In the Summer budget George Osborne the UK Chancellor of the Exchequer moved decisively against renewables by removing the climate change levy exemption for renewables. Renewables UK the trade association representing the wind, wave and tidal energy industries strongly critcised the Chancellor`s announcement in his budget speech that he is retrospectively removing the exemption for green energy. this move clearly makes renewables less attractive compared to fossil fuel generation. Drax Group plc the utility converting part of the biggest UK coal station to burn wood pellets saw its standing stock drop a massive 28 percent in London to the lowest since it started trading in 2005.
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