Drax shares plunge as climate levy relief ends

Shares of the company that is converting the UK’s biggest coal-fired power station to biomass have plunged. Drax Group’s stock tumbled 28%, which is said to be the lowest since it started trading in 2005. It comes after the government announced it would scrap the Climate Change Levy exemption for renewable electricity, which means clean […]

Climate Change Levy exemption ‘will save several hundred millions’

The most important element of the budget is the removal of the Climate Change Levy (CCL) exemption for renewable electricity. That’s according to Renewable Energy Foundation Director John Constable. His comment follows Chancellor George Osborne’s Summer Budget announcement earlier today. Mr Constable told ELN it will benefit the Treasury by “several hundred million pounds a […]

Repeated calls for Chancellor to tackle rising business bills

The manufacturers’ organisation EEF has called on the Chancellor to do more to tackle rising energy bills for businesses, echoing a similar petition by the CBI last week. Speaking ahead of George Osborne’s Autumn statement due in December, EEF’s Chief Executive Terry Scuoler said: “The Chancellor’s top priority must be action on business energy costs. […]

Double tax rise putting burden on CHP says trade group

A double tax rise on Combined Heat and Power (CHP) is putting a burden on the industry and “sending the wrong signal to investors” according to the Combined Heat and Power Association (CHPA). It complained the Government’s removal of the Climate Change Levy exemption for CHP and its introduction of Carbon Price Support has lumped […]

Climate tax cuts for efficient energy intensive firms

Energy intensive businesses can slash their climate taxes by up to 90% if they commit to “stretching” efficiency improvement targets to 2020. The Government’s new voluntary Climate Change Agreements (CCA) scheme covers around 9,000 industrial sites across the UK and offers participating businesses cuts on the Climate Change Levy (CCL) charges in return for meeting […]

Step forward for carbon compensation for big energy users

Government plans to compensate large energy users with a £250million package took an “important” step forward today as BIS and DECC opened a consultation on how the scheme would work. Chancellor George Osborne announced the cash last year to help manufacturers cope with the cost of emission-cutting taxes such as the EU Emissions Trading System […]

Westminster City Council saves £94k on bills

Westminster City Council has saved £93,599 on its bills after “errors” on its electricity invoices from British Gas were discovered. The council was charged too much on its VAT rates for six of the City’s schools. It was asked for 20% VAT rather than 5% and charged for the Climate Change Levy even though schools […]

Energy brokers expect change to carbon tax

The much loathed Carbon Reduction Commitment (CRC) could be replaced by an increase in the Climate Change Levy paid by large energy users. That’s the opinion of an energy broker, who thinks the gap in revenue generated for the Treasury could be made up elsewhere, without further upsetting the energy sector. Tom Woolley from the […]

Business energy costs predicted to rise 81% in a decade

Business energy costs could rise as much as 81% over the next decade, according to a new forecast by market analysts Waters Wye Associates. It predicts that by 2021, fuel bills in the UK commerce and public sector will rise from from £10.3 billion to £18.7 billion a year. Power Efficiency, which commissioned the research […]

Detail of funding boost to energy intensives revealed

George Osborne was greeted with heckles and taunts as he read the Autumn Statement to Parliament this week. But as he breezed over UK green policy the opposition took a breather and most in the energy sector let out a huge sigh of relief. Even green advocates weren’t too surprised as the ‘Greenest Government ever’ […]