Ed Miliband has withdrawn support for a 2,500-mile undersea power line which would have linked Britain with Moroccan wind and solar farms.
Former Tesco boss Dave Lewis, chairman of the £25billion XLinks project, said its backers have been left ‘hugely surprised and bitterly disappointed’ by the Secretary of State for Energy Security and Net Zero’s decision.
They claim the project would meet up to 8 per cent of the UK’s power needs and reduce prices by 9 per cent.
The Government yesterday said it believed domestic renewable projects could offer ‘better economic benefits’ – and that the power cable plan had too much ‘inherent risk related to both delivery and security’.
Pulling the plug: Energy secretary Ed Miliband (pictured) has withdrawn support for a 2,500-mile undersea power line which would have linked Britain with Morocco
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
