Our energy policy is a sorry mess. Regulations are forcing the closure of old coal power plants and the Government is insisting that they are replaced in large part with renewable energy, which comes at a ruinous cost. Liberum Capital estimates that over £160 billion needs to be invested over the rest of this decade to meet the targets and then another £215 billion in the next decade.
Liberum estimate that will increase total power costs by 29 per cent by 2020 and then 100 per cent by 2030. If gas prices rise at a similar rate too – and given they are substitutes any sharp divergence in gas and electricity prices would make a mockery of the decarbonisation targets – then an average family will be paying the best part of £2,000 by the end of this decade. The theory that they will cover those costs by drastically improving the energy efficiency of their homes seems more and more ridiculous as the Green Deal unravels before our eyes.
Extract from James Delingpole
TAP – Coal can be burned with half the CO2 output of natural gas, if carbon is captured at the moment of combustion. If the carbon captured is then mixed with hydrogen to create methanol, the fuel manufactured is overall cheaper than gas and all other competitor fuels. That’s no doubt why the government isn’t capturing carbon from coal in the most efficient manner, and is throwing away the carbon to no advantage. Otherwise they would be driving down the cost of both electricity and fuel for vehicles. Can’t let the plebs have a load of that, obviously. What would the Bullingdon Club do if the peanants got rich.
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