A cap on revenue and the lack of the kind of incentives offered to oil explorers are blocking the development of renewable energy in Britain, say industry officials who are pressing for changes ahead of this week’s budget. | Reuters
Rod Wood, managing director at wind energy developer Community Wind Power, is among those seeking changes to the EGL in Britain’s March 15 budget.Specifically, he wants it to include an investment allowance like the oneThe EPL includes an investment incentive that meansand gas firms can offset from their tax bill 91.40 pounds in every 100 pounds spent on new production.
“When you look at how much costs have gone up in the UK versus stimulus packages on offer in the U.S., it’s not hard to see anyone who can will be relocating business there,” he said.U.S. President Joe Biden’s administration last year signed into law the Inflation Reduction Act, which delivers a support package for clean technology worth $370 billion.
With wholesale electricity prices around 120 pounds/MWh, the level at which the tax kicks in is too low, Wood said, citing more generous levies in Europe.
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