Check back often for updates

Published Louisiana

NOLAmenupages

nolamenupages.com

Advertising

Call Multiple Spots Available

Advertising

Call Multiple Spots Available

Advertising

Call Multiple Spots Available

Britain's green ambitions have been dealt a blow as a big six energy company has pulled the plug on one of the world's largest offshore windfarms, with the political storm enveloping the industry threatening the multibillion-pound investments needed to meet emissions targets and head off a looming capacity crunch.

Weeks after warning that the government was treating environmental subsidies as a "political football", the German-owned RWE npower is pulling out of the £4bn Atlantic Array project in the Bristol Channel because the economics do not stack up.

The move comes as figures show that energy firms reaped a 77% increase in profits per customer last year, due to bill increases that the big six say are partly due to government green levies.

The shelving of the Atlantic Array is a setback for the government, which is banking on bigger windfarms in deeper waters to help provide low-carbon power. The RWE cancellation is the first axing of a Round 3 windfarm - schemes such as those in Dogger Bank, Hornsea and East Anglia, which are supposed to help the government meet a target of generating 15% of energy from renewable sources by 2020. It will also raise further concerns about investors being frightened away by political rows and policy uncertainty.

The Renewable Energy Association (REA), which lobbies for more low-carbon power, said government infighting over subsidies was causing deep uncertainty in the industry.

Ahead of next week's autumn statement, the chancellor is looking to transfer the £1.6bn cost of the energy companies obligation (Eco) and the smaller warm home discount to the taxpayer, removing the burden from household bills.

"We need assurances from George Osborne in the autumn statement about where we stand," said a spokesman for the REA. "Nick Clegg says one thing about the green levies, Michael Fallon [the energy minister] another."

Last week David Cameron was reported to have talked about the need to get rid of "green crap" from energy bills. Number 10 said it did not recognise the phrase but did not deny the sentiment. Peter Atherton, a leading energy analyst, warned last week that investment in power generation was "killed stone dead" until the next election by Ed Miliband's call for a price freeze and government delays in introducing promised electricity market reform.

The political and public environment for power companies is set to become more hostile following the publication of figures on Monday showing that the average profit per customer for the big six rose from £30 to £53 last year. The industry watchdog said the rise was due to higher bills and increased energy use during a harsh winter, not due to cost reduction.

RWE indicated that the government might have to raise green subsidies - and thus increase bills or the burden on the taxpayer - after admitting that technical difficulties had pushed the price up so far that it could not be justified under the current subsidy regime.

"This is not a decision we have taken lightly; however, given the technological challenges and market conditions, now is not the right time for RWE to continue to progress with this project," said Paul Cowling, director of offshore wind at RWE Innogy.

The Atlantic Array would have provided clean energy for almost 1m homes and provided thousands of jobs in the construction phase. Cowling insisted RWE remained committed to offshore wind and would be proceeding with a range of other projects off the coast of Britain.

The move comes as figures show that energy firms reaped a 77% increase in profits per customer last year, due to bill increases that the big six say are partly due to government green levies.

The shelving of the Atlantic Array is a setback for the government, which is banking on bigger windfarms in deeper waters to help provide low-carbon power. The RWE cancellation is the first axing of a Round 3 windfarm - schemes such as those in Dogger Bank, Hornsea and East Anglia, which are supposed to help the government meet a target of generating 15% of energy from renewable sources by 2020. It will also raise further concerns about investors being frightened away by political rows and policy uncertainty.

S
Jonathan Trott is the latest in a string of top players to suffer publicly from stress. Mark Rice-Oxley asks if the game could be to blame

Forem ipsum dolor sit amet, consectetur adipiscing elit. Fusce tincidunt tincidunt commodo. Curabitur porta bibendum dolor non iaculis. Etiam malesuada ante et faucibus fermentum. Sed viverra bibendum neque, id cursus dolor egestas vitae. Ut convallis turpis eu mauris ullamcorper, in molestie metus laoreet. Donec sagittis in orci in rutrum. Duis consequat scelerisque mollis. Nullam porttitor laoreet velit. Vestibulum lacinia bibendum orci. Suspendisse hendrerit posuere metus ac pretium. Duis nec tempor urna. Vivamus vehicula erat in lobortis gravida.

Ut vitae ipsum odio. Interdum et malesuada fames ac ante ipsum primis in faucibus. Ut placerat sem quis nunc placerat rhoncus. Quisque in est metus. Aenean faucibus libero in bibendum faucibus. Curabitur vel neque vel velit condimentum fermentum. Vivamus suscipit odio sit amet ligula posuere, a mattis urna placerat. Duis elementum quam nisl. Ut tincidunt ut sapien sit amet venenatis. Interdum et malesuada fames ac ante ipsum primis in faucibus. Integer consectetur elit non nulla volutpat, at rhoncus sapien semper. Morbi consectetur arcu in vehicula rhoncus. Sed pharetra metus venenatis consequat vulputate.

Nullam quis lectus euismod, pellentesque ipsum eu, varius velit. Aenean eu est ultrices, tincidunt enim quis, tristique est. Integer lobortis sem augue, id faucibus ipsum imperdiet vel. Vestibulum lobortis nulla a bibendum viverra. Nam eget nunc eget massa varius cursus. Morbi elementum, nisl interdum dictum faucibus, nunc eros sodales metus, quis pharetra libero quam sed ipsum.