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The City View: Offshore Energies CEO on deleterious effects of a windfall tax

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25.05.2022

Today Andy Silvester chats to Deirdre Michie, CEO at Offshore Energies UK.

They unpick the windfall tax, the risk it poses for smaller energy firms and the sector in general, the state of the energy industry, and the seemingly lackadaisical speed of the energy transition.

In other news: M&S is leaving its Russian franchise business, average petrol prices have exceeded £1.70 per litre, and members of the RMT union have voted in favour of a nationwide strike.

Episode transcript (auto-generated)

Andy Silvester 0:08 Good afternoon and welcome to The City View podcast. I’m Andy Silvester, the editor here at City AM. In a few minutes I’ll be joined by Deirdre Michie, the boss of Offshore Energies UK who will talk to us about the possibility of a windfall tax and more. Firstly, some of the corporate headlines and Marks and Spencers said it is leaving its Russian franchise business, as it also warned that sales growth will slow due to the cost of living crisis. The retail giants Russian arm, which is run in turn by a Turkish franchisee operates about 48 shops and 1200 employees in the country in March. The company stopped shipments to the stores, but has now said it will fully exit the franchise. Taking a 31 million pound cost it as a result is that profits for new financial year will start at a lower level due to the impact of that withdrawal, but also the end of the business rates holiday and it added that it expects this will stay lower throughout the year. Given the increasing cost pressures and consumer uncertainty that is out and about in the world. m&s highlighted that the increase in costs is weighing on consumers ability to spend and expects this pressure to increase further in the year. Showing over the past six weeks been slightly ahead of levels from last year. Don’t forget when we were still just about in pandemic restrictions, and that’s been driven by strong sales and its clothing and home operation. And elsewhere. Average petrol prices have now exceeded one pound 70 per litre for the first time the figures show. The average price of a litre of petrol at UK for course on Tuesday was 170.4 B. According to the data firm experienced catalyst. Diesel also reached a record high of 181.4 p per litre. Petrol has become around 41 p per litre more expensive over the past year, adding around 23 pounds the cost of filling your typical family car Ric called it an unfortunate landmark and of course, with our new online shopping pawnshop, that cost of petrol cost of diesel going up well of course hit all of our purchases that require vans to drop off at the front door. Meanwhile, insurance giant Prudential has poached its new boss from Canadia rival it announced on Wednesday. The business said the former Citibank annual Watani would pick up the reins in February next year. Prudential expected to tap into his experience of Asian markets where the Mumbai educated well one he has spent most of his career in Zurich courses listed and has headquarters in both Hong Kong and London. But there have been concerns in recent years that he might walk away from its London base after a pivot to Asia and Africa. And commuters wanting to brace themselves I’m sorry for a new wave of strikes after members of the r&d Union. Working in the railway industry decided in favour of nationwide industrial action. RMC announced the ballot results last night, with a majority voting in favour of walking out over pay and conditions. RMC general SEC Mike Lynch call that an overwhelming endorsement government and also railway operators all absolutely livid. And I have to say, I’m minded towards the latter rather than the former. But enough of that I’m now joined amid talk of a windfall tax, much discussion of the role of the offshore energy industry in the UK by Deirdre Michi, who is the boss of offshore entities UK representing the UK offshore energy providers and extractors and all sorts. Deirdre thanks for taking time out of what I imagine is a pretty busy schedule at the moment.

Deirdre Michie 3:02 So thank you for asking me a........

© City A.M.


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