Entrepreneur Edi Truell’s attempts to win state support for a power cable between Iceland and Britain have been dashed again by ministers. Business secretary Andrea Leadsom and energy minister Kwasi Kwarteng are understood to have spurned Truell’s £2.5bn plans for the cable, which he hopes will transmit clean geothermal energy from Iceland over a 1,000-mile sub-sea cable. Truell, who made his fortune as the founder of private equity firm Duke Street, wants a government guarantee to underpin his project. Truell has repeatedly asked ministers to provide a contract for difference, which would guarantee a minimum price for the connector’s electricity for about 35 years. Former business secretary Greg Clark and energy minister Claire Perry rejected his proposal; now Leadsom and Kwarteng are also thought to have expressed scepticism before parliament was dissolved.
Times 1st Dec 2019 read more »