USD 62.5544

0

EUR 69.8608

0

BRENT 65.41

+0.48

AI-92 42.23

-0.11

AI-95 45.97

-0.07

AI-98 51.1

+0.01

Diesel 48

+0.01

22

UK climate change levy

The EC on has agreed to all exemptions ...

The EC on has agreed to all exemptions to the UK?s climate change levy (CCL) except for one on ?dual use fuels? ? fuels used in chemical reduction, electrolysis and metallurgical processes. The latter will be subject to investigation by the EC. The UK is to impose the levy on the non-domestic use of energy. Broadly, this is its use for heating, lighting, motive power and powered appliances by consumers in industry (including fuel industries), commerce, agriculture, public administration and other services. The levy is expected to raise ё1 billion (US$1.43 billion) in its first full year (2001-2002). The UK notified to the EC several exemptions or reduced tax rates over a period of 10 years, so industry could make the necessary investments. Reductions are foreseen for users entering into climate change agreements; an 80% discount in the levy will be granted to energy intensive sectors that can agree targets for improving their energy efficiency or reducing carbon emission. The levy exemption for dual-use fuel amounts to around 0.1% of the turnover for each sector. Dual-use provisions apply to the steel sector and to production of aluminium, iron, lead, copper, zinc, batteries and some chemicals. When an energy product is used for partly fuel and partly non-fuel purposes (mixed uses), it would be fully exempt from the levy.

platts.com