Prime Minister not planning to extend windfall tax to electricity generators

Electricity generators will be spared from the government's tax net, a spokesman for the Prime Minister said.

When asked whether the windfall tax on oil and gas producers' profits would be expanded to include electricity generators, the spokesman told Reuters: "We would not seek to make any new policies or major fiscal decisions. So there's no plans to do that.

"We will continue to evaluate the scale of the profits and consider appropriate steps but there's no plans to introduce or extend that to that group."

As of 1308 BST, shares of SSE were trading up by 3.22% to 1,748.0p on the back of the news, while those of Drax had shot up 8.44% to 713.0p.