Britain has set out plans for a temporary revenue cap on low-carbon electricity generators, which the industry said was a 'de-facto windfall tax' on renewable energy producers.
LONDON, Oct 12 - Britain has set out plans for a temporary revenue cap on low-carbon electricity generators, which the industry said was a "de-facto windfall tax" on renewable energy producers.
"Low-carbon electricity generators are therefore benefiting from abnormally high prices, while consumers are having to pay significantly more for energy generated from renewables and nuclear, even though they often cost less to produce," the Department for Business, Energy and Industrial Strategy said.
RWE UK Country Chair Tom Glover said Britain's cap was a "de-facto windfall tax on low-carbon generators". Power generators highlighted that if the measure is not well designed, it could impact investment in new projects. BEIS said the measures would come into force at the beginning of 2023 and it will launch a consultation with industry before announcing precise details on how its temporary "Cost-Plus Revenue Limit", would work.
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