TaxAdministrationEnergy companies rebuff govt’s £1bn poverty scheme

Energy companies rebuff govt’s £1bn poverty scheme

Business minister drafted in battle to talk energy companies into signing up for £1bn fuel poverty scheme

Government ministers are facing an uphill battle in its attempt to persuade
the six biggest energy companies in the UK to sign up for a £1bn fuel poverty
package understood to be announced later this week.

Baroness Vadera, the business minister, was drafted to the negotiations after
the four foreign-owned energy companies refused to commit voluntarily to provide
the funds, the Financial Times reports.

The energy companies are split over a proposed £150m levy on the industry for
carbon permits under the European emissions trading scheme over the coming five
years, totalling £750m to finance the measures.

Centrica, which owns
British Gas, and
Scottish and Southern
Energy
have given their agreements in principle but Npower and Eon, both
owned by German companies; EDF, the French group; and Scottish Power, owned by
Iberdrola, the Spanish energy group, have refused to sign up.

Further reading:

MPs break ranks over windfall tax

Windfall tax in the pipeline for energy companies?

Read
the Financial Times story

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