Chancellor extends energy windfall tax to ‘low carbon’ generators

Jeremy Hunt proposes to raise 14bn by also raising levy to 35% and extending it by two years

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Jeremy Hunt hopes to raise 14bn next year after increasing the windfall tax on oil and gas companies and reining in the profits of low carbon electricity generators.

The chancellor also confirmed that the existing windfall tax on North Sea oil and gas operators, the energy profits levy (EPL), will be raised from 25% to 35% and extended by two years, until March 2028.