Opportunities to invest in renewable energy are coming. Picture: 123RF
Among the most contentious issues is Britain’s electricity generator levy , which the government implemented from the start of 2023 to combat high energy prices, and which the industry says is a “de facto windfall tax”. US President Joe Biden’s administration in 2022 signed into law the Inflation Reduction Act, which delivers a support package for clean technology worth $370bn.Other developers say the combination of levies, high energy prices, supply chain bottlenecks, inflation and interest rate rises means their projects are under threat.
The European Commission has set a revenue cap on electricity companies, requiring them to hand over any excess revenue to national governments they get for selling their non-gas generated power at more than €180/MWh.Oil and gas producers, which have been subject to a windfall tax since May 2022, also want change.