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Energy UK responds to changes to the Energy Profits Levy

Responding to changes to the Energy Profits Levy, Emma Pinchbeck, Energy UK CEO, said:

“Whilst wholesale prices have fallen, many customers, including businesses, are still struggling with high energy costs, and the long-term solution out of the energy crisis is to move away from a reliance on fossil fuels and produce cheap, low carbon energy here in the UK alongside making our buildings far more efficient.

“Alongside easing the Energy Profits Levy, the Government has kept a windfall tax on renewable energy, disincentivising the very technologies that will help insulate the UK from future energy price crises.

“The EU is looking to remove its windfall tax on renewable energy and the US has put billions of dollars behind a huge stimulus package. We’re in a global race for investment and the UK is at risk of losing out on the vital infrastructure needed to keep our energy supply secure. We have an opportunity to build on our existing capabilities and lead the world in green technologies like Small Modular Reactors, Carbon Capture and Storage, hydrogen and floating offshore wind. We urge the Government to revisit the Electricity Generator Levy, with this global context in mind. “