Should loopholes for tax incentives be removed from the UK government’s windfall tax could generate around £22 billion in additional revenue, research from the New Economics Foundation (NEF) has found. The government’s investment allowance loophole is a highly controversial policy that enables oil and gas firms, those that are heavy carbon emitters, to secure around
The CEO of SSE has warned that the Government's windfall tax damages the economic viability of running hydroelectric plants during certain periods of time. The head of SSE has warned that Chancellor Jeremy Hunt's new windfall on energy companies could threaten the UK's energy security, as the firm may be forced to reduce its electricity output to
Major wind turbine makers are reporting massive losses and laying off swaths of employees. Siemens CEO sees supply chain snarls as a major challenge to future growth. European wind companies have also financially overextended themselves. Why isn’t wind power going gangbusters? In Europe, the energy crisis is causing solar power growth to break record
The number of solar panel systems installed at UK properties leaped by 10 per cent — 110,000 — ahead of last month's energy price hikes, new analysis by Savills reveals. The year to the end of September saw the highest uptake in small-scale solar panel systems for five years as UK homeowners took action
The European Commission today proposed a temporary emergency regulation to accelerate the deployment of renewable energy in the face of the energy crisis and the knock-on effects of Russia’s invasion of Ukraine. Scheduled to last for one year, the proposal will remove administrative red tape around permitting and deployment, allowing renewable energy sources to
Access to solar panels and a home battery has reduced energy bill worries for Nikita Harris on one of Europe's largest green retrofit projects. "Where I used to worry going to bed, I don't have to worry now," said Nikita, 26, whose home in Swansea now runs partially on a battery. Some 644 properties
Centrica has officially reopened the Rough gas storage facility, increasing the UK’s storage capacity by 50%. It gained consent from the North Sea Transition Authority in August to reopen the site situated off the East Yorkshire coast. It subsequently undertook significant engineering upgrades over the summer, ahead of commissioning the site in the Autumn. The company has
Key UN reports published in last two days warn urgent and collective action needed – as oil firms report astronomical profits The climate crisis has reached a “really bleak moment”, one of the world’s leading climate scientists has said, after a slew of major reports laid bare how close the planet is to catastrophe. Collective
Shell has posted profits of £8.2 billion ($9.5 billion) in Q3 2022, but has paid no windfall tax. This is more than double what the oil and gas major made in the same period during 2021, when it made $4.2 billion. It’s high adjusted earnings were due to strong trading and optimisation margins for
Home batteries can make your solar roof a much better investment. Home battery storage is moving from an exotic feature of the homes of the wealthy to a more mainstream option for any home with solar panels, incentivized by a new 30% federal tax credit. But If you think of batteries primarily as a backup