Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an estimate of the additional revenue the energy profits levy would raise each year in the event that it were extended until 2030.

This question was answered on 22nd July 2022
The Energy Profits Levy (EPL) is expected to raise around £5 billion in its first 12 months. The final costing will be subject to scrutiny by the Office for Budget Responsibility and will be set out at the next fiscal event.

In future years, if oil and gas prices return to historically more normal levels, the Government will phase out the Energy Profits Levy. The legislation also includes a sunset clause, effective at the end of December 2025.

No assessment of additional revenue the Levy would raise each year in the event that it were extended until 2030 has been made.