Posted by Amanda Saint on 7/27/2016 on Biomass Magazine
The uncertainty that surrounds the United Kingdom’s biomass sector has been swirling for some time, and the recent vote for the U.K. to exit the European Union has exacerbated the situation. Since the Conservative government came to majority power in 2015, things for biomass haven’t been looking as bright as before. The Brexit result was preceded by significant cuts to subsidies that had already led to many projects being cancelled or scaled back. An immediate impact of the referendum result has seen the value of the pound plummet against the euro and the U.S. dollar, meaning imports have become much more expensive. As the world’s largest importer of wood pellets for biomass energy, much of which comes from North America, Brexit may hard hit the pockets of many U.K. businesses.