Infinis Energy plc INITIATION OF PROCEEDINGS FOR JUDICIAL REVIEW (8542X)
September 02 2015 - 7:08AM
UK Regulatory
TIDMINFI
RNS Number : 8542X
Infinis Energy plc
02 September 2015
2 September 2015
INFINIS ENERGY PLC
(Symbol: INFI)
INFINIS AND DRAX INITIATE PROCEEDINGS FOR A JUDICIAL REVIEW OF
THE NOTICE PERIOD FOR THE REMOVAL OF CCL EXEMPTION
Infinis Energy plc and Drax Group plc have today initiated
proceedings for a judicial review of the notice period given by HM
Treasury when removing the exemption from the Climate Change Levy
(CCL) for electricity generated from renewable sources. The basis
of this review is that the exemption was removed without the
application of an appropriate notice period, as the notice given
was only 24 days.
The companies ask the court to consider a reasonable and
proportionate notice period for withdrawal of such renewable
support.
For further information, please contact:
Investors and analysts:
Infinis Energy plc
Will Cooper, Head of Investor Relations
Telephone: +44 (0) 1604 742338
Email: equityinvestors@infinis.com
Media:
Brunswick LLP
David Litterick/Simon Maine
Telephone: +44 (0)20 7404 5959
Email: infinis@brunswickgroup.com
Website www.infinis.com
Note:
1. The Climate Change Levy (CCL) is a tax on UK business energy
use intended to encourage energy efficiency, reduce carbon
emissions and promote energy from renewable sources. The tax was
implemented in 2001 and is collected from businesses by energy
suppliers through energy bills to their business customers.
Customers were able to claim an exemption from the CCL if they
bought electricity from certain qualifying renewable energy
sources. Exempted renewable power was demonstrated by way of Levy
Exemption Certificates (LECs), which were issued by Ofgem to
generators for each MWh of qualifying renewable energy
generated.
As part of the Budget on 8 July, the Chancellor announced the
removal of the exemption from the CCL for electricity generated
from renewable sources, with effect from 1 August 2015.
END
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