Once other EU LNG terminals come online, and as the UK needs more energy itself over winter, it stop exporting. Hopefully some more UK gas storage will come on line in the next few weeks as well, but probably not enough to make a significant difference to this winter's outlook: https://www.bloomberg.com/news/articles/2022-08-31/centrica-...
In the Netherlands we're also getting questions about why we're exporting so much gas we need ourselves. Well that's why. We've already sold it, it just hasn't been delivered yet.
I don't disagree that those in charge don't care, but that doesn't mean this problem is caused by exports...
1 https://www.ons.gov.uk/economy/nationalaccounts/balanceofpay....
With the new energy profits levy introduced in July, the headline tax rate for oil & gas profits is now 65%, which is some way off letting the energy companies keep their profits.
What the UK is doing is letting its energy companies make bank while prices are high, and taking a (temporarily enhanced) cut of that to fund a cost of living subsidy for consumers.
So, that 65% tax on profits really isn't doing much, it's passed on to customers. Tax rises only make sense here with capped prices.
What I would like to know is how that handles amortization? Especially for renewables where the capex is huge and the opex small. Is that a before or after amortization number?
The prices quoted are absolutely crippling, though. I wonder if people would actually prefer a 1970s style rolling blackouts to having two thirds of small businesses go bankrupt.
> solution is to keep all the energy company profits
Interesting way of taxing people outside of one's jurisdiction to subsidize local people.
Similarly; during the potato famine Britain exported much of Irelands food crops.
Now, the UK is doing this to it's own population, much of it's Oil and Gas from the North see is being exported.
Ordinary people are getting hit with what will be some of the biggest prices rises in Europe, but the people who have been in charge for 12 years don't care.
The new prime minister says she will fix this, but she was a minister for 8 years in this government, and her solution is to keep all the energy company profits, and give people a stopgap that will be added onto their bills for the next 10 years.