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High electricity bills targeted in planned shakeup to energy pricing
The plan would move about one-third of Britain’s power supply onto fixed-price contracts and raise the electricity generator levy from 45% to 55%.
- On Tuesday, the Government announced plans to weaken the link between electricity and volatile gas prices, aiming to protect British consumers from international energy shocks.
- Gas sets wholesale electricity prices around 60% of the time, leaving British consumers vulnerable to global market spikes despite supplying a shrinking share of power.
- The Treasury will increase the electricity generator levy from 45% to 55% to raise funds, hoping the threat incentivizes older generators to adopt voluntary fixed-price contracts.
- Energy Secretary Miliband vowed to "double down" on clean power, though Claire Coutinho accused the Government of "piling on cost" by adding further taxes to bills.
- The Government hopes these changes will deliver benefits within 12 months, while also increasing boiler upgrade scheme grants to £9,000 to assist households with energy upgrades.
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Rachel Reeves hikes tax in latest energy bills move
Chancellor Rachel Reeves has announced a major increase to the windfall tax on low-carbon electricity producers, raising the rate from 45 per cent to 55 per cent as the Government seeks to protect households from rising energy costs.The move comes amid renewed volatility in global gas markets following disruption to fossil fuel supplies linked to the US-Israeli conflict with Iran.Treasury officials said the enhanced electricity generator levy is…
·London, United Kingdom
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Major energy bills announcement as tax increased
The Chancellor has made a decision
·Newcastle upon Tyne, United Kingdom
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Coverage Details
Total News Sources8
Leaning Left0Leaning Right3Center3Last UpdatedBias Distribution50% Center, 50% Right
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
50% Right
C 50%
R 50%
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