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Pension fund loses more than £350m on incinerator power plants
November 20, 2024
|The Guardian
One of the UK's biggest pension funds has lost more than £350m on a series of "calamitous" investments in incinerator power plants which are expected to go bust in the coming days.
The Guardian understands Aviva Investors will put three incinerators into administration this week after pouring millions of pounds into what has been described as the UK's "dirtiest form of power generation".
Aviva's accounts show that the three incinerator plants - in Hull in East Yorkshire, Boston in Lincolnshire and Barry in Vale of Glamorgan - accumulated loans totalling E480m from investors between 2015 and 2023.
Aviva has written off £368m for the plants, which were originally intended to run on biomass waste wood and later converted to burn household waste, but which struggled to reach their targets.
هذه القصة من طبعة November 20, 2024 من The Guardian.
اشترك في Magzter GOLD للوصول إلى آلاف القصص المتميزة المنسقة، وأكثر من 9000 مجلة وصحيفة.
هل أنت مشترك بالفعل؟ تسجيل الدخول
المزيد من القصص من The Guardian
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