Library filed under Taxes & Subsidies from UK
One of Scotland’s leading wind power companies has come under attack for allegedly avoiding millions of pounds of tax by being owned in the Cayman Islands. Ventient Energy, which operates 13 wind farms in Scotland and is headquartered in Edinburgh, is a subsidiary of a company registered in Luxembourg. That company is in turn owned by a firm in the Caymans, a new report has revealed. ...Ventient is also closely tied to the biggest US bank, JP Morgan Chase. It is seen by some as the bank’s “European renewable energy platform”.
Boris Johnson has declared that wind power is the future of Britain's energy but an investigation has revealed turbine owners are being paid over the odds. Civil servants set subsidy rate so high it's been branded ‘licence to print money’.
Household are facing a huge hike in their energy bills after a record surge in subsidy payments to switch off Scottish wind farm turbines partly caused by them producing too much power, an analysis has found. In the two months of this year, £69 million was paid out in constraint payments.
Onshore wind farms will be eligible for subsidies for the first time since 2016 from next year. ...However, the government has stressed new projects in England will only go ahead with the consent of local communities.
In the world of renewable energy nothing is what it seems. “Environmentally friendly” turns out to be devastating to the natural world. “Cheap” is expensive. “Local support” is found to be at a distance. “Sustainable” is, strange to say, short lived and unaffordable. A “contract” is non-binding. “Secure” is actually unreliable. Love is hate, black is white, and “Green” is a murky shade of brown. So we should not be surprised when we are simultaneously told, as we were yesterday by government, that onshore wind is now so cost competitive it should be allowed to apply for subsidies again.
Wind farms were paid up to £3 million per day to switch off their turbines and not produce electricity last week, The Telegraph can disclose. Energy firms were handed more than £12 million in compensation following a fault with a major power line carrying electricity to England from turbines in Scotland.
So-called 'constraint payments', a sort of compensation, have been paid to energy firms in charge of wind farms, when demand for electricity falls or winds are too strong for turbines to operate. These costs are added to consumers' electricity bills. ...According to the Renewable Energy Foundation, 2018 was a record year for constraint payments, reaching a staggering £124,649,106 - surpassing the total in 2017 of £108,247,860.
Renewable energy trade bodies have hit out at UK Government policy, as new data suggests that onshore windfarm numbers are set to plummet over the next four years. New numbers provided by GlobalData on the wind turbine foundations market point directly to a drop off by more than half of new wind farms being built from 2018 to 2022.
According to the REF, £9.4m was paid out in constraint payments in June when the interconnector was not working. A recent posting on the Western Link website said: “cable fault was detected which caused the Link to trip”. Later the website was updated to say that it was expected it would be back in operation at full capacity in September.
Companies hoping to build new windfarms, solar plants and tidal lagoons, have been dealt a blow after the government said there would be no new subsidies for clean power projects until 2025 at the earliest.
Sixty nine wind farms were paid to stop transmitting in last weekend of October. Payments have risen from £200,000 in 2010 to £85.4million in 2016. National Grid compensates energy providers if it asks them to switch off to prevent the grid becoming overloaded.
The move was announced as part of Theresa May's new industrial strategy; She said green subsidies should be slashed to help steel plants compete abroad
The Court of Appeal recently upheld the government’s right to cancel the Climate Change Levy (CCL) exemption for renewable generators. In effect this is a retrospective removal of subsidy entitlement, and should remind investors that even a seemingly secure economic rent will collapse when push comes to shove.
Oil and gas entrepreneur Algy Cluff has said the Government could provide a multi-billion pound boost to the hard-pressed North Sea industry by cutting the subsidies provided for offshore wind farms.
The delay follows the decision by Theresa May to abolish the energy department and fold it into a new Business Energy and Industrial Strategy department after she became prime minister following the Brexit vote.
Siemens has warned its plans to eventually export wind turbine blades from the UK will have to be put on hold because of last week’s Brexit vote.
The Low Carbon Contracts Company (LCCC) had sent a notice to the developer, Mainstream Renewable Power, effectively withdrawing the subsidy. Mainstream Renewable Power has taken legal action over the notice and said it “strongly disputed the validity of the termination notice”.
Plans for a huge wind farm in the outer Forth estuary are in doubt after the project hit a series of delays and lost a vital subsidy deal. The Neart na Gaoithe wind farm is the subject of a legal challenge by RSPB Scotland, which argues the scheme is an unacceptable threat to seabirds.
Opposition peers sought to extend the government's grace period criteria until 31 March 2017 for wind farms that had secured planning permission before 18 June 2015 and issued legal agreements by 18 September 2015. But a final vote on the amendment was defeated by 204 votes to 109, and the amendment was subsequently withdrawn.