Centrica set to drop 2 billion pounds offshore wind farm plans: report

(Reuters) - British energy supplier Centrica Plc (CNA.L) is likely to drop plans to build a 2 billion-pound wind farm because of insufficient government subsidies, the Telegraph reported on Sunday, citing three sources. Centrica will not go ahead with the Race Bank wind farm project off the Norfolk coast unless proposed government subsidies are significantly increased, the sources told the newspaper. Offshore wind power is still in its infancy and its financing is a political issue because cash-strapped governments balk at the subsidies the industry says are necessary until economies of scale and streamlined processes can make it more competitive.



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