Chevron, Shell, and ExxonMobil reported record or near-record quarterly profits, collectively averaging $404 million daily, driven by high crude prices and refining margins due to global conflicts. This has intensified calls from European lawmakers and US Democrats for windfall taxes, a policy ExxonMobil's CEO called "misguided."
BP announced plans to sell its North Sea oil and gas business, which employs 1,100 people across five production hubs, to focus on high-value opportunities. The move follows declining production, tax changes, and similar divestments by other energy majors, despite recent UK government signals for a pragmatic approach to North Sea resources.
South Korea plans to establish a "Future Response Fund" using additional tax revenue from its booming semiconductor industry. The fund aims to support younger generations, address economic inequality, and invest in major national projects in semiconductors, AI, and data centers to boost long-term competitiveness.
India has reduced windfall taxes on diesel and aviation fuel exports to Rs 8.5/litre and Rs 7.5/litre respectively, while increasing the petrol export duty to Rs 4/litre. These changes, effective July 1, aim to manage domestic supply amidst easing global oil prices and extend exemptions to more neighbouring countries.
India has increased the windfall tax on diesel and aviation turbine fuel (ATF) exports for the fortnight starting June 16. The special additional excise duty on diesel is now Rs 14 per litre, and on ATF is Rs 12.5 per litre. The duty on petrol exports remains Rs 1.5 per litre.
India reinstates windfall tax on diesel and ATF exports, sets petrol export duty at Rs 1.5/litre, effective June 1, 2026, due to changes in global oil prices and refiner margins.
Russia's Finance Ministry states no current discussions on introducing a windfall tax, with decisions to be made comprehensively during the 2027-2029 budget planning based on macroeconomic forecasts.
France's Finance Ministry will consider a windfall tax on companies that profited excessively from the energy crisis, particularly those benefiting from the Middle East conflict and rising oil prices.
India imposes a Rs 3/litre windfall tax on petrol exports, reduces diesel to Rs 16.5/litre and ATF to Rs 16/litre from May 16. The move aims to boost domestic fuel availability amid the West Asia crisis and rising global crude oil prices.
Unions group wants rate returned from 3% to 8% after big four UK lenders reveal £14bn total profit in first quarter An increased windfall tax should be imposed on the UK’s largest banks according to trade union leaders, after the big four lenders reported almost £14bn in first-quarter profits, partly fuelled by market turbulence caused by the Iran war.The Trades Union Congress (TUC) renewed its call for an increase in the current bank surcharge, which was reduced from 8% to 3% of profits above £100m by the Conservative government in 2023, as banks benefit from the high interest rate environment. Continue reading...
The UK government's plan to de-link gas and electricity prices is a heavily diluted version of the more radical 'pot zero' proposal and will likely deliver only modest savings for consumers. While older wind and solar farms under the renewables obligation scheme receive around £200/MW/h compared to £91 for new projects, the reform only swaps the wholesale element to fixed-price contracts, not the legacy subsidy portion. Energy secretary Ed Miliband offered no bill reduction forecast, with savings dependent on take-up and likely to be modest under normal conditions.
Government has shaken up the way electricity is priced as British costs are among the highest in the worldElectricity generators threatened with higher windfall taxes in bid to ensure stable pricesThe second global energy crisis of this decade has reignited questions about Britain’s grid strategy, specifically: why does it continue to have one of the most expensive electricity markets in the world?Despite the growing role of domestically generated renewable power, electricity wholesale prices in the UK have more than doubled since the war in Iran triggered a global squeeze on seaborne gas shipments from the Gulf. Continue reading...
Government has shaken up the way electricity is priced as British costs are among the highest in the worldElectricity generators threatened with higher windfall taxes in bid to ensure stable pricesThe second global energy crisis of this decade has reignited questions about Britain’s grid strategy, specifically: why does it continue to have one of the most expensive electricity markets in the world?Despite the growing role of domestically generated renewable power, electricity wholesale prices in the UK have more than doubled since the war in Iran triggered a global squeeze on seaborne gas shipments from the Gulf. Continue reading...
The UK Treasury will increase the windfall tax on electricity generators from 45% to 55% unless they sign long-term fixed-price contracts, in a bid to protect bill payers from gas price shocks. Owners of legacy renewable energy projects face the higher tax rate until they sign contracts for difference. The measures aim to delink electricity prices from gas prices as UK household bills are expected to rise from July due to the Middle East conflict pushing up global energy costs.
