Offshore projects don't appear viable
The UK Government's renewable power strategy has been dealt a blow after no new offshore wind projects were purchased at the latest government auction.
Companies say the price set by the UK for electricity generated was too low to make offshore projects viable.
The auction invites companies to bid to develop renewable energy projects to supply the UK grid with power.
Ralph Peake, chairman of the Isle of Man Chamber of Commerce's Business Sustainability Group, says the news was disappointing, but won't have long-term impacts for the UK or the Isle of Man: