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LONDON (Archyde.com) – Britain’s Treasury estimates that the country’s gas and electricity producers might post a profit surplus of up to 170 billion (198 billion) over the next two years, Bloomberg News reported on Tuesday.
Europe is facing huge increases in electricity bills, driven by sharp rises in gas prices, while the war in Ukraine and European sanctions on Russia are raising concerns regarding the security of gas supplies.
Bloomberg cited an unpublished UK Treasury analysis showing that regarding 40 percent of surplus profits will go to electricity producers.
The British Treasury did not immediately respond to a request for comment.
The British government has already announced a 25 percent tax on the surplus profits of oil and gas producers in the North Sea.
When the move was announced in May, the government also said it would consider a similar tax on electricity producers, but outgoing Prime Minister Boris Johnson left any decision on that to his predecessor, who is expected to be named next week.
(dollar = 0.8578 sterling)
(Prepared by Wagdy Al-Alfi for the Arabic Bulletin)
