Government provide support for high energy firms

High energy usage businesses, including steel and paper manufacturers, are to receive additional government support for their electricity costs.

The Energy Intensive (EII) Compensation Scheme will be extended by a further 3 years and the budget will be more than doubled. The purpose of this is to allow the UK to remain an attractive investment opportunity for energy intensive industries, as well as promoting greater electrification, which will aid the UK's green industrial revolution by reducing emissions.

Due to the UK's industrial electricity prices being higher than those of other countries, the scheme will provide companies with relief for their electric bills. The scheme will also support businesses that produce EV batteries to keep the UK at the forefront of the industry.

Read the government response to the consultation on EII compensation schemes.

Article by GOV.UK