Wind-fall tax? | UK could add green power to oil & gas profits raid plan: report

The UK’s renewable power fleet could be dragged into paying a windfall tax on energy profits under plans being considered by government officials, reports say.

Britain’s finance minister, chancellor of the exchequer Rishi Sunak, has ordered plans to be drawn up for a mechanism to tax more than £10bn ($12.6bn) of “excess” profitability by power generators as electricity prices are driven up by the cost of gas, said the Financial Times citing unnamed sources.

Sunak and Prime Minister Boris Johnson are already under heavy political pressure to tax huge oil & gas profits made by the likes of Shell and BP, but the FT quoted a “government insider” as saying that the fossil giants are only “half the picture… high gas prices have led to some pretty substantial windfall profits for all electricity generation”.

Wind-fall tax? | UK could add green power to oil & gas profits raid plan: report News

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