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Utility Shares Rise as UK Spares Firms From Windfall Tax

Shares in UK utilities climbed after the government said it wouldn’t extend a windfall tax to power generators.

A windfall tax on the profits of oil and gas companies, which will be brought before Parliament this week, won’t apply to electricity generators, the prime minister’s spokesman told reporters. Drax Group Plc, SSE Plc and Centrica Plc all rose on the news.