UK loses its status as a top energy supplier
The World Energy Council has downgraded the UK's AAA rating for providing secure, affordable and sustainable electricity to AAB following a rise in the relative cost of power as a proportion of the household budget. The rating cut is not related to recent renewable energy subsidy cuts, but the decision to end support for solar farms and onshore wind farms raises the prospect of a further cut to Britain's rating. Joan MacNaughton, chair of the World Energy Council, said: 'The changes to subsidies could put the cost of electricity up in future by increasing the cost of capital.' The UK could regain its triple-A rating only if it provided stronger backing for renewables, she said. The Council also warned that Britain faced declining fossil fuel production, the running down of nuclear plants and the closure of coal-fired stations, which all pointed toward another ratings cut in future.
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