Solar ‘Gold Rush’ in U.K. May Die
Posted: 28 Feb 2011, 07:29
Bloomberg - 28/02/11
Cornwall, the poorest county in England, said five months ago it expected a “gold rush” of $1.6 billion in solar energy investments. Now, the U.K. government may get in the way.
The central government said this month it’s considering cutting incentives and reducing the size of projects, concerned that the above-market rates it promised through April 2012 may lead to too many solar farms.
Britain is moving faster than any other European country to contain a surge in solar power and prevent the boom-and-bust seen in Spain and predicted for the Czech Republic. The risk is scaring off the investors who would create the “green jobs” Prime Minister David Cameron is seeking to revive the economy.
“It’s going to completely kill the market,” said Tim German, renewable energy manager for the local government in Cornwall at the U.K.’s southwest tip. “Investors are starting to get cold feet.”
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