The Coalition will consider compensating big companies that are part-way through expensive refits to reduce their carbon price liability when the carbon tax is abolished, according to shadow treasurer Joe Hockey.

Mr Hockey was forced on Monday to clarify a statement in which he had suggested the Coalition would compensate businesses like renewable energy companies that are better off under a carbon tax for their reduced profitability.

''We will consider it on a case by case basis. We have allocated funds under our Direct Action to deal with initiatives that have been under way,'' Mr Hockey said when pressed in Tasmania about the specific case of Hydro Tasmania which has become more profitable after the introduction of the carbon tax.

''If there are individual businesses that will be affected we will deal with them on a case by case basis,'' he said, adding that the carbon tax imposed higher prices on all Tasmanian households and businesses.