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This measure introduces a temporary 45% charge on exceptional receipts realised from the sale of wholesale electricity by nuclear, renewable, biomass and energy from waste sources. Exceptional receipts are those in excess of a benchmark price of 拢75 per megawatt hour (adjusted in line with Consumer price index (CPI)). The levy will be limited to companies or corporate groups whose relevant electricity output exceeds 50 gigawatt hours across a year and apply only to exceptional receipts exceeding 拢10m per annum.

The levy will be in effect from 1 January 2023 and 31 March 2028 and will apply to exceptional receipts from electricity generation during accounting periods between those dates.