Times 9n Friday6 Oct 2019 12:52
"UK power stocks surged on reports that the European Commission is set to reinstate a multibillion-pound scheme called the GB capacity market — the main government policy for “keeping the lights on”.
As part of the scheme, the UK government pays energy companies extra to prevent blackouts by making sure there is enough reliable electricity supply during times of high demand. So far it has paid out almost £6 billion in contracts, but the EU, which approved the market in 2014, reversed its decision last year while it investigated concerns that it breached rules on state aid.
According to reports, the commission is set to announce a final decision soon, possibly later this month, which would confirm the compliance of the British plan.
Payments which have been deferred while officials investigated the matter — thought to be worth £1 billion — would be released, although future aid might have different conditions attached.
That would be good news for SSE, which has told investors that it was owed £148 million from the scheme since its suspension. SSE shares rose 22½p, or 1.8 per cent, to £12.53, while Drax Group, which analysts believe is due about £75 million from past payments, jumped by 34¾p, or 13.9 per cent, to 285¾p"
I would want some of this! Great arena to be in at the moment