Meanwhile capital allowances on investments — a form of tax relief designed to ease upfront costs — will remain in place, in a boon to renewables developers.
electricity generator levy (EGL)
While support for new North Sea oil and gas has been welcomed, the energy sector has called for a drop in windfall taxes and greater incentives for low-carbon investment ahead of the Chancellor’s impending budget.
Community Windpower's 44-turbine Sanquhar II wind farm has "ground to a halt" due to the rising fees put in place by the incoming renewables windfall tax.
Orsted (CPH: ORSTED), the developer behind the giant Hornsea Three windfarm, has said the £8bn development is at risk without tax breaks.
Westminster’s intervention in the electricity market risks “mothballing a series of multi-billion pound” green energy projects, a major investor has warned.
A major investor in UK wind energy plans to take the government to court over its “smash and grab raid” on renewables generators.
The Department for Business, Energy and Industrial Strategy (BEIS) says it was dreaming of a green Christmas this year as the 25th of December 2022 has been dubbed "the greenest yet."
It is feared millions of pounds worth of renewables investments are at risk as a result of the controversial electricity generator levy (EGL).