Shell reports highest profits in 115 years
Shell has reported record annual profits after energy prices rocketed last year following Russia’s invasion of Ukraine.
Profits hit £32.2bn in 2022, double last year’s total and the highest in its 115-year history.
Energy firms have seen record earnings since oil and gas prices jumped following the war. There has been a pile-on of pressure for firms to pay more tax as households struggle with rising bills.Â
The UK government introduced a windfall tax – called the Energy Profits Levy – on the profits of firms to help fund its scheme to lower gas and electricity bills.
Energy prices began to rise following the end of Covid lockdowns but started to soar in March last year after the war in Ukraine began as there were worries over supplies.
It led to bumper profits for energy companies, but also fuelled a rise in energy bills for households and businesses. It has – along with rising food prices – pushed inflation to a 40-year high.
