Sunday, November 3, 2013

Centrica to pull plug on £2bn offshore wind farm plan

What message will those that criticized the nuclear strike price take from this?

 "Centrica is preparing to abandon a £2bn offshore wind farm project because subsidies offered by the government are too low."

Centrica to pull plug on £2bn offshore wind farm plan - Telegraph:
Its probable abandonment of Race Bank would, however, be its third high-profile withdrawal from planned UK investments on the grounds that subsidies footed by consumers were too low.
In February, it abandoned its 20pc stake in EDF’s planned Hinkley Point nuclear plant, writing off £231m, after complaining the returns were not attractive given the timescale and high cost. EDF last month agreed a subsidy deal for the project that analysts say could yield £1bn a year in pre-tax profits.
In September, Centrica wrote off £240m for planned gas storage facilities, which it had argued should be subsidised to avoid price spikes when supplies ran low.
Michael Fallon, the Energy Minister, rejected the claim, telling The Telegraph at the time: “I am not prepared to see fuel bills rise further just to give Centrica additional subsidy.”
Centrica to pull plug on £2bn offshore wind farm plan - Telegraph

One message others may take is that electricity should be a public service.

A referendum in Berlin indicated voters there wish to return distribution to municipal control (although not enough voted to make the poll binding) - as was the case earlier in Hamburg

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