23 Jul '12, 3pm

Britain's Power Market Proposal 'Unworkable,' Lawmakers Say

Britain's Power Market Proposal 'Unworkable,' Lawmakers Say

The Energy and Climate Change Committee said Chancellor of the Exchequer George Osborne’s department is refusing to use the U.K.’s AAA credit rating to underwrite energy contracts, a measure that would reduce the cost of improving Britain’s power plants and electricity networks. “The government is in danger of botching its plan to boost clean energy because the Treasury is refusing to back new contracts to deliver investment in nuclear, wind, wave and carbon capture and storage,” said Tim Yeo, a Conservative member of Parliament who leads the committee. The comments escalate a feud within Prime Minister David Cameron’s coalition over the nature of support granted to the renewable and nuclear industries. The government’s legislation, now in a draft form, is due to be introduced in the House of Commons later this year as part of a program to lure 200 billion pounds ($320 bil...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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