In Offshore Energies UK’s (OEUK’s) Business Outlook Report 2023, released on Tuesday 28 March, it highlights that regulatory uncertainty is holding back the development of offshore wind projects at the scale needed to meet government targets. The trade association states the Electricity Generator Levy, which places a tax on exceptional electricity generation receipts of qualifying generating undertakings from 1 January 2023 to 31 March 2028, has damaged investor confidence in the UK market while long waits for planning consent and grid connections are creating further barriers. OEUK also notes that the UK remains reliant on oil and gas, sourcing 76% of its energy requirements from fuels in 2022, but cuts to investment have downgraded its expectations for the UK’s potential oil and gas resources.
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