The East of England Energy Group's response to the UK Government Autumn Statement

CHPV (Martin Dronfield)

Chancellor Jeremy Hunt delivered his Autumn statement to MPs in Parliament yesterday, confirming that Government will proceed with Sizewell C and laying out plans to extend the oil & gas windfall tax to all power generating companies.

Responding to the statement, EEEGR’s Executive Chair, Martin Dronfield, stated: “We were thrilled to hear the chancellor commit to the build of Sizewell C which will bring massive economic growth to our region. Alongside this, the project will provide 3.2GW of clean energy to the system, becoming a vital part of the energy mix. It was also good to hear the announcement of fresh funding to improve the UK’s energy efficiency to help homes and businesses reduce energy consumption, something particularly welcome in the current energy crisis climate"

Reacting to the announcement of new 45% windfall tax measures for electricity generators, Dronfield said: “EEEGR along with its members are concerned about the potential impact of any windfall tax on revenues and profits along with the consequential effects this may have on future investment programmes and the overall attractiveness of the UK energy market. We’re glad to hear that the measures will be temporary, however would not want any new taxation arrangements to negatively impact renewable energy generators and potential investment in clean energy projects for the eastern region.

We urge government to work with industry to ensure any tax is set at the right level so that the measures implemented do not adversely impact the companies that will play a huge role in the UK’s race to net zero.”