This month, energy giant Scottish Power committed to an investment of £6.7 billion in the United Kingdom between next year and 2025. However, the company has stated that it will consider diverting investment to countries outside of the UK, should it have to pay what it refers to as an “unfair” windfall tax on the profits it has made to help firms and households with the escalating cost of energy.
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CEO Keith Anderson recently commented to The Times newspaper that if renewable power generators such as Scottish Power face a levy that is harsher or similar than that faced by the gas and oil sector, the company he heads up could reduce or slow its investment here in the UK.
He stated:
“It will make us reconsider, what do we invest in the UK? How quickly do we invest it in the UK? And are there other markets that are more attractive than the UK?”
Anderson is currently calling for generators and suppliers of renewable energy, like Scottish Power, which employs British wind farms, to be granted generous tax breaks to entice further investment within the UK’s green energy sector.
However, the energy profits levy imposed on North Sea gas and oil and gas producers in May could now increase from 25 per cent to 35 per cent under present government plans and could potentially be extended to also encompass the power generation sector.
