570. Germany is leading Europe's international response to the high energy prices environment with a large €200 billion 'protective shield' to run until 2024 for households' and businesses' soaring energy costs.
571. The EU has previously announced plans to raise around €140 billion by imposing windfall taxes high profits produced by energy corporations and redistributing the proceeds to consumers and businesses facing rising bills.
572. The European Commission offered a new package of emergency measures to reduce energy prices in October, through joint gas purchasing, price limiting mechanisms on the Title Transfer Facility (TTF) gas exchange and new measures on transparent infrastructure use.401
573. The UK Government launched a consultation into support schemes for EIIs, including steel, paper, glass, ceramics, and cement. Targeted proposals could mean further relief for EIIs on their electricity bills. This follows the announcement earlier this year that the EII Compensation Scheme has been extended for a further three years.