The government expects to save around £100m per year with new rules laid before parliament.
The rules would reduce energy costs for around 130 energy intensive companies across the UK.
Under the new arrangement, eligible companies are exempt from a proportion of the costs associated with the Contracts for Difference (CfD) scheme.
The CfD scheme supports investment in low carbon energy capacity, and levies the costs across both domestic and business electricity use. This can be a significant additional cost for organisations that use a lot of electricity.
Jesse Norman, Energy Minister, said: “We want the UK to be one of the best places in the world to build and grow a business, and that means creating the right conditions for companies to thrive and succeed. These industries are worth £52bn to the UK economy, support 600,000 jobs and produce essential products that people use every day. That is why we have taken this action to support them.”