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More incentives for renewables needed

More incentives for renewables needed

Cut-backs to renewable energy projects by large energy companies could lead to rising costs and threaten supply, according to an influential industry figure.

British Gas chief executive Sam Laidlaw told the Guardian that better incentives were needed for investment in renewable energy projects as doubts over their financial viability surfaced.

E.On's chief executive has warned that the finances for the London Array ? set to be the world's largest wind farm ? were on a knife edge, though the company claims to remain "committed" to the project.

According to Mr Laidlaw, this uncertainty is widespread in the industry.

He told the newspaper: "Investment is starting to fall off quite quickly. The big fear I have is that in two or three years' time the next cycle [of high energy prices] will repeat, and security of supply ... will actually go right back on to the top of the agenda, and we will be even less prepared to cope with it unless we make the investment now."

The financial viability of renewable energy projects has been affected by the financial downturn and the drop in fossil fuels, among other factors.

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