The revenue cap will be implemented through a new act, the “Excess profits from electricity tax act”, with the purpose of lessening the effects of the ongoing energy crisis. As previously proposed, the excess profits tax will be levied at a rate of 90% on profits above SEK 1,957 per MWh.
The new act will be applied on electricity that is produced during the period March–June 2023. As such, the revenue cap and excess profits tax is temporary and will not be applied retroactively. It is estimated that the excess profits tax will strengthen the public finances with approximately SEK 150 million.
The new rules entered into force on 1 March 2023.