• 17 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 19 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 21 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 22 hours Schlumberger Warns Of Moderating Investment In North America
  • 23 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 24 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 1 day Mexico Says OPEC Has Not Approached It For Deal Extension
  • 1 day New Video Game Targets Oil Infrastructure
  • 1 day Shell Restarts Bonny Light Exports
  • 1 day Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 1 day Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
The Natural Gas Market Is Set To Boom

The Natural Gas Market Is Set To Boom

With the new lower-for-longer oil…

The Cost of Political Infighting: RWE Cancel £4 Billion UK Wind Farm

The Cost of Political Infighting: RWE Cancel £4 Billion UK Wind Farm

RWE, one of the big six energy companies in the UK, has dealt the country a major blow as it announces the cancellation of one of the world’s largest offshore wind farms.

The political rows and policy uncertainty surrounding the UK have finally frightened away green energy investors at a major project, one which played a vital role in the government’s plans to meet renewable energy and emissions targets.

The British government had hoped that more large-scale offshore wind farms would help it meet targets of generating 15% of energy from renewable sources by 2020; by pulling the plug on the £4 billion Atlantic Array wind farm, RWE have dealt a huge blow.

Related article: The Eagle Has Landed … On a Wind Turbine

The Renewable Energy Association (REA), which pushes for more investment in low-carbon power from the government, has said that the recent political party squabbles over energy prices and green policies, have caused too much uncertainty in the industry and investors were beginning to shy away from deals.

A spokesman for the REA said that they “need assurances from George Osborne in the autumn statement about where we stand. Nick Clegg says one thing about the green levies, Michael Fallon (the energy minister) another.”

Just last week the Prime Minister David Cameron was quoted as saying that they must get rid of all the ‘green crap’ from energy bills, and although Downing Street claimed it did not recognise the wording, it did not deny the meaning of the statement.

RWE claim that the decision was made because technical difficulties have meant the project will now cost far more to install, and that under the current subsidy regime it no longer makes economic sense to proceed. In order to reconsider the project the government would need to raise the green energy subsidies, putting more pressure on the taxpayer via their energy bills.

Related article: Wind Energy Spreading Beyond Europe

Paul Cowling, the director for offshore wind energy at RWE Innogy, stated that they remained committed to offshore wind in the UK and will continue with other projects, but that the Atlantic Array must be shelved. “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.”

Richard Sandford, the head of European offshore projects at RWE, confirmed that “this really is project-specific and not at all down to other considerations. We are still proceeding with schemes like Galloper and Triton Knoll, off the east coast of the country.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Roger Anthony on November 30 2013 said:
    With the forced closure of their atomic power stations in Germany RWe have decided to drop out of generation and to move into services. With the loss of their major assets they have run out of money.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News