The government has justified exempting fossil fuelled-fired plants from its new windfall profits tax on generators, which one critic has branded “inexplicable”, amidst widespread concerns that the new levy will damage investment in UK renewable energy. A technical note setting out the details of the new Electricity Generator Levy, published by the Treasury on Thursday (17 November) alongside the chancellor of the exchequer’s Autumn Statement, confirms that the new tax will apply to nuclear, renewable and biomass electricity generation.
Gas exemption from generator levy branded ‘inexplicable’
