A worker is seen at an oil field owned by Bashneft, in Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File PhotoLONDON, March 23 - Windfall taxes sound simple. The epic rise in European electricity prices implies a bonanza for utilities that sell power.
But even this isn’t definite. Many utilities hedge against a collapse in electricity prices by selling their power at a fixed price in the future. Those who did that last year, when forward rates were lower, will have less profit this year to tax.boss Francesco Starace says his $65 billion group’s share of Italy’s proposed 10% levy on excess profits would only raise 10 million euros. Governments could boost takings by imposing very high levies or taxing companies’ revenue, rather than profit.
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