UK opens applications for scheme to cut manufacturers' electricity bills

LONDON — The UK government has opened applications for the British Industrial Competitiveness Scheme (BICS), which it said will cut manufacturers' electricity costs by up to 25%, with Business Secretary Jonathan Reynolds urging eligible manufacturers to apply before registrations close on Nov 30.

More than 10,000 businesses across Great Britain could receive support from April 2027, the government said. Eligible businesses in England, Scotland and Wales will be exempt from paying the indirect costs of the Renewables Obligation, Feed-in Tariffs and Capacity Market, it said, adding that the percentage discount will depend on the underlying electricity price paid by each eligible company.

Businesses confirmed as eligible will also be in line for an additional lump-sum payment equivalent to around a year's relief from the scheme, available only to those applying this year, according to the government. It said the Northern Ireland Executive will receive funding to implement an equivalent scheme, subject to business case development.