UK considers subsidising power bills for energy-intensive industries

Britain is consulting on plans to subsidize electricity bills for energy-intensive industries including steel and cement, the government said on Friday, in a proposal that could help 300 businesses.

"With global energy prices at record highs, it is essential we explore what more we can do to deliver a competitive future for those strategic industries so we can cut production costs and protect jobs across the UK," business minister Kwasi Kwarteng said. The government is considering raising the exemption for businesses from certain environmental and policy costs from 85% of costs up to 100%, the department for business, energy, and industrial strategy said in a statement.

The proposals target a range of high electricity-using industries including paper, glass, and ceramics, and reflect Britain'shigher industrial electricity prices compared with those elsewhere in Europe, it added.