Investing in renewable energy in Britain has become difficult because changes in government policy have created too much uncertainty for investors, the chief executive of insurance firm Legal & General Group said on Monday. Over the past year, the British government has changed many energy policies to rein in costs, including scrapping support for onshore wind farms and reducing subsidies for other renewable energy technologies. However, investors and lawmakers have warned that in the long term, costs will rise because energy projects such as gas-fired power plants, nuclear plants and wind farms can take years to build and have high up-front costs. For example, the cost of EDF’s proposed 18 billion pound Hinkley Point C nuclear power project in southwest England has escalated since it was first announced in 2013 and a final investment decision repeatedly delayed as EDF struggled to find partners and financing. “We think Hinkley Point C is a total waste of money. The noise around Hinkley creates confusion in the marketplace. (The government) should take it off the table and move to more sensible solutions,” Wilson said.
Reuters 11th April 2016 read more »