The prospect of the UK’s energy secretary intervening in the renewable power market was reignited by media reports this weekend that Kwasi Kwarteng will seek to curb “crazy profits” of green power generation operating under a legacy support scheme.
The Telegraph newspaper – which has strong links to the ruling Conservative Party that is currently picking a new leader to replace Boris Johnson as British Prime Minister – reported that Kwarteng will attempt to “clamp down” on renewable power producers that have enjoyed extra revenues through selling renewable-power at spiralling market rates without facing the need to pay the high gas costs faced by fossil generators.
