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Tax surcharge wipes out power firm’s excessive profits

Higher gas and electricity prices generated higher pretax profits for power company Engie last year.  Pretax profits were up 2 billion to 5 billion in 2022.  In 2021 the company only made profits of 3 billion euros.  However, the Belgian government introduced a tax surcharge on excessive profits by energy companies reducing Engie’s net profits to 200 million euros.  Engie made excessive profits because it generates most of its energy from nuclear at no extra cost but was able to benefit from higher market prices triggered by Russia’s further invasion of Ukraine.

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