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Financial Conduct Authority blocks energy co-ops

By Energy Company Numbers on August 15, 2014 in Uncategorized
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In the past six weeks the FCA (Financial Conduct Authority) has blocked a number of applications for energy co-ops, leading industry analysts and regular people to question the FCA’s policy on community energy organisations.

Mike Smyth, chairman of the Energy4all group told The Guardian that the decisions to block new co-ops came “out of the blue”.

“The government’s policy is that all new renewable energy generation from next year should be partially or more owned by a community energy organization,” he said. “And the FCA is actively undermining this policy by removing the most appropriate business for that. It makes things more difficult, stifles innovation, and precludes participation by people in the energy sector.”

With our energy market currently being dominated by the ‘big six’; SSE, British Gas, E.ON, Scottish Power, npower, and EDF Energy, this latest move has been met with disdain and is sure to anger people who want the power to be able to create their own community-based energy supply.

According to a spokesperson from the Department of Energy and Climate Change, the applications were prevented for not following rules set out by the FCA.

For more information on this story, be sure to check out our original source.

Source: RT.  Image credit.

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Energy Company NumbersView all posts by Energy Company Numbers
Energy Company Numbers is a telephone number directory service dedicated to helping UK consumers keep in touch with their energy suppliers.

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