Tuesday, 13 December 2011

Treasury 'cash-grabs' hurt energy sector, says Tim Yeo

The former environment minister accused the Treasury of undermining Britain's energy future with a string of "short-term fixes and U-turns" that showed a worrying failure to grasp the need for stability.

His comments, echoed by three of the Big Six energy suppliers, come as households and businesses across the country scramble to meet tonight's midnight deadline to qualify for the current rate of 'feed-in-tariffs' for solar panels.

Mr Yeo told The Sunday Telegraph: "Slashing solar subsidies with inadequate notice is the latest abrupt change to energy policy to damage investor confidence. The UK needs to attract an unprecedented amount of investment in the next eight years to replace ageing power stations and build an energy system fit for the future. Confidence, certainty and political stability are more vital in this sector than in many others.

"Worryingly, the Treasury doesn't seem to grasp this and seems willing to intervene in the Department of Energy and Climate Change's budgets whenever it feels like it."

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