Britain’s energy lifeline dealt blow as red tape delays two sites to power a million homes

Under their proposal submitted to the Department for Business, Energy and Industrial Strategy, the two companies would spend £2billion combined on these projects. 

However, according to the National, the Government only plans to make a decision on these sites by 2024, which means that construction will not be completed until 2030, as it could take about six years to build. 

Alex Campbell, head of research and policy at the International Hydropower Association, an industry group said: “We’ve got an energy emergency here, and we need to get cracking on these things. This is a chance to show the UK can think seriously about these long-term, difficult challenges.”

The energy giants’ financing model, which is called cap and floor, guarantees that the companies receive a minimum annual income, even if the taxpayers have to directly pay for it. 

READ MORE: UK handed ‘quick and cheap’ energy goldmine to power ‘millions’

Article source: https://www.express.co.uk/news/science/1702068/energy-crisis-lifeline-dealt-blow-red-tape-delay-sse-drax-hydropower-projects-millions