Rishi Sunak cooling on windfall tax on UK electricity generators

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So the price you’re paying doesn’t reflect — if it’s being priced off the marginal cost of gas — it doesn’t reflect the cost of generation,” he told the House of Commons business, energy and industrial strategy select committee.

One minister told the Financial Times that the government was increasingly worried about the “perverse consequences” of applying a windfall tax.“A lot of companies are telling us they’ll cut investment if we go ahead with the tax,” he said.

Kwarteng said officials were “trying to work at pace” on the electricity market reforms and were looking at two alternative approaches.

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Author / Journalist: Nathalie Thomas

Category: MarketsFinanceInvesting

Topics: Companies Government Windfall Energy Electricity Market Reforms Financial Profits

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-28, 17:45:12

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Reading Time: 5 minutes read

Article Length: 872 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 19034

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