KPMG responds to the Energy Profits Levy

“The energy sector has the greatest infrastructure needs of any sector in the UK economy and will need to attract billions of pounds in private sector capital over the coming years to ensure energy security, deliver our Net Zero targets, and keep energy bills down for businesses and households.

“Whilst a case can be made for windfall taxes given the recent high energy prices, an increase in the windfall tax on oil and gas companies, and the new windfall tax on electricity generators, does risk making it harder for the UK to attract the foreign investment it needs, at a time when other countries are providing significant long-term incentives for investments in the Energy Transition, like the Inflation Reduction Act does in the US.”

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For further information please contact:

KPMG Media Relations

Claire Barratt

Mobile: +44 (0)7923 439264

claire.barratt@kpmg.co.uk

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 15,300 partners and staff.  The UK firm recorded a revenue of £2.43 billion in the year ended 30 September 2021.

KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 145 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.