Centrica, one of Britain's biggest energy suppliers, is preparing to scrap a £2 billion wind farm project due to insufficient government subsidies, according to the Telegraph.

The British energy supplier will not proceed with the Race Bank wind farm unless the government significantly increases the subsidy.

Offshore wind power is still at the beginning of its development. According to Centrica, this project could power about 450,000 homes. Unfortunately, the industry requires a high amount of subsidy for this project to materialize, an amount that the government is not willing to offer.

The subsidies for the wind farm will be paid through levies including "green taxes" which Centrica and other companies say are to blame for the increasing household energy bills.

Centrica previously scrapped two gas storage projects in September because the government did not lend a hand in the building of stockpiling sites. In February, it also cancelled its plans for a new nuclear power station in Britain with its partner EDF.