Library filed under Taxes & Subsidies from UK

UK awarded too much in renewable energy subsidies - NAO

Britain's energy ministry awarded too much in subsidies to eight renewable energy projects in April - 16.6 billion pounds in total - meaning that consumers will pay over the odds for the electricity the projects produce, a parliamentary watchdog said. The report, by the National Audit Office (NAO), comes amid mounting pressure on politicians to try to keep energy bills down.
27 Jun 2014

Early contracts for renewable electricity

Today’s NAO report finds that, by awarding these early contracts, the Department has provided certainty of support to the contractors at least five months earlier than they could have achieved under the full Contract for Difference regime. ...However, the scale of early contracts for renewables, awarded without competition, may have increased costs to consumers.
27 Jun 2014

Wind farms add to Independence Bill

Green power generators in Scotland raked in more than £600million in public subsidies last year, with 91.5 per cent coming from electricity bills in the rest of the UK. However, the drive to become the “Saudi Arabia of renewables” is expected to push that figure to about £3billion a year by 2020.
22 Mar 2014

Governments rip up renewable contracts

Europe’s renewable energy investors are facing a harsh reality – that the promises from politicians can be taken away at any moment. Canada’s renewable energy investors may soon face that same reality. ...Governments across Europe, regretting the over-generous deals doled out to the renewable energy sector, have begun reneging on them. To slow ruinous power bills hikes, governments are unilaterally rewriting contracts and clawing back unseemly profits.
20 Mar 2014

Renewables subsidies to be excluded from EIS and VCT

The door appears to be shutting on a popular means of lower risk tax-efficient investment as the government clamps down on vehicles that benefit from both public subsidies and tax breaks. Investment schemes that benefit from Renewables Obligation Certificates are set to lose their tax relief status upon the passage of the Finance Bill, scheduled for July.
19 Mar 2014

Wind farm plans in tatters after subsidy rethink

Under the new scheme, companies will have to sell their electricity to the national grid under a competitive bidding system. The new scheme will limit the total amount of subsidies available for green energy; previously the subsidy budget was effectively limitless. The change has led to developers scrapping wind farm schemes amid claims that the new system will make future wind farms unprofitable.
2 Mar 2014

Taxpayers fund wind farm scam

Wind farm firms have been accused of building huge, ineffective turbines to exploit a lucrative loophole funded by the taxpayer. Labour MP Sir Tony Cunningham, who represents Workington in Cumbria, recently quizzed the Westminster Government to find out what action it was taking. In response to his parliamentary question Energy Minister Michael Fallon revealed he was aware that eight of 110 turbines installed at the higher 100kw to 500kw FIT rate up to September 2013 had been de-rated.
23 Feb 2014
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