UK: Watchdog investigation into energy company competition released
The two year inquiry by the Competition and Markets Authority (CMA) has come to its conclusion, and its conclusion is that the Big 6 energy companies have been taking advantage of their customers.
The CMA estimates that customers have been collectively overpaying by £1.7 billion per year.
The watchdog recommends the introduction of a price cap until 2020 for low income households, and a plan to facilitate switching and the break up of Big 6 dominance.
Here’s a Sky News report.
Nuclear: More Hinkley problems on Fukushima anniversary
Days after the chief finance officer at EDF resigned over the controversial Hinkley nuclear project in the UK, the FT reports that he was not the only board member to be unhappy with the deal.
Moodys, the ratings agency, has told the French energy company that it simply cannot afford the £18bn power plant unless it increases capital and reduces debt, reports The Times.
Could EDF be looking for a way out, as the Sun’s Deputy Political Editor says they are? Perhaps it’s telling that they haven’t yet signed off on the deal agreed with Chinese nuclear company CGN five months ago, reports the Guardian.
On the plus side for the project, the UK’s nuclear regulator does not foresee the same kind of technical problems experienced at the EPR reactor at Flamanville, reports Reuters.
And what a coincidence that this raft of nuclear news comes today, on the five year anniversary of the Fukushima disaster – revisited beautifully by CNN.
Asia: China and India see massive renewables additions
Let’s keep this part short and sweet.
China Renewable Energy, largely a wind company, saw its profits double last year as the country ramped up their renewable efforts, writes SeeNews.
Meanwhile PV magazine says India is expected to double its solar installations this year to 4GW.
Now onto the collaboration, a $150m green city initiative in which China, India and a number of other emerging economies are participating, reports Climate Home.
US: Hillary Clinton’s fossil fuel donors
The Intercept is doing something similar, looking at the Democratic frontrunner’s ties to fracking firms following her unusually critical remarks of the industry at last week’s debate.
And finally a group of teenagers in Oregon are taking the climate lawsuit to America, initiating legal action against the government for failing to protect them from the impacts of climate change, reports the Guardian.
That comes as a new study suggests the world may cross the threshold for dangerous climate change far sooner than expected.
In other news
Cars: The VW emissions crisis claims its biggest scalp so far as the company’s US chief exec resigns, reports the FT.
Coal: Norway’s $830 billion sovereign wealth fund pulled investment from 27 companies with links to coal last year, reports Reuters.
Europe: The wind industry has held a massive meeting in Warsaw to discuss how to tackle the Polish government’s aggressively anti-wind policies, reports Business Green.
Renewables: Is wind still a safe bet for investors? The Guardian asks.