Record-high energy prices will result in UK natural gas suppliers and electricity generators making massive excess profit of GBP 170bn in the next two years, estimates HM Treasury, according to reports by Bloomberg News referencing unnamed sources wishing anonymity due to the internal nature of the finance ministry’s data.

Sources say this estimate will be shown to the countries next prime minister, either Liz Truss or Rishi Sunak, when one of these top Tories assumes power after Boris Johnson steps down next week on Sept. 6.

This estimate could thus prompt political intervention entailing that the 25% windfall tax on oil and gas companies this year be extended to power companies hitherto exempted from the extra levy.

Treasury’s figures are based on projected earnings for utilities in the coming years, relating prices from before the war in Ukraine to profit prognoses based on current energy prices.

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