Shell profits slump by more than a fifth amid oil price rout

Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “With Shell reporting another substantial profits haul, it’s worth remembering that these corporate windfalls do not occur by accident.

“For example, the company’s new joint venture with Equinor to merge the two firms’ UK fossil fuel assets highlights just how intertwined big energy profits, tax arrangements and supply of gas from a depleting North Sea reserve have become.

“But as debate continues over the future of the Energy Profits Levy, the contrast between firms locking in billions of profit and households struggling with high energy bills is stark. Ministers must ensure the system is on the side of the consumers, not the energy giants that have generated more than £125 billion in UK profits since 2020, even as millions live in cold, damp homes.”