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Infinis to be hit by levy changes

09 July 2015 08:04

Infinis Energy has warned earnings will be about £7m less than expected in the year ending March 2016 and £10m-£11m in 2017 due to the Government's decision to scrap the Climate Change Levy exemption for renewable electricity generated after 1 August.

The company says CCL has been a key component of the renewable support regime in the UK since 2001 and all parties in the renewable industry had understood that phase-out would not commence until after 2020.

Chief executive Eric Machiels said: "The announcement of the government's intention to discontinue the CCL at this time was quite without warning. We are disappointed by the several recent changes to the regulatory framework which will disincentivise long-term investment in the build-out of new energy infrastructure in the UK. Infinis generates low cost, reliable, renewable energy and we now look to the government for regulatory stability."

At 8:04am: (LON:INFI) Infinis PLC share price was -9.87p at 170.13p

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