Thursday, 16 December 2010 10:25
'Energy bills are set to rocket to pay for wind turbines and wave power as the Government announces a shake-up of electricity prices today. Energy and Climate Change Secretary Chris Huhne is paving the way for a minimum price for carbon generated by coal-fired and gas-fuelled power stations. Energy firms will have to stump up for the cost of the carbon they use – but they are set to pass the burden on to consumers.
Proponents of the scheme insist the carbon ‘floor price’ is meant to reflect pollution caused by fossil fuels, and will encourage investors to pour their money into ‘green’ energy instead. But experts warned it could lead to a doubling of energy bills, hitting the poor and elderly the hardest.'
Thursday, 16 December 2010 10:15
'Ireland's parliament approved a multi-billion euro EU/IMF bailout package on Wednesday in the face of opposition threats to renegotiate the deal to force losses on some senior bondholders in Irish banks.
Brian Lenihan pushed through the 85 billion euros (£72.5 billion) package with the support of independent MPs and told the centre-right Fine Gael party that its proposals to lean on senior bondholders would fail because of opposition from the European Central Bank.
"Those who think we can unilaterally renege on senior bondholders against the wishes of the ECB are living in fantasy land," he said. Under the EU/IMF deal, Irish people face years of cutbacks and tax increases in return for fresh capital to shore up the banks, preserving full repayment of their senior bonds -- those first in line to be repaid in the event of any default.'
Read more: Ireland Passes Bailout Package Despite Opposition
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