9 Jul 2015 08:00
9 July 2015
INFINIS ENERGY PLC ("INFINIS")
Climate Change Levy Announcement
Infinis notes yesterday's announcement in the Budget that the government intends to discontinue the Climate Change Levy (CCL) exemption for renewable generators from 1 August 2015. The CCL has been a key component of the renewable support regime in the UK since 2001 and all parties in the renewable industry had understood that phase-out would not commence until after 2020.
Based on our initial assessment of this measure, Infinis expects a reduction in EBITDA of approximately £7 million in the year ending 31 March 2016 and approximately £10-11 million in the year ending 31 March 2017.
Eric Machiels, CEO of Infinis, said: "The announcement of the government's intention to discontinue the CCL at this time was quite without warning. We are disappointed by the several recent changes to the regulatory framework which will disincentivise long-term investment in the build-out of new energy infrastructure in the UK. Infinis generates low cost, reliable, renewable energy and we now look to the government for regulatory stability."
For further information, please contact:
Investors and analysts:
Infinis Energy plcWill Cooper, Head of Investor RelationsTelephone: +44 (0) 1604 742338
Media:
Brunswick LLP
David Litterick/Simon MaineTelephone: +44 (0)20 7404 5959Email: infinis@brunswickgroup.com
Website www.infinis.com
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