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Hunt Extends Windfall Tax on Energy Sector

OIL

The UK plans to extend the windfall tax on oil and gas companies and introduce a new levy for electricity generators starting from 1 January, UK Chancellor Jeremy Hunt said during the autumn statement.

  • "From 1 Jan to March 2028, we will increase the energy profits' levy from 25% to 35%. The structure of our energy market also creates windfall profits for low carbon electricity generation so from 1 Jan we decided to introduce a new temporary 45% levy on electricity generators. Together these measures will raise £14bn next year”, Jeremy Hunt said.
  • “I have no objection to windfall taxes if they are genuinely about windfall profits caused by unexpected profits caused by energy prices. Any such tax should be temporary, not deter investment and recognise the cyclical nature of energy businesses”, Hunt said.
Energy BulletsCommodities
Energy BulletsCommodities

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