Dive Summary:
- U.K. lawmakers called the government's proposal to make changes to its electricity market "unworkable" with the Treasury unwilling to underwrite energy contracts.
- The proposal would have allowed for funding to improved power plants and networks in Britain.
- The legislation, which has not yet been introduced to the House of Commons, would involve spending 200 billion pounds ($320 billion) on upgrades.
From the article:
The U.K. government’s proposal to overhaul the electricity market is “unworkable” because the Treasury isn’t willing to back contracts needed to spur clean energy, a panel of lawmakers in Parliament said.
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. ...
