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The government today announced its decision on renewable energy subsidy levels up to 2017. The revised Renewables Obligation (RO) bandings are broadly in line with industry expectations in spite of pressure from the Treasury for greater cuts. In particular, the subsidy for onshore wind has been cut by 10% to 0.9 Renewables Obligation Certificates (ROCs), which has been greeted with cautious optimism by both investors and developers. However this win has come at a price with DECC conceding to a review in 2012/13 to reassess the economics of onshore wind and consider a lower level of subsidy for new projects commissioned after April 2014.
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