Strong profits lead to renewed calls for energy firms to pay more tax, with households facing high bills.
Oil and gas giant BP has reported strong profits for the beginning of the year as energy prices remain high.
"Of course we want BP and others to make profits so they can invest but these are profits that they didn't expect to make, these are profits that are over and above because the world price of energy is so high," he told BBC Breakfast. It has led to big profits for energy companies, but also fuelled a rise in energy bills for households and businesses.The company said it had seen an "exceptional" performance from gas marketing and trading, and "very strong oil trading".
The EPL is set at 35%, and together with existing taxes on oil and gas companies takes the total UK tax rate to 75%. However, companies are able to reduce the amount of tax they pay by factoring in losses or investment in their UK oil and gas business. Wholesale gas prices have been falling, which has raised hopes that household bills will start to come down this summer.
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