Revealed: Brown's £1bn power windfall | WHAT REALLY HAPPENED


Revealed: Brown's £1bn power windfall

The government profits come from a scheme set up in the 1980s to support renewable energy projects by guaranteeing to pay developers building wind, biomass and other non-fossil fuel generation plants a fixed price for their electricity for 15 years. During the first decade of the so-called Non-Fossil Fuel Obligation scheme, it ran at a loss, paid for by consumers, but over the last six years rising electricity prices have allowed the government to cash in on the energy contracts at a substantial profit.

In total ministers have now taken payments of £585m out of the fund, and have another £218m in the scheme's account, which is held by the energy regulator, Ofgem.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA