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The Government is committed to minimising energy costs for businesses to ensure our economy remains strong and competitive. The ability of our steel industry to compete globally and across Europe is a priority for this Government.
We have taken steps to reduce the cumulative impact of energy and climate change policies on industrial electricity prices for the steel sector and other key energy intensive industries. This includes paying over £300m compensation to the steel sector since 2013.
We have a number of funds available to energy intensive industries, including steel, to help them increase energy efficiency and transition to a low carbon future. These funds include the £315 million Industrial Energy Transformation Fund, the Industrial Heat Recovery Support Programme and the recently announced £250 million Clean Steel Fund.