UK CCS plants receive European funding

Newswire Businessgreen reported on Friday 2 March that six UK carbon capture and storage (CCS) projects put forward by the government have passed a financial due diligence assessment by the European Investment Bank. The projects are now in contention for a share of the €5bn (£4.2bn) NER300 available funds put aside for CCS and renewables schemes. The 200mn allowances are set to be auctioned by October 2012, but there are concerns that the auctions will not raise the required amount of money as a result of the current low price of carbon. The projects currently under consideration include: Boc, Drax, Alstom and National Grid's North Yorkshire project; Peel Energy's Ayrshire project; and 2Co's Don Valley Power Project in Yorkshire.
Businessgreen