RenewableUK warns: Windfall tax will severely damage renewable energy investments

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RenewableUK is warning that the windfall tax on electricity generators announced today in the Government’s Autumn Statement could severely deter investment in much-needed new renewable energy projects.

Although the Chancellor acknowledged that Britain is a global leader in renewable energy, and that we need to move to energy independence as fast as possible, he announced that renewable electricity generators face a 45% windfall tax from January next year until March 2028. The windfall tax for the oil and gas sector will be set at a lower rate of 25% to 35%.  He also announced that renewable generators will not be granted any equivalent investment allowances that are available to investors in oil and gas extraction. The new Electricity Generation Levy will not be... ... More: Official Press Release RenewableUK

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