Vaughan Gething chaired a meeting with energy supply companies, business representatives, and other organisations to discuss the impact of high energy prices and what can be done to provide more support.
While the UK Government has extended its support schemes for energy users, including the public and third sectors, there are concerns that the level of support for businesses is insufficient.
The new Energy Bills Discount Scheme (EBDS) provides significantly less support than the previous scheme, which could harm the competitiveness and viability of many businesses, according to Mr Gething.
UK’s Energy Bills Relief Scheme (EBRS) was replaced by the EBDS on 1st April, and according to Economy Minister Vaughan Gething, a medium-sized manufacturer could pay over three times the amount in energy bills under the new scheme than what they paid under the EBRS.
A UK Government spokesperson told ELN: “Companies large and small will benefit from the baseline discount through our new energy bills scheme and do not need to apply for it, and a higher level of support will be provided to the most energy and trade intensive businesses.
“We have been helping businesses throughout the winter, enabling some to only pay around half of the predicted wholesale energy costs. Global energy prices have fallen significantly and are now at their lowest level since before Russia’s illegal invasion of Ukraine.
“The new level of government support reflects this welcome fall in prices, but we will continue to stand by businesses, as we have done over the winter.”