Developing U.K. shale gas may fail to follow U.S. precedent and cut local prices due to differences in geography, population density and environmental controls and as world fuel demand grows, according to a parliamentary report.
U.K. Prime Minister David Cameron and Chancellor of the Exchequer George Osborne face a rebellion within their own party after rejecting proposals to include a target for cutting carbon in new energy-market legislation.
U.K. Parliament Energy and Climate Committee Chairman Tim Yeo told Sky News in an interview that Germany is “panicking” and has “overreacted” by closing its nuclear power plants, and he said it wouldn’t be “sensible” for the U.K. to do the same.
Vestas Wind Systems A/S, Areva SA and four other power-generation manufacturers wrote to ministers saying the U.K. risks falling behind European peers and choking job creation by stalling a decision on setting a carbon target.
The U.K. government’s proposal to overhaul the electricity market is “unworkable” because the Treasury isn’t willing to back contracts needed to spur clean energy, a panel of lawmakers in Parliament said.
The sound that woke Caroline Murphy after midnight on April 1 was so loud she thought a car had crashed into her house. She doesn’t feel any better knowing it was the U.K.’s first recorded earthquake caused by natural-gas exploration.