Posts under ‘BBC NEWS’

BBC NEWS

Vast energy firm profits raise fresh questions over windfall tax

By Douglas Fraser: Business and economy editor, Scotland

• Vast profits for BP and Shell have put them in the frontline of a battle over the winners and losers from the energy crisis.
• Extension of the windfall tax is seen by the industry as a way of discouraging further investment.
• Some would prefer to see that discouraged and are dismayed as BP increases spend, while others want taxes to target benefits to shareholders.

BP and Shell get the attention because they’re big, public brands based in Britain. They’re not the only ones making vast amounts of money.

US firm ExxonMobil reported a profit of $56bn (£47bn) for last year. Chevron, also in the US, reported $36bn (£30bn).

Shell had profits of $40bn (£32bn) and BP has weighed in at $28bn (£23bn). All of them have more than doubled profits as the invasion of Ukraine and sanctions on Russia roiled the world’s energy markets.

Equinor (formerly Statoil), based in Norway and the largest supplier of gas to the UK and European Union after Russian gas flow was cut sharply, announced on Wednesday its net profit for the year was $28.7bn (£24bn), up from $8.6bn (£7bn) in 2021. Adjusted operating profits – before tax and removing one-off items – came to $75bn (£62bn). read more

BBC NEWS: Job risk as Shell considers quitting energy market

BBC NEWS 27 JAN 2023

Up to 2,000 UK jobs are at risk at Shell Energy after it announced it was considering quitting the energy sector.

The firm said it was conducting a “strategic review” to its operations in the UK, Netherlands and Germany amid “tough market conditions”.

The Coventry-based company provides energy to 1.4 million homes in the UK and broadband to around 500,000 people.

A spokesperson said: “No decisions have yet been taken on the way forward” and added the review could take months. read more

BBC News

Man hit with £29k Shell Energy bill after supplier error

24 Jan 2023

A man has been hit with a £29,000 energy bill following a mistake by his supplier.

Patrick Collins, from Henley, Oxfordshire, said attempts to resolve the problem with Shell Energy had so far failed.

The bill was his first from the firm after his previous supplier, Green Energy, went bust in 2021.

After being contacted by the BBC, Shell Energy said it accepted Mr Collins did not owe £29,000.

It added it was working to rectify the problem. read more