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EY

North Sea

The impact of carbon pricing on the UK

Earlier this month saw the EU Emissions Trading Scheme (EU ETS) daily carbon price hit €40.  The EU ETS has been in place since 2005 and covers power and heat generation; energy-intensive industry sectors (including oil refineries, steel works and production of iron, cement, etc); and commercial aviation. For many years the carbon price traded below €10 but since 2018 the price had increased more than three-fold.

Promoted

IP Week 2021: From crisis to low carbon opportunity

This coming decade will be defined by three historic, global challenges: building a resilient recovery from the devastating Covid-19 pandemic; achieving the UN goal of universal access to energy for all populations; and charting an ambitious course - at COP26 and beyond - for tackling the threat we all face from the climate emergency.

Podcast

Energy Voice and EY kick off 10 Point Pod series with Orsted on offshore wind

The UK Government announced its 10 Point Plan for a Green Industrial Revolution amid much fanfare in November. The points laid out in the strategy pave the way to the UK’s net zero future. But what are they? Why have they been identified? And what impact will they have on the energy sector and the wider economy?

Podcast

Energy Voice and EY launch 10 Point Pod series

The UK Government announced its 10 Point Plan for a Green Industrial Revolution amid much fanfare in November. The points laid out in the strategy pave the way to the UK’s net zero future. But what are they? Why have they been identified? And what impact will they have on the energy sector and the wider economy?

North Sea

EY beefs up Scottish tax team

Two senior tax professionals have joined the Scottish tax team at EY in the latest announcement of growth and investment by the professional services firm.

Promoted

Renewables and investment – well placed to bounce back?

While many sectors have recently rediscovered the importance of resilience, it’s always been in the energy industry’s DNA. From hostile physical environments to volatile prices, the sector keeps the lights on for millions of households, whatever the circumstances. So, despite seized-up supply chains and plunging energy prices, the industry has largely endured and overcome the current challenges presented by the Covid-19 pandemic.

Opinion

Are there any tax levers left to pull for the UK oil and gas industry?

Proposals to introduce temporary amendments to the Norwegian upstream tax regime, put to the Norwegian parliament a couple of weeks ago, and included within the Norwegian budget on Tuesday, have added to calls for fiscal change in the UK to support investment in the UKCS and underpin the oilfield services (OFS) supply chain.

Promoted

Focusing on the future – what’s next for the oil and gas sector?

Despite the uncertainties raging around us, as an industry and as individuals we have adapted quickly to the challenges of lockdown. The return to normal may prove a longer, challenging but potentially rewarding path, believes Jon Clark, EY EMEIA Oil & Gas strategy and transactions leader.

Opinion

How energy companies can respond now and plan for the future

Energy companies are used to weathering disruption of all kinds. And during this incredibly challenging time, we are now more than ever relying on them for the safe access and delivery of power, gas, water and other essential services. As governments around the world enact drastic measures to slow down transmission of the COVID-19 outbreak, energy companies are facing multiple challenges: from the health and well-being of employees to disruption in the supply chain and from working capital shortages to complete closure of operations. They have also been squeezed by a big drop in demand for both oil and natural gas, which has led to lockdowns, a collapse in industrial activity and travel bans all over the world. Oil prices have been sent crashing to their lowest level since 2001, while gas demand has fallen by as much as 20% in some cases.