Major blow to UK fracking firms

[Meanwhile + 49]

Britain is tightening controls on firms hoping to carry out hydraulic fracking in parts of the country by adding a financial health check to the application process. 

The decision comes after a Barclays-backed company hoping to be the first to frack in the UK for seven years suffered a blow when the business secretary, Greg Clark, said he was withholding consent because of the state of its accounts.

[Stephen + 67]

about time

[Stephen + 67]

Right,. So, company passed 13 technical tests and are ready to start extracting and yet somehow no one bothered to ask to see their accounts? 

[Joanna + 68]

 In all other industries, if you can't submit up to date, audited accounts, you can't even pass the pre-qualification questionnaire.

[Meanwhile + 49]

Evidently the fracking firms have been basing their plans on what is permissible in US, and will probably soon be permissible here.

[Stephen + 67]

Nothing strange here. Company that doesn't even have an assurance of ongoing funding is certainly not one that should be put in charge of an environmental projects

[Joanna + 68]

Just to get this straight. The company in question -Third Energy- has no track record in anything so far, is funded by a pile of debt and has not submitted it's accounts. The CEO, Keith Cochrane, can only possibly work part time as he also is a Director for Carillion, which went into liquidation earlier this month after the executives drove the company into the dust. This is not a blot to the industry, just doing sane thing

[Meanwhile + 49]

looks like the Tories are spending too much time hanging out with their climate change denial friends in the USA

[Joanna + 68]

It's not only financial problems. This company has been involved in a series of breaches of regulations.

https://www.thecanary.co/discovery/2018/01/25/freedom-information-request-exposed-company-flouting-health-safety-law/

[Rodent + 1,424]

maybe, but isn't this a new rule? LIke changing the game halfway through. Not cool. Sounds like they went through all the steps like they were supposed to, then were hit with some extra rule at the end. Am I missing something?

[Joanna + 68]

3 minutes ago, Rodent said:

maybe, but isn't this a new rule? LIke changing the game halfway through. Not cool. Sounds like they went through all the steps like they were supposed to, then were hit with some extra rule at the end. Am I missing something?

no, the Government is just enforcing existing rules.

[Rodent + 1,424]

from hellenic shipping news

"The government has since imposed several environmental and technical requirements which must be met before any company can carry out the process. Energy minister Greg Clark said on Thursday that additional financial criteria must also be met.

“An equivalent assessment should be undertaken of the financial resilience of companies proposing to carry out hydraulic fracturing operations so that stakeholders can have confidence in the company’s ability to meet its commitments,” he said in a in a written statement on parliament’s website.

“We will therefore look at the financial resilience of all companies wishing to carry out hydraulic fracturing operations alongside their application for Hydraulic Fracturing Consent,” he said.