Overview
- Released on Feb. 13, the Tony Blair Institute report calls for reversing the ban on new North Sea oil and gas licences and bringing the Energy Profits Levy to an orderly close.
- The paper estimates about 7.5 billion recoverable barrels in UK waters worth roughly £165 billion, casting the basin as a strategic national asset.
- DESNZ rejects the prescriptions and insists Clean Power 2030 remains the only credible path to permanently lower bills and secure energy sovereignty.
- Sources close to Energy Secretary Ed Miliband dismiss the plan as “nonsense,” pointing out the report concedes extra North Sea output would not materially reduce household electricity prices.
- The report and industry commentators say the current 38% levy and repeated fiscal changes have deterred investment, as the government runs a consultation on a replacement regime scheduled before the levy’s 2030 expiry.