London Daily

Focus on the big picture.
Thursday, Oct 16, 2025

Energy company to review green projects after levy

Energy company to review green projects after levy

One of the UK's biggest energy firms has warned that it will have to review its investments in renewables because of the government's new 45% windfall tax on electricity generators.

The boss of SSE told the BBC it "may have to give up" on some green energy plans when the levy comes into effect.

The levy, unveiled in the Autumn Statement, hopes to raise £14bn.

Chancellor Jeremy Hunt said there were "extraordinary returns" to be made from low-carbon generators.

But Alistair Phillips-Davies, the CEO of SSE, said while the company believes in "paying their fair share" in taxes, the decision "is going to take money away from us".

He told the BBC's Today programme: "We still want to spend, we still want to invest but this windfall tax is going to hit us.

"It's going to take money away from us, and therefore we won't have as much to invest."

Asked whether the company will have to review some of its key investments, the CEO said "there is no doubt".

"To say that imposing a 45% windfall tax on some areas of our business will not impact investment plans is nonsense," he added.

The Electricity Generator Levy, which also includes offshore wind, will aim to recoup funds from energy firms, which are getting more money for their supply than they were last year.

It is in addition to a levy imposed on oil and gas companies, with both tax rises in place until 2028.


Levies are already in place for oil and gas profits

This demand increased when Covid restrictions were lifted, and the Ukraine war led to concerns about energy supply.

Concern has already been raised from the sector this week.

Offshore Energies UK, a company that provides cleaner fuel and power, claimed the tax rise could also drive up imports and leave consumers more exposed to global shortages.

OEUK chief executive Deirdre Michie said the tax changes would "undermine" an industry which had generated jobs for 200,000 people.

She said: "We remain proud to pay our taxes, but this latest increase means UK offshore operators will be paying a total rate of 75%.

"It's also worrying that we are increasing taxes on low-carbon electricity generation like offshore wind."

Trade body Scottish Renewables also expressed concern, and said that the profits companies are said to make are not as clear-cut as they appear.

Chief executive Claire Mack said: "Many renewable energy generators on older contracts have sold their power far in advance, so are not benefiting from excess profits from wholesale price rises caused by the cost of gas."
Newsletter

Related Articles

0:00
0:00
Close
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
DJI Loses Appeal to Remove Pentagon’s ‘Chinese Military Company’ Label
EU Deploys New Biometric Entry/Exit System: What Non-EU Travelers Must Know
Australian Prime Minister’s Private Number Exposed Through AI Contact Scraper
Ex-Microsoft Engineer Confirms Famous Windows XP Key Was Leaked Corporate License, Not a Hack
China’s lesson for the US: it takes more than chips to win the AI race
Australia Faces Demographic Risk as Fertility Falls to Record Low
California County Reinstates Mask Mandate in Health Facilities as Respiratory Illness Risk Rises
Israel and Hamas Agree to First Phase of Trump-Brokered Gaza Truce, Hostages to Be Freed
French Political Turmoil Elevates Marine Le Pen as Rassemblement National Poised for Power
China Unveils Sweeping Rare Earth Export Controls to Shield ‘National Security’
The Davos Set in Decline: Why the World Economic Forum’s Power Must Be Challenged
France: Less Than a Month After His Appointment, the New French Prime Minister Resigns
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Sarah Mullally Becomes First Woman Appointed Archbishop of Canterbury
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
Macron Faces Intensifying Pressure to Resign or Trigger New Elections Amid France’s Political Turmoil
Standard Chartered Names Roberto Hoornweg as Sole Head of Corporate & Investment Banking
UK Asylum Housing Firm Faces Backlash Over £187 Million Profits and Poor Living Conditions
UK Police Crack Major Gang in Smuggling of up to 40,000 Stolen Phones to China
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Trump Proposes Farm Bailout from Tariff Revenues Amid Backlash from Other Industries
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
A Dollar Coin Featuring Trump’s Portrait Expected to Be Issued Next Year
Australia Orders X to Block Murder Videos, Citing Online Safety and Public Exposure
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
OpenAI and AMD Forge Landmark AI-Chip Alliance with Equity Option
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
×