EU profit tax will not apply to Estonian shale oil producers

Riina Sikkut.
Riina Sikkut. Source: ERR

EU energy ministers reached an agreement for high electricity price compensation measures.

The measure obligates Member States to lower electricity consumption by 5 percent during peak hours.

An income cap of €180 per megawatt-hour (MWh) will be put in place for producers not using gas, with companies producing fossil fuels subjected to a profit tax in the future.

Minister of Economic Affairs and Infrastructure Riina Sikkut (SDE) said that the latter will not apply to Estonian shale oil producers as their resource fees already depend on the world market price [of heavy fuel oil]. Estonian electricity producers will have to invest sums above the profit cap in green technologies and projects.

"The intervention sports a very low fiscal benefit potential for us, and we already have benefits in place for home consumers. These will take effect from October 1 and go beyond what we would gain from this method. We do not deem it sensible to execute these things in the manner proposed by the Commission. Therefore, we will interpret the proposal in a way that suits Estonia," Sikkut explained.


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Editor: Marcus Turovski

Source: "Aktuaalne kaamera"

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