U.K. Should Scrap Electricity Market Plans, Lawmakers Say
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Britain should scrap proposed legislative changes to the electricity market and reduce the power of the six biggest energy companies in order to spur low-carbon investment, according to a panel of lawmakers.
The dominance of companies including Electricite de France SA and RWE AG needs to be reduced to encourage the 110 billion pounds ($178 billion) in spending needed to replace aging power plants and cut carbon emissions, the Energy and Climate Change Committee said. If the government thinks subsidizing nuclear power is a way to achieve its goals, it should be upfront about it, even if the move is unpopular, it said.