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‘Energy Crunch’ looming, warn MPs – FT
14 Dec 2008 | Filed under: Energy News, NewsBritain is threatened by an “energy crunch” with disastrous social and economic consequences because of the impact of the financial crisis on the industry’s investment plans, a committee of MPs has warned.
The Commons’ business and enterprise committee said just as the government had intervened to support the banks, it needed to step in to ensure energy companies invested in new power stations and gas storage facilities.
In a report published this morning, the MPs write: “Generating capacity equivalent to nearly a third of current electricity demand will be made redundant by 2020. It will need to be replaced. We believe that in the current economic climate there is a high risk that the energy companies will not be able to raise the finance necessary to build this.”
Read the full FT article here…..
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