Nobel Prize-winning economist Amartya Sen recently decried “the failure to develop a framework for assessing the comparative costs of different sources of energy . . . inclusive of the externalities involved.” As if on cue, the European Union (EU) issued an interim research report by an outside consultancy last month that purported to do just
In 2011, the European Commission put forward sweeping proposals to amend and extend the European Union’s Markets in Financial Instruments Directive (MiFID). The proposals have been approved in April 2014, after intense discussions between the European Commission, Council of the European Union, and the European Parliament. The new legislation includes a directive (MiFID) and a…
Governments globally are grappling with difficult decisions about green energy policies: maintain green initiatives or remove the strains on economic growth? It is interesting to look across the globe for examples of how different Governments are reacting.
In recent months, the UK has opted to “tweak” its green levies to save households an anticipated average of £50 per year. This has been a highly political issue, with domestic gas and electricity costs becoming a major factor in the increased cost of living in the UK. In particular, the government said it would adjust the Energy Company Obligation scheme (ECO) to give large energy suppliers an extra two years to hit targets and relax some of the scheme’s targets by 33%, subject to the outcome of a consultation by the Department of Energy & Climate Change (DECC).
So, what is the proposed change? First, it is helpful to recall ECO’s original targets and objectives. Effective 1 January 2013, the ECO obliges gas and electricity suppliers to improve the energy efficiency of domestic customers’ buildings by meeting three targets:Continue Reading The UK Government pledges to cut green taxes, but at what cost to gas and electricity suppliers?