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Energy Rev monthly round-up & snap analysis: November 2022
How governments have responded to the sharp spike in energy prices in the wake of Russia’s invasion of Ukraine in February has become a dominant theme in the European renewables market this year, and November was a month when various countries finally unfurled what their respective market interventions will look like.
In the UK, for example, the autumn statement announced on November 17 included plans to introduce a 45% windfall tax on renewables generators’ revenues over a GBP 75/MWh baseline – a “temporary” measure to run for at least five years – while days later Ireland announced it would be introducing a EUR 130/MWh cap on revenues, albeit over a much shorter time period.
Against this backdrop, Energy Rev gathered together a selection of the industry’s most active developers, financiers, investors and advisors for a morning briefing held with Gowling WLG on November 24, and while there was a general sigh of relief from panelists that there is now some certainty over what interventions will be applied to generators, the UK market, for one, will nevertheless be navigating an entirely new set of parameters from the new year until 2028 when the windfall tax ends.
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