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Czech Government To Introduce Windfall Tax On Energy Profits

ENERGY

The Czech government has approved plans for caps on the revenues of energy profits, to fund measures to lower household energy bills, according to Reuters.

  • The Czech government plans to introduce a windfall tax on profits made by energy firms and the country’s largest banks to raise $4.1bn in 2023. The scheme is planned from 1 December 2022 until the end of 2023.
  • The government plans to introduce caps from €70/MWh of electricity from nuclear plants and €240/MWh for power production by gas from biomass.
  • The cap will also apply to production based on forward contracts sold in the past.
  • The Czech price cap is based on the EU agreement to cap power producers' revenue at €180/MWh.
  • Energy prices were the main driver for record inflation data in the Czech Republic which reached an annual pace of 15% in September.
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