SSE is one energy company that has pledged to reinvest additional profits back into building new energy infrastructure in the UK. This comes after they have reported a 25% increase in earnings this year.
SSE is not the only energy company that has received higher profits than expected this year. Volatility within the energy market has meant that these companies have received much higher profits. It has been forecasted that SSE could see profits of £1.7bn.
Due to the high profits these energy companies have been earning over the past year many politicians, especially in the Labour party believe these companies should be subjected to a windfall tax. With Liz Truss announcing domestic and commercial energy support, the Labour leader believes these energy companies should be the ones to pay for this given their extra profits. However, Truss has insisted this will not be the case.
Energy companies such as SSE have agreed with the new PM as they state they are investing at a record level into new energy infrastructure. If these companies were taxed, then it may slow down or stop the production of new energy plans that are going to help with energy security in the UK. Therefore given the importance of decarbonization and renewable energy in security for the UK many see a windfall tax as counter-intuitive for these companies.
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