The UK government’s de facto windfall tax on low carbon electricity companies will have “catastrophic consequences” for investment in green technologies such as wind and solar, energy companies have warned. Energy UK, a trade body that represents companies including Centrica, EDF Energy, ScottishPower and SSE, this weekend joined criticism of the government’s revenue cap on … Read more
Breadcrumb Trail Links PMN Business Author of the article: Article content AMSTERDAM — Neptune Energy could shift investments away from the Netherlands if they cannot be offset against a new windfall tax the Dutch government plans to impose in response to soaring energy prices, the oil and gas producer warned on Thursday. Neptune, the largest … Read more
Low-carbon electricity generators, which have benefited from high wholesale power prices, will face a de facto windfall tax aimed at raising “billions of pounds” when it comes into force at the start of next year, the UK government has confirmed. The decision to impose a revenue cap on companies in England and Wales that generate … Read more
kckate16 Gasoline prices for U.S. drivers have been edging higher again after dropping for ~100 days, and this week’s decision by OPEC+ to cut oil production by 2M bbl/day will further elevate prices. Maintenance at major oil refineries, more demand for gasoline and tight fuel supplies already were contributing to rising gasoline prices to a … Read more
London CNN Business — EU governments agreed Friday to tax the windfall profits of oil and gas companies and to cap the revenues of some electricity generators as the cost of Europe’s energy crisis spirals higher. But energy ministers from the 27 EU member states failed to reach an agreement on a proposal by the … Read more
SSE has pledged to reinvest any “additional” profits resulting from sky-high wholesale power prices into building new UK energy assets, as it forecast an increase of more than 25 per cent in earnings this year. The FTSE 100 energy company’s gas storage facilities and thermal power plants — which back up the grid when intermittent … Read more
Brussels has said it will raise more than €140bn from windfall taxes on energy companies’ profits to soften the blow of record high energy prices this winter. With energy prices soaring in the wake of Russia’s invasion of Ukraine and fears growing of shortages this winter, Brussels plans to funnel some of the windfall profits … Read more
Big energy companies clocked huge profits in the first half of this year, making record windfall gains which governments have tried to rein in Big energy companies clocked huge profits in the first half of this year, making record windfall gains which governments have tried to rein in The story so far: Finance Minister Nirmala … Read more
Europe’s energy ministers have signalled support for a temporary cap on the price of gas imports including those from Russia and a windfall levy on energy producers to address “astronomical” costs for businesses and consumers. After a four-hour meeting in Brussels on Friday, ministers said they wanted the European Commission to propose the emergency interventions … Read more
Breadcrumb Trail Links PMN Business Author of the article: Article content ROME — Italy has collected only around 2 billion euros ($2 billion) from a contested windfall tax on energy companies, leaving the Treasury facing a potential multi-billion revenue shortfall, two government sources told Reuters on Friday. Prime Minister Mario Draghi has budgeted 52 billion … Read more