PoliticsMedia: UK plans to limit energy revenues

Media: UK plans to limit energy revenues

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Bloomberg: UK plans to limit revenues of renewable energy producers

MOSCOW, October 11 – RIA Novosti. The UK government plans to impose revenue caps on renewable energy companies to lessen the impact of rising energy prices on residents. transmits Bloomberg cited sources familiar with the situation.

According to the agency, representatives of the UK Department of Business, Energy and Industrial Strategy met with the largest renewable energy suppliers on Monday evening. The agency declined to provide details, saying the government will continue to protect households from rising energy prices.

It is noted that the negotiations in the UK are carried out according to the scheme of the mechanism proposed to be introduced in the EU to impose a temporary income limit on companies that produce electricity at low cost.

The British government is reportedly holding talks with industry over the coming winter amid the anticipated energy crisis. At the time, it was about supplying electricity by “green” producers at fixed prices, not market prices. But talks have stalled amid fears that prices for most electricity will already be insured before the end of the year.

The West has increased the pressure of sanctions on Russia because of Ukraine. The disruption of supply chains has increased fuel and food prices in Europe and the US. In the UK, the rising cost of living has hit millions of households. The country’s energy bills have increased significantly. Against this background, British Prime Minister Liz Truss had to freeze energy bills for the next two years from 1 October so that the average annual gas and electricity bill would not exceed £2.5k.

British media had previously reported that Truss’ intent to freeze residents’ energy prices could cost the country £130bn ($150bn) in a year and a half. This comes after British energy regulator Ofgem announced in August that it will increase the maximum allowed annual electricity bill for consumers to £3,549 from 1 October.

Source: Ria

Cathy
Cathy
I am Cathy Jenkins, an experienced news writer and author at News Unrolled. I specialize in opinion pieces and the trending section. With over 7 years of experience in the industry, I have become well-versed in crafting stories that are both informative and engaging.

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