Iceland boss calls for profit cap on energy firms as prices surge

cityam03-22 18:57

Prices briefly surged as high as $119 before easing back Richard Walker has urged the government to consider imposing a temporary cap on energy company profits, warning that households risk bearing ...

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GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/iceland-boss-calls-for-profit-cap-on-energy-firms-as-prices-surge/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Prices briefly surged as high as $119 before easing back Richard Walker has urged the government to consider imposing a temporary cap on energy company profits, warning that households risk bearing ...</p>\n\n<a href=\"https://www.cityam.com/iceland-boss-calls-for-profit-cap-on-energy-firms-as-prices-surge/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CMA","symbol_name":"联信银行","start_time":0,"source_url":"https://www.cityam.com/iceland-boss-calls-for-profit-cap-on-energy-firms-as-prices-surge/","article_id":"2621714743","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2024/05/oil-and-gas-1200x800-2.jpeg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/iceland-boss-calls-for-profit-cap-on-energy-firms-as-prices-surge/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2621714743","pubTimestamp":1774177047,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"Prices briefly surged as high as $119 before easing back Richard Walker has urged the government to consider imposing a temporary cap on energy company profits, warning that households risk bearing the brunt of another price shock linked to the Middle East conflict.The Iceland boss, recently appointed as a Labour peer and cost of living adviser, said ministers should examine limiting earnings for producers and retailers during periods of extreme volatility.“I have asked the government to consider a temporary profit cap … to stop producers and retailers exploiting the crisis to make windfall profits at the expense of consumers,” Walker wrote in The Sunday Times.The proposal would go further than existing windfall taxes by directly restricting profits during crisis periods, a move likely to divide opinion across business and 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consumers,” Walker wrote in The Sunday Times.The proposal would go further than existing windfall taxes by directly restricting profits during crisis periods, a move likely to divide opinion across business and government.\n\nWalker said the intervention would be targeted rather than permanent, adding: “As executive chairman of a retailer, I have no problem with profit… But I do have a big problem with profiteering, especially when families are under real pressure.”\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHis comments come as energy markets remain volatile following escalating tensions in the Middle East, which have pushed Brent crude above $100 a barrel in recent weeks.Prices briefly surged as high as $119 before easing back, while gas markets have also seen sharp swings after attacks on key infrastructure in the Gulf.The disruption could amount to a significant supply shock, with millions of barrels per day temporarily taken offline, raising the risk of sustained inflation and slower growth.\n\nPressure builds on government as bills riseThe government has already summoned energy producers and petrol retailers to Downing Street, in what Walker described as a “shot across the bows”, warning against “opportunistic rip-offs”.The Competition and Markets Authority (CMA) was also present, with ministers showing a willingness to strengthen its powers if needed.Walker said regulatory pressure would need to remain constant to ensure companies do not take advantage of market 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