U.K. Boosts Gas While Cutting Support for Wind, Biomass
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The U.K. government granted tax relief for natural gas drillers and cut subsidies for renewable energy, signaling more reductions in the months ahead as it balances demand for cheaper power against a goal to lower pollution from fossil fuels.
The Department of Energy and Climate Change cut subsidies for onshore wind 10 percent, offered less financial support than expected for biomass and said it may cut solar further. Drax Group Plc, owner of the U.K.’s largest power station and biomass consumer, fell by a record. Gas drillers get a tax credit worth 500 million pounds ($776 million).