Brady Yauch, Financial Post
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 article