The energy sector has in recent times been one of the more tumultuous in terms of fiscal policy, with political headwinds arising both from the immediate crisis of spiralling energy costs and the longer-term objectives of decarbonisation and net zero. Throw in a likely change of government in the next 12 months, and 2024 looks set to be another stormy year for producers and generators. The recent Autumn Statement trailed a new exemption for the Electricity Generator Levy, fleshed out the trigger for a possible curtailment of the Energy (Oil and Gas) Profits Levy, and was accompanied by some helpful proposed changes in the oil and gas sector. However, much uncertainty remains.
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The energy sector has in recent times been one of the more tumultuous in terms of fiscal policy, with political headwinds arising both from the immediate crisis of spiralling energy costs and the longer-term objectives of decarbonisation and net zero. Throw in a likely change of government in the next 12 months, and 2024 looks set to be another stormy year for producers and generators. The recent Autumn Statement trailed a new exemption for the Electricity Generator Levy, fleshed out the trigger for a possible curtailment of the Energy (Oil and Gas) Profits Levy, and was accompanied by some helpful proposed changes in the oil and gas sector. However, much uncertainty remains.
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