Centrica to abandon plans for a 2 billion pound wind farm

04/11/2013 11:24 Renewable

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Centrica has announced it intends to abandon plans to build a 2 billion pound offshore wind farm as it said that subsidies offered by the government are too low. The UK based energy company added also that it will not build the Race Bank wind farm unless the government enhances the projected subsidies.

Centrica has considered investing up to 200 million pounds of the Race Bank project off the Norfolk coast, with the remaining financial support offered by its partners. The company has started talks with the government about terms of a subsidy deal in the first months of 2013. In the meanwhile, ministers will not validate final subsidy levels until next month, believing that Centrica is demanding too high returns for the Race Bank project. This will be the third big project that the energy company withdrawal. In February, Centrica said it will not contribute in the construction of up to four new European Pressurized Nuclear Reactors in the UK, while in September Centrica wrote off two gas storage projects, after the government declined to help building stockpiling sites.

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