New changes to renewable energy subsidy schemes in the UK, leave geothermal in the cold and sees the geothermal industry in the country being shocked and disappointed.
The announcement by the UK on new subsidy scheme for the country, leave the young geothermal energy industry in the country disappointed.
With a clear focus on wind and marine energy, the level of support for geothermal will fall from current levels until 2015 and more in 2016.
Dr Ryan Law, chief executive of Geothermal Engineering, said he was “shocked” by the cuts, insisting geothermal is a developing industry worthy of similar support to wave and tidal energy, which will from next year enjoy more than double the level of support at 5 ROCs per MWh.
“If the UK wants to seize a share of the booming global market for geothermal development we must prove our competence at home,” he said. “The message today’s announcement sends to the outside world is that the UK is closed for geothermal business.
“We are now watching from the side-lines while other countries forge ahead in a global market estimated to be worth $40bn by 2020.”
Source: Business Green