The government has justified exempting fossil fuelled-fired plants from its new windfall profits tax on generators, which one critic has branded “inexplicable”, amidst widespread concerns that the new levy will damage investment in UK renewable energy. A technical note setting out the details of the new Electricity Generator Levy, published by the Treasury on Thursday (17 November) alongside the chancellor of the exchequer’s Autumn Statement, confirms that the new tax will apply to nuclear, renewable and biomass electricity generation.
The end of renewables in the UK?
Chris Caldwell, CEO of United Renewables, looks at what Jeremy Hunt's changes mean for the UK energy sector - and it's brutal.
https://www.linkedin.com/feed/update/activity:6999715624889278464
Among the highlights:
"Jeremy Hunt’s first budget imposed a whopping 45% windfall taxes on renewables. This compares to the 35% imposed on the oil & gas sector ...
"So, huge disincentives to new renewables and a huge incentive to investment in additional fossil fuel extraction."
Brazilian president-elect Luiz Inacio Lula da Silva delivered a stand-out moment at the COP27 climate summit on Wednesday, when he pledged to protect his nation’s portion of the Amazon rainforest and reverse the destructive policies of his predecessor.