UK extends energy windfall tax

Chancellor Jeremy Hunt has announced the extension of the Energy Profits Levy on profits from North Sea oil and gas firms for an additional year until 2029

‘Carbon tax could have netted £23bn for UK’

The government has been urged to tax major polluters, reallocate £3.35 billion from North Sea fossil fuel support and eliminate “harmful” Energy Profits Levy incentives

North Sea producer slashes UK output due to windfall tax impact

Ithaca Energy, a North Sea oil and gas producer, is reducing UK production due to an unforeseen impact of the windfall tax

UK introduces price floor to North Sea windfall tax

The government has confirmed that the Energy Profits Levy will continue with a 75% tax rate on North Sea oil and gas production for the next five years, falling to 40% when prices return to normal levels

INEOS boss: North Sea energy faces ‘death by tax’

Sir Jim Ratcliffe has expressed concerns over the UK government’s windfall tax on North Sea oil operations, stating that it hampers future investments and has poor returns

bp beats profit forecasts in first quarter

The energy giant has reported profits of $5 billion for the first quarter

Windfall tax ‘wiped out our profit’, says Harbour Energy

The North Sea’s biggest oil and gas producer has said its pre-tax profits rose by almost 700% last year

Cutting oil and gas production is not healthy, says new Shell boss

Wael Sawan has said the war in Ukraine has shown the “fragility of the energy system”

“Windfall tax on low carbon power risks deterring investment”

RenewableUK has raised concerns over the higher windfall tax on renewables than on oil and gas

Windfall tax, EV tax and energy efficiency boost to tackle the ‘economic storm’

In his Autumn Statement, the Chancellor confirmed that the cap of the Energy Price Guarantee will rise to £3,000 a year