UK must halt back-up power scheme after EU court ruling [Reuters (UK)]
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Source: Reuters
UK must halt back-up power scheme after EU court ruling | Reuters 3 Min Read LONDON (Reuters) - Britain must halt a back-up power scheme aimed at avoiding electricity shortages pending a further investigation by European Union regulators, an EU court ruled on Thursday, which sent shares in UK energy companies tumbling. The judgement by the EU’s General Court annuls a decision by the European Commission, which had said Britain’s so-called power capacity market was compatible with EU state aid rules. Britain began power capacity auctions in 2014, offering to pay providers for making supplies available at short notice, and so avoid shortages that might occur as coal plants close and low prices dissuade investors from building new power plants. However, British energy company Tempus Energy launched an appeal against the capacity market, saying it amounted to subsidies for fossil fuel generators and discriminated against technology designed to cut electricity demand during peak times. In T
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- 2/29/24 - Form 6-K
- NGG's page on the SEC website