Fracking companies must undergo financial health checks if they want to win a green light for their operations, the business secretary has said, as the industry faces another barrier to exploration in the UK. The decision comes after a Barclays-backed company hoping to be the first to frack in the UK for seven years suffered a blow when the business secretary, Greg Clark, said he was withholding consent because of the state of its accounts. Third Energy is ready to start extracting gas at Kirby Misperton in North Yorkshire and is awaiting permission from Clark. But on Thursday, the business secretary said no decision would be made until Third Energy submitted overdue accounts and the Treasury had assessed its financial resilience, including the firm’s ability to clean up the site afterwards. The operating company, Third Energy UK Gas, has overdue accounts for the period ending 31 December 2016. They were due last September.
Guardian 25th Jan 2018 read more »