Environmentalists renew calls for windfall tax to support households after Q2 earnings rise to almost $10bn

Shell has posted its second highest quarterly earnings on record as the energy market surge caused by the Middle East crisis helped to double its net profit to almost $10bn in the three months to June.

Europe’s biggest oil and gas company reported a quarterly profit of $9.8bn (£7.4bn), more than double the figure for the second quarter last year and the highest since its record-high earnings in the months after Russia’s invasion of Ukraine.

Generator’s shares rise as regulator finds no evidence of misleading statements about fuel’s sustainability

The City watchdog has closed an investigation into the owner of the Drax power plant after an almost 10-month review into whether the company’s sustainability claims mislead shareholders.

The Financial Conduct Authority said it had “reviewed thousands of pages” of “complex material” relating to the company’s sourcing of wood pellets for the Drax power plant in Selby, North Yorkshire, but “did not find evidence that justified any further action”.