Oil body gets new powers

The fledgling Oil and Gas Authority (OGA) has today been given new powers to fine companies and revoke exploration licences. Both Chief Secretary to the Treasury, Danny Alexander and Energy Secretary Ed Davey were in Aberdeen today to announce the new regulatory role for the OGA, alongside more details of the package of financial support […]

Cash pouring into 310 UK energy projects, says minister

Foreign businesses pumped cash into 310 energy and infrastructure projects in the UK over the year 2013/14. Chief Secretary to the Treasury Danny Alexander touted the figures yesterday as evidence the UK is an attractive place to do business. The Lib Dem minister was speaking ahead of launching a Guide to Investing in the UK next week […]

Subsidy cuts to onshore wind revealed with crucial ‘strike prices’

The amount of cash available to help onshore wind farms and large solar projects in the UK will be cut under new government plans revealed today. Ahead of the Chancellor’s Autumn Statement tomorrow, the Treasury published its Infrastructure Plan containing the crucial ‘strike prices’ which set how much subsidy renewable energy sources will receive up […]

Energy companies accused of using loophole to cut taxes

Energy companies have allegedly cut tens of millions of pounds off their tax bills by exploiting a legal loophole, according to a joint investigation by the Independent on Sunday and non-profit group Corporate Watch. UK Power Networks, Electricity North West and Scotia Gas Networks are all accused of taking advantage of the “quoted Eurobond exemption” […]

Biomass among £33bn projects to pass Treasury's ‘first hurdle’

Infrastructure projects worth £33 billion have passed the ‘first hurdle’ in getting a government infrastructure guarantee the Treasury has announced. More than half of the 40 projects now at the ‘pre-qualification’ stage are in the energy sector. Reaching this stage means they are now eligible for a government guarantee subject to further negotiation and assessment. […]

Treasury guarantees Hinkley Point nuclear cash

The Treasury is very much ready to boost a new nuclear plant at Hinkley Point with a multi-billion pound guarantee, Chief Secretary to the Treasury Danny Alexander said today. However in a speech to members of the think-tank CentreForum at Guildhall this morning, he said the Government is still adamant nuclear will not get “public subsidy”. After […]

UK offers £10m prize for affordable ultra-low emission cars

Businesses, engineers and academic experts are being offered a £10 million prize to develop ultra-low emission cars that can compete with oil or gas powered vehicles. The cash will be given for technological improvements which enable ultra-low emissions vehicles to run as long and as far as conventionally fuelled cars, without having to burn fossil […]

Energy capacity payments revealed a month early

The Government has revealed the strike prices to be paid to suppliers for generating renewable energy a month before it was expected to. A big chunk of cash was also put on the table for the Green Investment Bank, the UK’s new lending body for renewable power and efficiency projects. Announcing the new capacity payments […]

Offshore projects boost coastal community funds

Coastal communities across the country can now bid for a share of £27.8 million – financed partly from revenue generated by the UK’s offshore wind sector – to create jobs and increase growth. The ‘Coastal Communities Fund’ (CCF) was created to support local projects and help coastal towns and villages provide training and employment opportunities […]

UK islanders to receive fuel discount

The Treasury has announced that UK islanders will receive a 5p discount per litre of fuel. The scheme aims to relieve motorists on remote islands, where pump prices are particularly high due to transportation costs. Danny Alexander, Chief Secretary to the Treasury said: “This is terrific news for island communities, which have long suffered the […]