The UK Steel report on industrial electricity prices is a useful contribution as we develop the White Paper that will build on the principles set out by the Secretary of State in his energy speech on 15 November 2018.
The report highlights the Industrial Energy Transformation Fund. The Budget on 29 October 2018 announced that we are providing £315 million for this Fund to support industrial energy efficiency and decarbonisation projects to bring energy costs down for vital industries, including the steel sector.
We also continue to reduce the cumulative impact of energy and climate change policies on industrial electricity prices for key energy intensive industries. This includes a package of relief for these industries worth over £850 million since 2013, of which more than £270 million has been provided to the steel sector. We are looking carefully at the proposals in the UK Steel report for developing this package of relief.