2 Sep 2015 12:08
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