energy-intensive industries in the EU, these elevated prices may threaten their survival and industry associations have been ringing the alarm bells. However, simply focusing on lower prices is not the answer [...] for industrial decarbonisation is crucial to reach climate targets, and must eventually happen internationally, not just in the EU. By actively managing the re-location of some energy-intensive industry to [...] remaining ~96% of costs will typically be much more important. Moreover, companies that are not in international competition can usually pass on energy price increases to the customers. However, for other companies