New ‘super tax’ to deter energy firm owners from gas profiteering

75% windfall tax aims to dissuade shareholders with lucrative advance gas contracts from cashing out and abandoning customers

Treasury officials have quietly introduced a new “super tax” to deter energy company owners from cashing out lucrative contracts for gas bought in advance before leaving their supply business to go under.

The government quickly pushed through the new laws late last week to counter industry concerns that Stephen Fitzpatrick, the founder of Ovo Energy, could use his almost two-thirds stake in the company to liquidate its long-term gas contracts and exit the supply market with a hefty profit.

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