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UK Government Sets Out Plan of Tax On Electricity Generators

ELECTRICITY

Britain's finance ministry set out details on Tuesday of a temporary 45% tax which will apply to excess profits made by some electricity generating companies after 1 Jan.

  • "The levy will be applied to a measure of extraordinary revenues, defined as revenues from selling periodic output at an average price above £75/MWh," the ministry said.
  • "It will apply to revenues from electricity generation in the UK from renewable including biomass, nuclear, and energy from waste sources and will be focused on the largest generators through a generation threshold of 50GWh of annual output," it added.
  • The benchmark price will be indexed to CPI inflation from April 2024.

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