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U.K. Signals Solar Subsidy Cut to Curb ‘Unacceptable Returns’

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Oct. 27 (Bloomberg) -- Energy Minister Greg Barker signaled the U.K. government will cut support for the solar energy industry, saying some investors were earning “unacceptable returns.”

Speaking to reporters at a conference in Birmingham, Barker said the Department for Energy and Climate Change would announce in the next few days its plans for adjusting the so-called feed-in tariff granting above market prices for solar energy.

He said the U.K. has experienced a “dramatic escalation” in installations of photovoltaic power plants and that the government budget needed to be protected from the amount of support it grants the industry.

“We need a credible path for a sustainable industry,” Barker said. He didn’t give details about the new rates that will be announced.

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To contact the reporter on this story: Marc Roca in London at mroca6@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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