Companies ‘do not have a right [to expect the compensation] not to be changed’
Governments across Europe, regretting the over-generous deals doled
out to the renewable energy sector, have begun reneging on them. To slow
ruinous power bills hikes, governments are unilaterally rewriting
contracts and clawing back unseemly profits.
In Italy, one of Europe’s largest economies and one that lavished
billions in subsidies on the renewable sector, the government in 2013
applied its so-called “Robin Hood tax” to renewable energy producers.
Under the new rule, renewable energy producers with more than €3 million
in revenue and income greater than €300,000 must now pay a tax of
10.5%.
That follows a 2012 move to charge all solar producers a five cent
tax per kilowatt hour on all self-consumed energy. The government also
told solar producers that it would stop taking their power – and would
offer no compensation – when their output overwhelms the system.
READ MORE: http://opinion.financialpost.com/2014/03/18/governments-rip-up-renewable-contracts/
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