The UK electricity final consumption in the iron and steel sectors is projected to experience a steady decline from 2024 to 2028. Starting at 132.37 thousand tonnes of oil equivalent in 2024, consumption is expected to decrease year-on-year by approximately 11.7% in 2025, 12.9% in 2026, 14.6% in 2027, and 16.7% in 2028. The compounded annual growth rate (CAGR) over this period is forecasted to reflect a decrease of 13.9% per year.

Future trends to watch for:

Impact of technological advancements improving energy efficiency in production processes.
Influence of government policies aimed at promoting renewable energy and reducing carbon emissions in the industrial sector.
Potential shifts in global and domestic demand for steel impacting production volumes.