U.K. Preparing to Announce Renewable Subsidy Cuts
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The U.K. is nearing an agreement on cuts for renewable energy subsidies and may announce a decision as early as this week, dashing concerns a rift between the Treasury and Energy Department will hold up investment.
The Chancellor of the Exchequer George Osborne is sympathetic to the Energy Department’s suggestion that subsidies for onshore wind farms should be cut 10 percent and preparing for an announcement later in the week, said an official at the Treasury, following government policy in declining to be named.