Analysts at consultancy LCP Delta have urged energy companies and investors to explore the opportunities presented by announced changes to the Energy Profits Levy (EPL).
Reuters has reported that the chancellor of the exchequer Jeremy Hunt is set to extend the Energy Profit Levy by one year in tomorrow's Spring Budget announcement.
Oil and gas giant BP confirmed it more than doubled its annual profit in 2022 to £23 billion ($27.7 billion), up from the £10.6 billion ($12.8 billion) witnessed in 2021, owing to soaring oil and gas prices.
Five energy trade associations have written a joint letter to the Chancellor Jeremy Hunt, calling on him to offer a more competitive capital allowance regime in the upcoming Spring Budget to incentivise investments in the UKs renewable industry.
British multinational oil and gas company Shell recorded its “highest-ever” annual profits in 2022 amounting to £32.2 billion, with only £1.86 billion estimated to be paid via the UK and EU’s windfall taxes for the year.
Current± caught up with the energy sector, to find out their reactions to the recent increase in support funded by a windfall tax of oil and gas companies.
