The Government has announced a new energy support scheme for businesses, effective from the 1 April when the current support scheme ends. Full details are available in the Government announcement.
The Exchequer Secretary to the Treasury, James Cartlidge said that “the Government had already provided a £18bn package of support for non-domestic users, which he said had lessened the shock of the immediate increase in prices.” However, he said that “it was now in the national economic interest to restore financial sustainability in a sensible and fair way that balanced supporting businesses with protecting taxpayers and that firms needed to adapt and invest in energy efficiency to remain viable.” The Government plans to support them with £6bn of additional investment to cut the UK’s overall energy use.
The key points of the new Energy Bill Support Scheme include:
A higher level of support will be provided to businesses in sectors identified as being the most energy and trade intensive – predominately manufacturing. Manufacturers are often highly exposed to both energy prices and international competition, making it harder for them to absorb these costs. The list of sectors eligible for Energy and Trade Intensive Industries (ETII) is here. Details of the support to be made available for these businesses will include:
The application process for the ETII Scheme support has not yet been announced.
A typical medium-sized manufacturer would expect to receive nearly £700,000 of direct support over 12 months.
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