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    Refiners Should Not Be Making Above Normal Profits- Biden

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    Array Technologies increased revenue 35% to US$872.7 million in 2020

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    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

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    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    Italy’s Innovatec targets EUR 100m in revenue from new solar business

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    Stronger Hydrogen Regulations Introduced In South Korea

    UK To Charge Renewable Energy Generators A 45% Windfall Tax

    UK To Charge Renewable Energy Generators A 45% Windfall Tax

    IRENA, WMO Join To Support Renewable Energy Transformation

    U.S., Japan, And Allies Fund $20bn To Cut Indonesia Off Coal

    Norway to invest in renewable projects in developing countries

    By 2030, Mexico Aims To Double Its Renewable Energy Capacity

    Hull Street Energy Acquires Hydroelectric Plant From Enel Green Power North America And GE Energy Financial Services

    GE Renewable Energy to upgrade Don Pedro hydroelectric plant in California

    Acciona and Korea Zinc to build MacIntyre wind farm in Queensland, Australia

    Acciona Energia signs PPA to supply renewable energy to Stanwell Corporation

    IRENA and World Meteorological Organization Join to Promote Clean Energy Transition

    IRENA and World Meteorological Organization Join to Promote Clean Energy Transition

    Increased Land Opening For Onshore Wind Turbines In Germany

    RWE accelerates expansion of its green portfolio and enhances security of supply during energy crisis

  • Market Moves
    Refiners Should Not Be Making Above Normal Profits- Biden

    Refiners Should Not Be Making Above Normal Profits- Biden

    Cluster of Businesses Want The EU To Improve Energy Security

    Cluster of Businesses Want The EU To Improve Energy Security

    Enel plans to expand power distribution business into US

    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    BP to invest up to £18 billion in UK energy system by 2030

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    Atlas and Hitachi to develop energy storage systems for renewable projects

    Nine New Countries Sign Up for Global Offshore Wind Alliance at COP27 in Sharm El-Sheikh

    SolarDuck to build 5MW floating solar demonstrator integrated with offshore wind farm

    United Kingdom Onshore Wind Generation Has Now Reached 37GW

    ABO Wind connects first wind farm in Poland

    By 2040, Floating Offshore Wind To Add 67K Total Jobs In UK

    Europe’s latest wind offshore auction mainly using non-price criteria is a success

    Italy's Innovatec targets EUR 100m in revenue from new solar business

    Italy’s Innovatec targets EUR 100m in revenue from new solar business

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

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UK To Charge Renewable Energy Generators A 45% Windfall Tax

in News, Renewable Power
UK To Charge Renewable Energy Generators A 45% Windfall Tax

UK renewable energy producers will be subject to a 45% windfall tax starting in the new year. Chancellor Jeremy Hunt announced the “temporary” measure on November 17th in the Autumn Statement. It will last until 2028.

According to Treasury documents, the Power Generator Levy, which would be applicable to some renewable, nuclear, and biomass electricity generators, will be a new 45% tax on exceptional revenues over a pre-crisis price baseline of £75/MWh.

Projects covered by the Contracts for Difference (CfD) regime will be excluded, and a tiny “de minimis” will be included to omit small generators. The government maintained that because the tax only applies to a portion of windfall profits and generators will still be able to deduct their investments from corporation tax, it is not likely to damage long term investment.

Industry associations, however, have criticised the baffling policies that run the danger of weakening investor trust in the UK market.

The structure of the UK energy market provides windfall profits for low-carbon electricity generating, therefore from 1 January it has been decided to put a new temporary 45% charge on electricity generators, Hunt said in a statement to the UK parliament. In addition to the Energy Profits Levy, which was hiked today from 25% to 35% and was imposed on oil and gas corporations earlier this year, he said that the policy will raise £14 billion for the Treasury next year.

The action is part of a larger package of financial measures unveiled today by the head of the Treasury, who outlined his plan to fix the UK’s public finance problems by implementing a series of spending reductions and tax increases.

Former Prime Minister Liz Truss’s proposals to cap the profits of renewable producers starting in 2023—known as the cost-plus-revenue limit—have been modified by the choice to implement a windfall tax. The new fee will give generators a bigger share of their profits to spend on developing the UK’s renewable energy capacity, the government claims, and is a more appropriate method that can be implemented through the corporate tax system.

Hunt claimed that the Conservative administration still views energy as a growth priority despite the attack on the profits of renewable energy producers.

Energy independence and energy efficiency are the only ways to prevent them from being at the whim of fluctuating gas prices in the long run, he continued. Britain is a worldwide pioneer in renewable energy, but they need to go even further with a big acceleration of domestic technologies like offshore wind, CCS, and most importantly, nuclear.

In addition to announcing a £6 billion energy-saving programme for homes and companies beginning in 2025, he said that the government will move forward with proposals for the Sizewell C nuclear facility in Suffolk. In due course, more information on this plan and how the government will increase energy independence is anticipated from the Department of Business, Energy, and Industrial Strategy.

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