We knew that offshore wind was amazingly expensive. But just how expensive? An analysis by Paul Homewood on the web-site “Notalotofpeopleknowthat” reckons that the subsidy per unit will be nearly double the wholesale price of electricity. Based on expected capacity by 2022, that will amount to some £6 billion a year guaranteed for fifteen years.
Could it be worse than that? It is. Less than 20% of the projected capacity will be British-owned. So roughly £5 billion of that subsidy will simply go overseas – a huge loss to the British economy. We are undermining our economy, driving pensioners into fuel poverty, forcing energy-intensive industries offshore. And almost literally throwing billions of pounds away. All in the name of green gesture politics.
Photo by john weiss