Rachel Reeves strengthens windfall tax and targets energy profits
UK Chancellor Rachel Reeves has extended and increased the Energy Profits Levy on North Sea oil and gas producers, introducing a permanent windfall tax to capture excess profits during future price spikes. Reeves announced reforms to tax foreign branch profits of UK‑based oil and gas groups, aiming to raise hundreds of millions of pounds. Charities […]
Wind and solar overtake gas for the first time in global electricity generation
Wind and solar generated 22% of global electricity in April 2026, while gas‑fired power supplied 20%. This is the first recorded month in which renewables outpaced gas on a global scale. The milestone reflects structural… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
US energy storage installations hit record high, driven by AI and volatile markets
Developers installed 9.7 gigawatt‑hours of energy storage in the US during the first quarter of 2026, a 32% year‑on‑year increase and the highest quarterly total on record. Demand is propelled by AI data centres, volatile… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
OPEC+ to raise output quota by 188,000 bpd – but hike seen as mostly symbolic
OPEC+ leaders agreed to raise their collective output target for July by 188,000 barrels per day – the third consecutive monthly increase. Only seven countries will receive higher quotas, reflecting the still‑dominant role of core producers. Actual production is constrained by the closure of the Strait of Hormuz. Gulf states have lost about 9.9 million […]
OEUK calls emergency summit as Iran war reignites UK energy security debate
Offshore Energies UK has urged ministers to prioritise domestic energy production, including North Sea oil and gas alongside renewables, warning that dependence on imported fuels leaves the UK increasingly exposed to geopolitical shocks. OEUK says accelerating approval of Rosebank and Jackdaw and introducing the proposed Oil and Gas Price Mechanism could unlock £50 billion of […]