This week BEIS published updates on how the Electricity Generator Levy will be implemented in the UK. There are some important aspects outlined in the Supplementary Technical Note and the draft regulations.
Our view is that these are clearly rushed through proposals and are far from perfect. What everyone in the energy sector always craves is clarity and certainty. The draft legislation in particular, does not really achieve this and it does not match clearly the principles and wording in the technical note. There may be time to resolve this, including through the publication of guidance and regulations by the Treasury, but not much time!
Read our briefing
The levy will apply from 1 January 2023 to the exceptional element of revenue arising from electricity generated by qualifying companies