Energy intensive industries could see their costs reduced further under plans announced by the Government.
A consultation has been launched to increase the level of exemption from some green levies from 85% of the costs up to 100%.
The Government said the move reflects higher UK industrial electricity prices than those of other countries, which could hamper investment, competition and commercial viability for hundreds of businesses in industries including steel, paper, glass, ceramics, and cement, and risk them relocating from the UK.
It said the proposal under the Energy Intensive Industries Exemption Scheme would help around 300 businesses supporting 60,000 jobs in the UK’s industrial heartlands.
The scheme provides businesses with relief for the costs of renewable levies, including Contracts for Difference, the Renewable Obligation and Feed in Tariffs, in their energy bills.
Business Secretary Kwasi Kwarteng said: “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.”