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« The First Shale Casualty: WBH Energy Files For Bankruptcy; Many More Coming | Main | North Sea oilfields ‘near collapse’ after price nosedive »
Sunday
Dec212014

£1bn subsidy in energy capacity auction will boost coal and nuclear power

Government wanted new gas-fired power stations to be built but 68% of the capacity is to be provided by existing power stations

Consumers will need to stump an extra £1bn a year in 2018 to encourage power stations to stay open and keep the lights on, the government confirmed on Friday.

“capacity market” auction undertaken this week by National Grid has ended with a price of £19.40 per kilowatt (kW) being agreed as a subsidy.

EDF, the owner of the UK’s existing nuclear fleet, is one of the major provisional winners but other “big six” firms such as E.ON, npower and SSE have also succeeded.

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