The Government has unveiled measures aimed at weakening the link between global gas market prices and the cost of UK electricity as the Middle East crisis drives up energy bills. Rachel Reeves will hike the Government’s windfall tax on low-carbon electricity generators form 45% to 55% to raise Treasury funds that will be used to support consumers and businesses with the rising costs in the short term. The so-called electricity generator levy was introduced in 2022 to target the excess profits being made by nuclear, biomass and renewable energy projects built before 2017 as electricity prices soared after Russia’s invasion of Ukraine. #UK #Gas #Electricty #C4News