Budget Announcement: Key Takeaways for the Energy Industry

The budget changes announced on 29 October 2018 mean that the Carbon Price Support (CPS) rate will be frozen, Climate Change Levy (CCL) rates will be changed and a new £315 million-backed Industrial Energy Transformation Fund to support energy-intensive companies will be introduced. In addition, Enhanced Capital Allowances (ECAs) for companies investing in electric vehicles charging points will be extend to 31 March 2023. We set out further details of the changes in the attached update.