Norwegian energy corporation Equinor has announced record profits due to rising gas prices. Anders Opedal, the chief executive and president, refers to the expense of moving from harmful fossil fuels to cleaner energy sources. According to its most recent financial data, pre-tax profits between July and September were $24.3 billion, up from $9.7 billion the year prior. However, the cost of living is rising for many people due to the high gas and energy prices for houses and businesses. According to Opedal, it is doubtful that gas and electricity prices will ever again reach the level of the average UK home, which was around £1,300 per year. Currently, a property’s average annual bill is about £2,500, which also includes help from the UK government.

Energy companies that benefited from the price hike last year were subject to a windfall tax in the UK. Initially set at 25%, the so-called Energy Profits Levy will rise to 35% in January and remain in place through March 2028. Oil and gas extraction profits in the UK are taxable, but not those from oil refining or forecourt sales of gasoline and diesel. The tax, according to Opedal, had no impact on Equinor’s investment strategy in the UK, but it did on how each project was evaluated because they had to take the tax level into consideration in relation to all other risks.