New tax to solve problems with high energy prices. The power generator warns of consequences

Slovenské Elektrárne warns that the tax might send them to bankruptcy, and employers call for negotiations.

The nuclear power plant near MochovceThe nuclear power plant near Mochovce (Source: SME)

The government is planning a brand new tax that should be imposed on an excessive profit from the sale of electricity generated by a nuclear source.

The tax rate is expected to be as high as 50 percent, and will be applied on a single company. The proposal was already approved by the cabinet at its February 9 session, and will now be discussed in the parliament. The coalition would like to adopt it in a fast-track proceeding.

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Even though the government has not confirmed it, the Index economic magazine suggested that the income from the new tax may serve as one source of state aid for schools, hospitals and nursing homes struggling with surging energy prices. The state will allocate €50 million to help them this year, and it is expected that the aid might amount to hundreds of millions of euros in the coming years.

Not everybody is happy with the proposal. Slovenské Elektrárne (SE), the main energy generator in Slovakia, which is the only one in the country operating nuclear facilities, has even warned of bankruptcy if the tax is adopted. Not even the representatives of employers support the tax, claiming that these steps might destabilise the energy sector and shake the trust of investors.

What is the tax about?

The tax should amount to 50 percent, and should be paid from excess profit, i.e. the sum defined as the difference between the average electricity prices on stock exchange and the costs of the taxed company on the electricity production.

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