A wind energy project in Moray Firth could be delayed after Portugal’s
Energias de Portugal (EDP) reconsiders its plans following the UK’s
decision to leave the European Union.
The company is one of a number with investors worried about future
government incentives, exchange rates and export duties.
Siemens also said it was reconsidering plans for an expansion of its
planned manufacturing plant in the port of Hull.
A number of businesses have reported the result of the June 23rd referendum
has created uncertainty for their sectors due to volatility in financial
markets and the unclear outlook for Britain’s access to European trading
partners.
Richard Slark, director at energy consultancy Poyry, said: “I believe we
are looking at a 2-3 year hiatus in those large-scale energy projects where
financing would be international.”
Britain is the world’s biggest offshore wind market, expected to be around
£20billion from 2010-2020 according to Britain’s renewable energy industry
body Renewable UK.
The result of the vote has made it more difficult for offshore wind
investors, who are mainly international, to predict foreign exchange rates,
an important factor as many of them buy equipment in euros.
EDP Chief Executive Antonio Mexia said that a delay to the auction would
have a knock-on effect for its Scottish project.
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