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Taxation

Oil rig silhouette set against orange sunset

14/6/2023 News

UK windfall tax could end if energy prices fall

The UK government has announced that the Energy Profits Levy, which puts a marginal tax rate of 75% on North Sea oil and gas production, will remain in place until March 2028 while oil and gas prices remain higher than historic norms, but will fall back to 40% when prices ‘consistently return to normal levels for a sustained period’.

Renewables

Head and shoulders shot of Stuart Gourley

8/9/2026 Comment / Stuart Gourley

Enabling landowners to play their part in the energy transition

Across the UK, utility-scale solar, wind and battery energy storage projects are becoming an increasingly important part of the rural economy. For the landowners who host them, they can also create something less frequently discussed: an income-producing asset, writes Stuart Gourley, Founder Director and Chief of Product of renewable energy leasing specialist RELA.

Climate change

27/11/2024 News

G20 declares to better tax billionaires and spend the proceeds on climate action

Leaders at the G20 meeting in Rio de Janeiro, Brazil, closed the Summit on 19 November by announcing a series of commitments aimed at addressing global inequalities and accelerating climate action, including the taxation of billionaires and support for a just energy transition.

Oil and gas

UK Prime Minister Rishi Sunak during speech

8/2/2023 News

Record fossil fuel profits raise calls for higher windfall taxes on Big Oil

Faced with record profits by BP and other fossil fuel majors, there are increasing calls for a rise in windfall taxes by hard-hit consumers, environmentalists and trade unions.

Energy policy

US President Donald Trump at desk surrounded by group of people

9/7/2025 News

Trump’s ‘One Big Beautiful Bill’ blows big hole in US emissions target

President Donald Trump’s attack on US climate policy continued in earnest with his signature into law of the so called ‘One Big Beautiful Bill’ on 4 July 2025. Among hundreds of tax and spending provisions, the Bill is to phase-out a significant tranche of clean energy tax credits.

Oil and gas

1/2/2023 News

Norwegian tax break will increase gas and oil supply to Europe

The energy crisis in Europe triggered by the ongoing war between Russia and Ukraine has left the continent short of hydrocarbon supplies and increasingly reliant on LNG imports. However, Norway is expected to increase oil and gas supplies to Europe following a record-breaking sanctioning boom on the Norwegian Continental Shelf (NCS), reports Rystad Energy.

Energy policy

23/11/2022 News

UK Autumn Statement: More heat on average energy users and 45% levy on low carbon electricity generators

UK Chancellor Jeremy Hunt announced a raft of new tax measures in his Autumn Budget, bringing UK taxation to the highest level since World War 2. Energy-related measures were particularly significant and included a new windfall tax on low carbon electricity generators, and the introduction of a vehicle excise duty on electric vehicles by 2025.

Energy storage

Head and shoulders pic of John Leonti and Craig Kline, Partners, Troutman Pepper

31/5/2023 Comment / John Leonti,Craig Kline

Impacts of the Inflation Reduction Act on US battery developers

The Inflation Reduction Act (IRA) aims to increase investment in green technology in the US through a variety of means. One is to expand national battery development through an investment tax credit. John Leonti and Craig Kline, Partners at Troutman Pepper law firm, share their thoughts.

Energy policy

UK Chancellor Rachel Reeves lifting budget box in Downing Street

6/11/2024 News

Energy industry ‘disappointed’ by increase in windfall tax, but reaction to other parts of UK Autumn Budget more positive

Announcing her Autumn Budget last week, UK Chancellor Rachel Reeves confirmed that oil and gas companies will contribute more as the Energy (Oil and Gas) Profits Levy (EPL; or 'windfall tax') rises from 35% to 38%. Alongside this, the government is removing the 29% investment allowance, and extending the levy until 31 March 2030. The government will retain the availability of 100% first year capital allowances within the EPL, and will consult in early 2025 on how the oil and gas tax regime should respond to price shocks once the EPL ends in 2030.

Energy policy

22/3/2023 News

UK budget extends energy subsidies and supports carbon capture and mini-nuclear reactors – but overlooks energy efficiency and renewables

Jeremy Hunt’s first budget as UK Chancellor of the Exchequer brought welcome relief to hard-pressed energy consumers, froze the fuel duty cut, and promised to pump billions into carbon capture and storage projects as well as support the development of small nuclear reactors. However, there was no support for energy efficiency initiatives or significant renewable energy infrastructure investment, despite lobbying by numerous industry and non-governmental organisation groups, writes New Energy World's Brian Davis.

New Energy World™

Search results:

UK windfall tax could end if energy prices fall

Enabling landowners to play their part in the energy transition

G20 declares to better tax billionaires and spend the proceeds on climate action

Record fossil fuel profits raise calls for higher windfall taxes on Big Oil

Trump’s ‘One Big Beautiful Bill’ blows big hole in US emissions target

Norwegian tax break will increase gas and oil supply to Europe

UK Autumn Statement: More heat on average energy users and 45% levy on low carbon electricity generators

Impacts of the Inflation Reduction Act on US battery developers

Energy industry ‘disappointed’ by increase in windfall tax, but reaction to other parts of UK Autumn Budget more positive

UK budget extends energy subsidies and supports carbon capture and mini-nuclear reactors – but overlooks energy efficiency and renewables