June 18, 2022 - Douglas Myser

Britain's move to clean energy thru gas tax. It appears that Britain has seen enough evidence of Global Warming to move itself towards clean energy. Yet politics remain. The British Gas owner, Centrica, has warned that Rishi Sunak's windfall tax will "damage investor's confidence" as Britain attempts to build up green energy supplies. The Centrica chairman, Scott Wheway, and its chief executive, Chris O'Shea, hit out at the chancellor's 25% levy on oil and gas operator's excess profits, which will be used to pay for measures to reduce soaring energy bills. Centrics--Britain's biggest energy supplier--reported that its annua operating profits doubled to 948M in 2021, aided by a surge in earnings from its North Sea oil and gas arm. It expects to make a healthy profit again this year. Britain's move to clean energy thru gas tax.

Sunak's tax breaks could lead to more than 8bn or North Sea energy projects. Sunak hopes to raise 5bn from the tax, but a debate is raging over the structure of the levy. An investment allowance within the tax allows energy firms to make 91p of tax savings for every 1 spent. Labour has labelled the allowance a "gigantic get out clause" while analysts believe 8bn of oilfield projects could soon get the green light as a result of the measure. Speaking at the annual shareholder meeting in Leicester, Wheway said "We've got every empathy with the plight of many customers presently, that are facing difficulties in managing their energy bills, and we welcome action to help these customers.

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