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Finland Proposes 30% Windfall Tax On Power Companies
The Finnish government has announced on Thursday that it has proposed a temporary windfall tax on profits from the country's electricity companies as part of a European Union response to soaring power costs. The proposed 30% tax would apply to any profits exceeding a 10% return on capital in 2023, with the government estimating it could bring in between 500 million and 1.3 billion euros ($533 million-$1.9 billion).
read more... 30/12/2022
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Exxon sues EU in move to block new windfall tax on oil companies
U.S. oil major Exxon Mobil Corp is suing the European Union in a bid to force it to scrap the bloc's new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy.
read more... 29/12/2022
Daily (28.12.2022): European spot electricity prices fell sharply on Tuesday amid higher wind generation
Crude oil prices barely changed on Tuesday as restarts at some U.S. energy plants closed by winter storms offset gains from hopes of a demand recovery as China eases COVID-19 restrictions. Hence, Brent crude rose by 41 cents, or 0.5%, to settle at $84.33 a barrel, while U.S. West Texas Intermediate crude settled 3 cents lower at $79.53 per barrel.
read more... 28/12/2022
Stage set for fight over EU’s 2030 renewable energy target
A majority of EU member states have backed a 40% target for renewable energies like wind and solar by 2030 – a far cry from the 45% objective tabled by the European Commission and supported by Parliament earlier this year in response to Russia’s war in Ukraine.
read more... 26/12/2022
Spain approves 1.2% windfall tax on energy companies
The Spanish senate approved a new windfall tax late on Wednesday that will curb sales revenues from energy companies in 2023-24 and aims to collect 1.2% of its turnover from large operators.
read more... 23/12/2022