LONDON - Britain's finance ministry set out details on Tuesday of a temporary 45% tax which will apply to excess profits made by some electricity generating companies after Jan. 1.
"The levy will be applied to a measure of extraordinary revenues, defined as revenues from selling periodic output at an average price above 75 pounds ($91.12) per MWh," the ministry said in a written statement to parliament.
"It will apply to revenues from electricity generation in the UK from renewable including biomass, nuclear, and energy from waste sources and will be focused on the largest generators through a generation threshold of 50GWh of annual output ," it added.
The benchmark price will be indexed to CPI inflation from April 2024.
($1 = 0.8231 pounds)
(Reporting by David Milliken; editing by William James)