Another binge of overpriced, over-hyped and underwhelming power projects is about to be launched on hapless UK energy consumers. Part-time power generation rules.
‘The eight projects will all receive one of the government’s Contracts for Difference (CfDs), which effectively guarantee prices for renewable energy suppliers.’
‘These could cost up to £1bn each year in subsidies.’
Somehow these subsidies will cost bill payers ‘only’ 2% extra on their bills, claims Energy Secretary Ed Davey. The only other source of subsidy is the taxpayer, so you lose either way if you’re in the UK.
One small bit of relief though: ‘electricity producer Drax said it had started legal proceedings against the government over a decision not to support the conversion of one of its coal-burning units to biomass under the scheme.’
A chunk of forest somewhere in the States has been spared the axe, for now at least.