UPDATE 3-UK must halt back-up power scheme after EU court ruling [Reuters]
National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares (NGG)
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Source: Reuters
UPDATE 3-UK must halt back-up power scheme after EU court ruling | Reuters 4 Min Read (Adds company, minister comment and more detail from National Grid) By Susanna Twidale LONDON, Nov 15 (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 judgment 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 gen
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