ANNOUNCED AS TEMPORARYNo
The project proposed by the UK's government in March 2017 offers British businesses in energy-intensive industries energy cost reductions worth up to 100 million GBP per year. The scheme would benefit circa 130 firms located in the steel, cement, glass, and chemical industries.
The energy costs refer to a reduction of the costs incurred due to the Contracts for Difference scheme, "designed to encourage investment in low-carbon energy generation". Contracts for Difference are private law contracts between a low carbon electricity generator and the Low Carbon Contracts Company (LCCC), a government-owned company.
This scheme follows a compensation scheme for energy-intensive companies announced in 2014 (cf. Related State acts).
The intervention has not yet been implemented.
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