Grid Balancing Tax to Cost Alteo HUF 2 bln in 2022
Listed alternative energy company Alteo on Thursday said a new windfall profit tax on companies that provide grid balancing services will raise its tax burden by around HUF 2 billion in 2022, according to a report by state news wire MTI.
The tax on companies that even out differences between supply and demand on the electricity grid was introduced on Wednesday for the tax years 2022 and 2023.
Alteo said the tax change does not justify an assessment of its financial situation or any change to its strategy or investment direction.
The company intends to continue its investments in the area of regulatory energy services, which is "one of the most important areas" of the company's strategic investment efforts, it added.
The windfall profit tax is expected to raise HUF 40 bln in budget revenue in both 2022 and 2023.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.