11.11.2014 - Decc announces plans for sovereign wealth fund based on shale gas
The UK Department of Energy and Climate Change (Decc) has announced plans to set up a state-owned investment fund with future revenues from the extraction of shale gas. Launched with the support of Her Majesty’s Treasury, the sovereign wealth fund will be put in place when commercial production begins in order to ensure profits from national gas last for generations and benefit the whole country. Energy secretary Ed Davey explained: “The sovereign wealth fund is about storing the financial benefits of shale production and putting it towards a low-carbon energy future. This is part of a broader strategy to strengthen the UK’s security of supply in a cost-effective way for future generations.” Energy and business minister Matthew Hancock added: “It’s clear – domestic gas is good for business, energy security and the whole of the UK.”..............................................Full Article: Source