UK’s energy system is ‘broken’, warns industrial group. The UK’s energy system is “broken” and climate change targets without detailed policies could drive foreign industries, the head of one of Britain’s most advanced glass makers warns. increase. Britain’s heavy industry, from steel to chemicals, has been severely affected by the energy crisis of recent months, with glass producers tending to have lower profit margins and suffering the worst. Steve Keaton, managing director of the UK subsidiary of Nippon Electric Glass, a major Japanese specialty glass maker, said soaring energy prices would almost wipe out operating profit this year. The UK government’s ambition to compete by reducing emissions to net zero by 2050 without the investment and policies needed to overhaul the power system could create a dark outlook for the industry, he said.
FT 29th Nov 2021 read more »