![]() ![]() She said: “The Chancellor of the Exchequer will set out the expected costs as part of his fiscal statement later this month. The Energy Profits Levy was introduced earlier this year after the likes of BP and Shell reported huge profits, the result of a spike in commodity prices following Russia’s invasion of Ukraine.Ĭalls have been made for the current windfall tax to be increased in order to raise revenue that could go to struggling households, something Ms Truss has repeatedly rejected. ![]() Ms Truss once again ruled out a further windfall tax on the profits of North Sea oil and gas firms. We will be launching a new licensing round, which we expect to lead to over 100 new licenses being awarded.” Windfall tax ruled out againĪs it did during prime ministers questions yesterday, arguments over who will pick up the tab for the government’s intervention came to ahead. “We are also accelerating all sources of domestic energy, including North Sea oil and gas production. They already negotiating new long-term energy contracts with domestic and international gas suppliers to immediately bring down the cost of intervention. “Following on from a successful vaccine taskforce we have created a new energy supply task force. Ms Truss said: “The way the way we are going to defray the cost of this intervention is first of all by ramping up supply. Work is also ongoing to sign new longstanding energy contracts to reduce the impact of the cap on bills on government coffers, she revealed. The prime minister laid out her strategy for scaling up energy sources alongside plans to cap bills at £2,500 a year from October.Īs part of her plans to get the energy market “back on track”, Ms Truss announced plans to grow North Sea oil and gas production. However, she confirmed a “temporary suspension” of the green levy paid by consumers. On green energy, Ms Truss pledged to “speed up our deployment of all clean and renewable technologies”, such as hydrogen, solar, carbon capture and storage and wind. She once again rejected calls to widen the current windfall tax on the profits of North Sea companies, arguing it would discourage the “very investment we need”. There are reports that the total number of permits handed out could be in the region of 130. Truss confirmed plans in the House of Commons on Thursday to issue fresh oil and gas permits, and she predicts more than 100 licenses will be awarded. Loading Spinner An icon of a loading spinner.Ī new North Sea licensing round is on the horizon as new Prime Minister Liz Truss tries to turn the UK into a “net energy exporter by 2040”. Success Tick Timeout An icon of a greyed out success tick. Information An icon of an information logo. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Video Camera An icon of a video camera shape. Previous An icon of an arrow pointing to the left. Notice An explanation mark centred inside a circle. Next An icon of an arrow pointing to the right. Hamburger Menu Icon An icon used to represent a collapsed menu. Search Icon A magnifying glass icon that is used to represent the function of searching. ![]() Magnifying Glass An icon of a magnifying glass. Comments An icon of a speech bubble, denoting user comments. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Breaking An icon of an exclamation mark on a circular background. Pause Icon A two-lined pause icon for stopping interactions. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Is Public An icon of a human eye and eyelashes. Telephone An icon of a traditional telephone receiver. Profile An icon that resembles human head and shoulders. Linked In An icon of the Linked In "in" mark. Facebook An icon of the Facebook "f" mark. Caret An icon of a block arrow pointing to the right. Cancel An icon of a circle with a diagonal line across.
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