By Paul Homewood
A good summary from C3:
The recent £1.7 bn state bailout of British renewables supplier Bulb is a case study in why taxpayers should not be extorted to subsidise government’s attempts to pick winners and losers in the energy sector. But this impediment to the economic viability of renewables has not deterred the Prime Minister’s commitment to a predominantly renewables grid by the net-zero emissions target of 2050. Are the present generation rates up to the task? Or will a wind and solar grid plunge Britain into blackouts and bankruptcy?
The production price for wind and solar have decreased 70 and 90 percent respectively since 2009. The cost of generation in ideal weather conditions matches that of coal, natural gas, and nuclear. But the cost-competitiveness of these innovations is in question, given taxpayers have been forced to subsidise the industry to the tune of £9 bn annually (£340 per household). These costs will continue to escalate under plans to rapidly expand reliance on renewables for grid contributions. Surely, if renewables are as reliable as politicians praise, they should be subject to market mechanisms and be allowed to succeed on their own merits, right?
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June 26, 2022 at 05:06AM