With the shadow of the crisis looming large on the energy retail market, businesses from four critical industries have warned of a joint £1 billion energy bill amid price rises.

That’s according to a new report by the industry-led cluster Net Zero North West (NZNW) which suggests that four of its members are facing an increase of around 65% since 2020.

Businesses warned that ultimately these soaring costs would be passed down to consumers leading to prices increasing in sectors, including food and drink products, water treatment, automotive, construction and medical supplies.

The NZNW has called for a long-term Energy Strategy to protect against these pressures and help the net zero transition.

One of the measures it recommended was to form a landscape where local energy networks help manage increasing costs and make electricity affordable to support the rollout of electric vehicles.

Carl Ennis, Chairman of NZNW and Chief Executive Officer, Siemens GB&I, said: “Rocketing prices hit energy-intensive industries hard, with many manufacturing critical products on which the UK relies.

“We need a net zero strategy that addresses the pressing need to support industries to decarbonise as well as secure our energy supplies.”