Manufacturers have expressed “high levels of concern” at the UK’s energy policies and are increasingly looking to invest in their own electricity supply to insulate themselves against price shocks.
That is one of the stark findings from a survey of over 400 senior executives working in the UK High Tech manufacturing sector, conducted by engineering giant GE.
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It found a perceived lack clarity over the coalition’s energy policy as one of the biggest challenges manufacturers face, with two thirds of respondents who have noticed a policy impact reporting it had detrimentally affected their business.
Meanwhile, 84 per cent of respondents voiced concerns about the affordability of energy and 62 per cent expressed fears over security of supply. In addition, 46 per cent said they were concerned about energy-related carbon emissions.
As a result, almost half of businesses surveyed said they have considered generating their own power on site or investing in energy efficient technologies.