UK energy secretary shows concern over wind investments
In a recent statement, energy secretary Chris Huhne admitted to having serious concerns about the future of the UK wind industry.
Voicing is worries over financing of major wind farms, Mr Huhne said that the UK currently has the worst installed rate for renewable capacity of the EU’s 23 member states. With the UK hoping to get a third of its power from renewables in the relatively near future, the energy secretary has said that the UK’s wind targets will be a challenge.
Currently, a funding pot of nearly £60m – set to be used for port infrastructure developments – is being reconsidered as the Government looks to cut spending under the Comprehensive Spending Review. Yet Mr Huhne says that the money could be used to attract major energy players like Siemens and GE into wind turbine factory investments using the port funding.
He said that the investment in offshore wind needed to happen to make the renewable targets attainable would be substantial, meaning that all funding devoted to promoting offshore wind investments should be given the green light. According to analysts, Britain needs roughly £200bn in investments by 2020 in order to improve its existing energy infrastructure and build more low-carbon generation sources.
However, in a CBI conference held yesterday, BG group – one of Britain’s largest oil and gas giants – said that there was enough gas storage and infrastructure in the UK at present to last until 2020.
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