling the same pressure our steel companies do.
“The Government should tackle steep electricity costs and make the UK a fruitful place to invest, while enabling growth and improving competitiveness.”
The electricity price paid by UK industrial users per kilowatt hour rose to 25.85p in 2023, the data show. That compares to 10.43p as recently as five years earlier and 8.89p a decade ago.
It also far outstripped European rivals and allies such as the US and Canada. The equivalent price was 17.84p in France, 17.71p in Germany and 6.48p in the US.
Across all the 31 member countries of the International Energy Agency, which collates the data, the median price was 17.70p per kilowatt hour, with Britain’s price higher than any other country.
It comes after paper and packaging giant DS Smith told The Telegraph that high power prices risked becoming a barrier to investment, while steel producers – including Tata, the owner of Port Talbot – have warned ministers they “must deliver” more competitive prices.
Yet many manufacturers are being encouraged to ditch industrial processes that use fossil fuels such as natural gas and switch over to electricity, as part of efforts to reach net zero carbon emissions.
For example, Tata is in the process of closing its last blast furnace and transitioning to an electric arc furnace.