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<p>The Government is committed to minimising energy costs for businesses to ensure
our economy remains strong and competitive. The ability for our industries to be able
to compete across Europe and globally is a priority for this Government.</p><p> </p><p>The
Government has put moving to a cleaner, greener economy at the heart of its Industrial
Strategy, especially with our commitment to Net Zero. Our aim is to work with the
steel sector and help them to reduce carbon emissions. We will continue to support
the steel sector in achieving these aims through the various funds available such
as the Industrial Energy Transformation Fund and Clean Steel Fund.</p><p> </p><p>We
estimate that reduction in the various renewable costs for eligible energy intensive
industries, including steel, will save them around £400m a year in electricity costs.
We have also extended the schemes to compensate certain energy intensive industries
for indirect emission cost to the end of the next financial year in order to minimise
disruption to existing recipients whilst we conduct a review. Between 2013 and 2019,
total compensation paid to the steel sector was over £480m.</p><p> </p><p>We welcome
the recent report by UK Steel - <em>“Closing the Gap”</em> - regarding electricity
prices and will give its recommendations careful consideration.</p>
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