Drax Group PLC Electricity Generators Levy (3880K)
20 Dezembro 2022 - 3:13PM
UK Regulatory
TIDMDRX
RNS Number : 3880K
Drax Group PLC
20 December 2022
20 December 2022
Drax Group plc
("Drax", "the Group", "Drax Group", "the Company"; Symbol:
DRX)
Publication by UK Government of further details of Electricity
Generators Levy
In November 2022, the UK Government ('Government') announced a
windfall tax on renewable and low-carbon generators, termed the
Electricity Generators Levy (EGL), to be implemented from 1 January
2023 and structured as a levy on power sales above a benchmark of
GBP75/MWh.
Through November and December, Drax has engaged with the UK
Government regarding the precise details of the EGL, including the
treatment of fuel costs for dispatchable generators.
On 20 December 2022, Government published a technical note and
draft legislation, which includes an allowable exceptional fuel
cost element, increasing the underlying GBP75/MWh benchmark
(indexed to CPI from April 2024).
The allowable exceptional fuel cost will be calculated
retrospectively based on the actual cost above a baseline fuel cost
of GBP65/MWh or historical levels, whichever is lower.
In its Trading Update, issued on 15 December 2022, Drax
indicated an expectation for the cost of biomass generation in 2023
to be in excess of GBP100/MWh.
The levy will apply to Drax's three biomass units operating
under the Renewable Obligation scheme and its run of river hydro
operations. The levy will not apply to Drax's CfD biomass unit,
pumped storage hydro and coal generation.
A link to the Government's EGL Supplementary Technical note is
included below.
Electricity_generator_levy_December_update__2_.pdf
(publishing.service.gov.uk)
Outlook
In line with its past practice Drax will update on its
expectations for 2023 at its full year results on 23 February
2023.
Enquiries:
Drax Investor Relations: Mark Strafford
+44 (0) 7730 763 949
Media:
Drax External Communications: Ali Lewis
+44 (0) 7712 670 888
Website: www.Drax.com
END
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(END) Dow Jones Newswires
December 20, 2022 13:13 ET (18:13 GMT)
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