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"The Labour Party prefers to take a fantasy approach, which would put our energy security at risk. Labour’s pledge that there must be no unabated gas running in 2030 would plunge households into darkness, just to satisfy their Just Stop Oil mates. The approach would be music to Putin’s ears and would leave Britain vulnerable.": writes the man who finds it notmal to slap a 75% tax on our industry until 2029.
https://www.telegraph.co.uk/news/2024/03/12/rishi-sunak-new-gas-power-stations-blackout-risk-net-zero/
Net zero costs to hit poorest households hardest, warns Ofgem.
Fears over transition’s impact on poorer households come amid rise in energy bill debts.
https://www.telegraph.co.uk/business/2024/03/11/net-zero-costs-hit-poorest-households-hardest-warns-ofgem/
It is good (or a sign of the broader press waking up) that in a single day we are having these 2 articles in The Telegraph :
https://www.telegraph.co.uk/news/2024/03/11/we-must-end-the-net-zero-delusion-before-its-too-late/
https://www.telegraph.co.uk/business/2024/03/11/britain-hidden-carbon-emissions-net-zero-lie/
Https://www.telegraph.co.uk/news/2024/03/11/we-must-end-the-net-zero-delusion-before-its-too-late/
"It is difficult to see how it makes economic sense to subsidise unreliable, intermittent energy, charge a fortune for it and distribute the profits offshore. Effectively, consumers are subsidising overseas fat-cats in return for expensive, unreliable energy."
"The offshore wind industry is merely a means of lining the pockets of overseas investors at the expense of British energy consumers and UK taxpayers. What we get in return is expensive and intermittent energy that cannot be described as good value on any measure. We even have UK-based lobbyists taking their own cut to promote this rip-off. The overseas operators, financiers and banks are having a field day using our money. We appear to have fallen prey to an offshore parasitic class, facilitated by Government and lobbyists who are getting rich by sucking the lifeblood from society."
I can't understand why this isn't front page news in the tabloids....instead of the profiteering "energy giants".
"Had this Budget been delivered by a Labour chancellor, the Tories would be crying blue murder". "The terrible truth is that there is now almost no difference between the Sunak/Hunt managerialist approach to economics, and that of Rachel Reeves."
https://www.telegraph.co.uk/news/2024/03/06/britain-already-too-far-down-road-to-serfdom-to-turn-back/
There’s a message for wannabe prime minister Keir Starmer. He needs to understand that the North Sea oil and gas industry is already in transition; not perfect but it’s real. It knows the writing is on the wall.
Starmer reveals massive ignorance in his latest plan to tax the industry to death. Grab a few quick billions and hope Big North Sea Oil dies fast.
Bit like coal really, stuff the idea of an orderly transition. Let’s do it, Thatcher china shop style!
https://www.energyvoice.com/oilandgas/548623/the-ghost-of-thatcher/
KPMG Partner and head of Energy Tax Claire Angell said: “The extension to the Energy Profits Levy is the latest in a series of changes to the oil and gas windfall tax since it was introduced in May 2022. For an industry which rightfully seeks fiscal stability given the long-term nature of their investments, this makes the UK a more challenging place in which to invest.“Whilst the political pressure to balance the books in this Budget was clear, this may have unintended consequences and a potential cost to the taxpayer in the medium to long term. Postponing or shelving new development projects and the early cessation of production will reduce future tax revenues. In addition, where decommissioning starts earlier than planned the Government’s liability of up to 75% of those costs will be accelerated. This also has a potential impact on jobs, for a workforce whose skills will be key to the energy transition.”
https://www.energyvoice.com/oilandgas/north-sea/549480/windfall-tax-extension-north-sea-jeremy-hunt/
Extremely detailed and interesting paper, Romaron. Don't politicians take notice? Are they closing their eyes?
The problem explained in a more succinct way : https://www.telegraph.co.uk/business/2024/02/25/governments-must-slash-energy-bills-meet-net-zero-targets/
Hi Romaron, why the leak? Because someone apparently talked. Just like me you can read in the Oilprice-article "citing unnamed industry sources who had been privately briefed on the matter"....I found it strange we fell 5%, but Ithaca fell too, Petrofac fell 7%...First i thought it had something to do with the intention of ENQ going along with Bressay, but when i saw the Reuters-article, i thought that was the reason for our kneejerk-fall....
The positive thing is very simple : we still have the tax credits. I would not consider to start with Bressay. No more capital outlays. Get rid of the debt as soon as possible, i am willing to wait for bigger returns even when they have to come later, but get rid of the debt....And then run it down, or take over fields the others sell for nothing...We can't trust the Government.
“At the moment, the wider North Sea is not the most attractive place to invest because we have a wider level of fiscal instability and recent comments from the Labour Party do not help that position,” Mr Austin said.
“We have walked away from more deals in the UK sector of the North Sea [recently] than we’ve walked away from anything in the last 15 years, because of a lack of certainty of where we stand.
“And each time we think we have certainty, someone moves the goalposts and that’s not helpful.”
https://www.energyvoice.com/oilandgas/north-sea/548916/kistos-chairman-andrew-austin-north-sea-uk-labour-conservative-energy-policy-windfall-tax-epl-gas-storage/
On oil and gas from minute 16 second 50 : https://www.youtube.com/watch?v=Rq3zOoPF0lk
Go green and import wood from USA, Canada,Brazil, Latvia and subsidize.... https://www.telegraph.co.uk/business/2024/03/01/britain-burning-north-american-forests-drax-power-station/
Britain’s shift to a high-tax, regulatory state is crushing the life out of the economy.
https://www.telegraph.co.uk/business/2024/02/28/net-zero-delusion-reached-new-low/