RWE to rethink UK investments if it proceeds with tax on power firms- FT

Author of the article: German utility RWE AG’s head has warned that a windfall tax on electricity generators in Britain would make it and other power firms reconsider their investment decisions in the country, the Financial Times reported on Sunday. RWE, Germany’s largest power producer, last year had announced a plan to invest as much…
RWE to rethink UK investments if it proceeds with tax on power firms- FT

Author of the article:

German utility RWE AG’s head has warned that a windfall tax on electricity generators in Britain would make it and other power firms reconsider their investment decisions in the country, the Financial Times reported on Sunday.

RWE, Germany’s largest power producer, last year had announced a plan to invest as much as 15 billion pounds ($18.39 billion) in green technologies and infrastructure in Britain by 2030.

Since then, energy companies have profited from high prices following Russia’s invasion of Ukraine, and British finance minister Rishi Sunak has said that the government was looking at profits in the power generation industry, when asked about a possible windfall tax.

RWE’s Chief Executive Officer Markus Krebber on Sunday reiterated the firm’s investment commitment in Britain for now, but said his company will reconsider if things change.

“If the environment changes — and part of that is of course the regulatory framework and political decisions — everybody would reconsider,” he told the Financial Times.

Britain has already announced a separate 25% windfall tax on oil and gas producers’ profits, alongside a 15 billion pound ($18.9 billion) package of support for households struggling to meet soaring energy bills. ($1 = 0.8155 pounds) (Reporting by Shubham Kalia in Bengaluru; Editing by Daniel Wallis)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Tunisia collects $630 mln from a national subscription this year
Read More

Tunisia collects $630 mln from a national subscription this year

Author of the article: TUNIS — Tunisia has collected 1.8 billion dinars ($630 million) from a national subscription this year, the finance ministry said on Thursday, as the country struggles to finance this year’s budget deficit. The fiscal deficit in the latest forecast will reach 8.3% in 2021, up from 6.6% expected earlier. Tunisia this…
Malaysia probes Dyson supplier ATA over labor complaints
Read More

Malaysia probes Dyson supplier ATA over labor complaints

This advertisement has not loaded yet, but your article continues below. Author of the article: Article content KUALA LUMPUR — Malaysia is investigating Dyson supplier ATA IMS after complaints of forced labor, and has charged the company with four violations, the labor department said on Saturday. “The complaints were mainly on allegations of appalling working…