One of Britain’s biggest energy firms, SSE plc, recently warned that due to the UK government’s new 45 per cent windfall tax, it will now have to review its plan for investment in renewable energy.
In a recent interview with the BBC, SSE chief Alistair Phillips-Davies stated that the energy giant “may have to give up” some of its plans regarding green energy when the new tax comes into effect. From companies to individual consumers, those interested in renewable assets often seek out investment advice in Shropshire, Buckinghamshire and other counties. Wealth managers are independent financial advisors that can help explain the risks and the returns possible from an investment opportunity but can also create ethical portfolios comprised of sustainable assets.
UK Chancellor Jeremy Hunt recently commented that “extraordinary returns” were there to be made through low-carbon generators. However, the CEO for SSE stated in the recent interview that although the energy company believes that it should pay its fair share of tax, the government’s decision will still take money away from it.
“To say that imposing a 45% windfall tax on some areas of our business will not impact investment plans is nonsense.”
He added that while SSE still wanted to invest, the windfall tax will impact its spending power and as a result it will now have to reconsider some of its key investments planned for the renewables sector.
The new Electricity Generator Levy aims to recoup funds by taxing energy companies, which are receiving more money for the power they supply than they did in 2021.