North Sea Oil and Gas Producers: Investment Allowances

Lord Bellingham Excerpts

Tuesday 7th June 2022 Lords Chamber

[Baroness Penn (Con)]

One of the crucial differences is the investment allowance we have just been discussing, to ensure that the levy we have in place does not disincentivise investment in the North Sea, which will be really important to longer-term energy security if we face similar situations in future. Another difference is that this levy will raise about £5 billion, allowing us to give around £1,200 to the most vulnerable households, unlike the plans from the party opposite, which would have raised around £2 billion to £3 billion, giving £600 to the most vulnerable households.

[Lord Bellingham (Con)]

My Lords, the Minister gave a very good reply to the question asked by my noble friend Lord Deben, but she did not address the point about the need for an offshore transmission network. Without that, there are going to be more pylons going through various parts of the country, which will do huge damage to the environment.

[Baroness Penn (Con)]

My noble friend is absolutely right. That went slightly beyond the energy profits levy investment allowance, but I would be happy to write to him with more details.