Chancellor of the exchequer Jeremy Hunt confirmed that the Energy Profit Levy (EPL) will be extended to 2029 in this year's Spring Budget shortly before the budget for auction round 6 (AR6) of Contracts for Difference (CfD) scheme budget was set at over £1 billion.
Reuters has reported that the chancellor of the exchequer Jeremy Hunt is set to extend the Energy Profit Levy by one year in tomorrow's Spring Budget announcement.
An open letter from Scotland's deputy first minister, Shona Robinson, has urged the UK government to address net zero and fuel poverty challenges in the 2024 Spring Budget.
The energy sector has criticised the lack of focus within the Spring Budget on the development of renewables, energy efficiency and infrastructure, despite some technology support.
Following the early announcement of the extension of the Energy Price Guarantee (EPG) at the current rate of £,2500 for three months, there were only a few key energy focused elements to the Spring Budget.
Five energy trade associations have written a joint letter to the Chancellor Jeremy Hunt, calling on him to offer a more competitive capital allowance regime in the upcoming Spring Budget to incentivise investments in the UKs renewable industry.
RenewableUK’s executive director of policy Ana Musat has called on the UK Government to compete with the US Inflation Reduction Act by creating an “attractive policy and regulatory environment” for potential investors and developers.
From April, UK businesses and other non-domestic energy users will see a unit discount of up to £19.61/MWh applied to their electricity bill, the Government has announced.
