, Reuters reported Monday, citing unnamed industry sources who had been privately briefed on the matter. The report comes shortly after crisis talks organized by oil and gas producers in the UK in late February, where they discussed the potential “hammer blow” impact on production, dividends and industry jobs. On Wednesday, British Finance Minister Jeremy Hunt is expected to reveal the extension during his budget speech. The windfall tax on energy companies was first introduced in May 2022.
The longevity of the windfall tax was also extended from 2025 to 2028 at that time, in addition to widening its net to include electricity generators at 45%. The rate of the windfall tax is expected to remain the same when Hunt announces the anticipated extension this week, Reuters cited its sources as saying. The crisis meeting in late February bemoaned a windfall tax that the industry fears will decimate investment in the country’s oil and gas producers.
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