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German energy firm RWE npower is withdrawing from the £4bn (€4.7bn) Atlantic Array windfarm project in the Bristol Channel after rising costs made the project uneconomic, reports The Guardian.
The company pulled out of the windfarm plan saying that “technical difficulties” had pushed up the cost of the project and the current level of subsidies offered by the government were insufficient to cover this increased cost.
The UK, which is in midst of an energy crisis partly caused by soaring gas prices, hopes to develop a new renewable energy sector allowing the country to produce 15 per cent of its energy capacity from renewables by 2020. However, the energy industry is worried by plans by opposition Labour Party leader Ed Miliband to block energy firm prices rises.
A conversation with investigative reporters Stefano Valentino and Giorgio Michalopoulos, who have dissected the dark underbelly of green finance for Voxeurop and won several awards for their work.
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