From NOT A LOT OF PEOPLE KNOW THAT

By Paul Homewood

h/t Doug Brodie

Another one bites the dust:

From the Telegraph:

Main backer to sell stake in North Sea green energy scheme following review

Scotland’s flagship carbon capture project is at risk of collapse after its main backer announced plans to exit the scheme.

The Acorn project, based in Peterhead, Aberdeenshire, is being built to capture CO2 from heavy industry and then bury it under the North Sea.

But the driving force behind the project, energy group Storegga, said on Thursday it planned to sell its stake in the scheme, delivering a major blow to the net zero push spearheaded by Ed Miliband, the Energy Secretary.

Storegga said it would sell its Acorn stake following a “strategic review of its business, capital requirements and future structure”.

It said: “As part of this, we are progressing a structured sales process for our portfolio of assets, including the sale of our interest in the Acorn CCS project.

“With Acorn approaching a more capital-intensive phase, and with both the UK and Scottish Governments signalling the importance of its timely delivery, we have concluded that a new long-term owner would be better placed to take the project forward.”

Full story here.

TRANSLATION – It is all too risky, and we don’t think we can make money out of it.

In particular, there is a concern that there may not be enough CO2 emitted by power plants and chemical works, such as Grangemouth, to make it worthwhile.

I would not be surprised if  the idiot Miliband throws GB Energy (ie taxpayer) money at the project, as the SNP are demanding.

This all comes hot on the heels of BP cancelling their Teesside Hydrogen/CCS project.