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Future of British Business

UK Renewables Windfall Tax Risks ‘Disaster’ for Wind Investment

  • Orsted CEO says cap shouldn’t be set too low compared with EU
  • Energy crisis puts transition at risk in near term, CEO says

UK offshore wind farm investment will be at risk if any windfall tax imposed on renewable producers is too severe, according to the head of the world’s top developer of the projects.

Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt may extend a windfall tax to electricity generators to help plug a budget hole as it subsidizes energy bills for consumers. Growth of offshore wind is critical to Britain being able to cut its dependence on imported gas for producing power and reach its goals to slash carbon emissions in the coming years.