Renewable energy generators and nuclear power plants face having their revenues capped under a new Government plan to ensure they are not benefitting from record-high energy prices.
Labour’s shadow climate change secretary Ed Miliband said the Government had finally accepted the principle of a windfall tax on excess profits of electricity generators.
He said the support ‘must be set at a level to contribute significantly to the price support for businesses and consumers’ and called on ministers to ‘end the absurd multi-billion loophole in their windfall tax for oil and gas companies’. The Government and industry have also backed plans for older wind and solar farms to move onto these kinds of contracts.
‘We are protecting people, holding down inflation and preventing Putin’s energy price hike from causing long-term harm to our economy by supporting businesses.’supports HTML5 video Dhara Vyas, Energy UK’s director of advocacy said they welcomed the proposed cap as ‘much-needed support’ for millions of households and businesses.
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