Britain’s energy industry risks “death by a thousand cuts” as tax raids, red tape and a constant “flip-flopping” on policy deter investment, the head of one of Britain’s biggest power producers has warned.
Tom Glover, the UK boss of RWE, said Jeremy Hunt’s windfall tax and the lack of a clear growth strategy had put the company’s UK investment plans at risk.
In an interview with The Telegraph, Mr Glover warned that £12bn of RWE’s original £15bn investment plans by 2030 was now “up for grabs”.
It comes after the Chancellor’s decision to extend a windfall tax to electricity generators in the Autumn Statement, which Mr Glover said is “overhanging the market”.
RWE is the second biggest power generator in the UK and provides around 15pc of all the country’s electricity needs. It has set out major plans for investment in UK offshore wind.
However, Mr Glover said the constant threat of policy and tax interventions had stymied investment and threatened to push up energy bills. Other markets such as the US and Asia are now “looking more attractive”, he added. https://www.telegraph.co.uk/business/2023/02/11/energy-industry-faces-death-thousand-cuts-warns-major-power/
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