Articles filed under Impact on Economy
“We can’t have a situation where industry has a blank check, and that check is paid for by people’s bills”
Under the scheme, everyone – from a household who decided to put a solar panel on the roof to the developer of an offshore wind farm – was guaranteed a premium on top of the market price for electricity, to help encourage the development of renewables. ...due to a decline in the wholesale price of oil and gas, as well as higher than expected installation of home solar panels, this budget of £7.6bn per year has already been busted by more than 20 per cent.
“Our decision not to initiate an enforcement action means that Mr. Riggs may himself bring an enforcement action against the Rhode Island Commission in the appropriate court,” commissioners wrote.
But at the same time, the flood of solar and wind energy on the grid has caused wholesale electricity prices to collapse — all while retail rates have skyrocketed. But the collapse in wholesale prices are cutting into the profitability of coal and gas plant operators that don’t get the generous subsidies that green energy does.
A German energy industry association survey found that 53% of investors in power plants scheduled to come online in the next decade had frozen their involvement in the projects because of political uncertainty. “If politicians carry on as they do now then there will be no new, modern power stations. There are no incentives whatsoever for investments, despite politicians emphasising all the time that they aim to change this. It is also likely that further closures will follow.”
Matthew Beaton, the new state energy secretary, ...says he wouldn’t make that investment today. “I don’t know if, given the uncertainty of Cape Wind at that time, and the overall question marks of offshore wind development, is a $100-plus million investment the appropriate use of those funds? Could we have used those monies in a more well-suited manner?”
On the plus side, the $130 million investment means the PUD satisfies state renewable energy requirements through 2027 under current law. But there’s the tiny matter of wind farms running a $1 million-per-month loss, with no profits projected anytime soon, thanks to a depressed market for the power. It’s like owning a rental home in an area with too many rentals and not enough renters and having to lease for a price that doesn’t cover your costs.
German taxpayers could end up spending billions of euros to help close the country's nuclear plants as current funding plans involving utilities risk falling short, a report commissioned by the government and seen by Reuters showed on Friday.
Overall on energy, “we have much higher political costs in Europe,” Beyrer said, citing renewable-energy policies that cause “market distortion” and environmental efforts that are out of sync with global standards. If the rest of the world doesn’t sign on to the EU’s ambitions for reducing emissions targets, he said it may be time for Europe to “discuss our level of ambition” to avoid economic damage.
CU has an agreement with Smoky Hills Wind Project to purchase wind energy, but Smoky Hills says a series of “curtailments” caused CU to buy less energy and for Smoky Hills to receive less value in tax benefits.
In short, if campaigners get their wish and fossil fuels are phased out by 2040, the world will face an energy gap of at least 9.2 billion tonnes of oil equivalent. That is the equivalent of 147 countries with no energy. To illustrate, an energy gap like that would mean that the 56 nations of Africa, the 44 nations of Latin America, the 12 nations of the Middle East and 35 nations in Asia, including China, would have to exist without energy.
The government is working towards a way to safeguard permanent electricity supply, with cash for loss-making plants at one end of the spectrum of possible solutions and letting markets decide with price spikes in low supply periods the other. Utilities argue the latter solution could cause more mass closures and leave the market under-invested too long.
Shares in Denmark’s Vestas, the world’s largest wind turbine supplier, dived after the oil producers’ cartel Opec decided not to cut production in late November and prices are still down 11 per cent, noticeably below the broader market.The Chinese solar panel giant, Yingli Green Energy, and Tesla Motors, the US electric carmaker, have suffered even sharper share price falls. Crude’s surprise rise of $3 a barrel to $63.40 on Wednesday did little to halt the decline.
A new wind power analysis has found it would cost Nebraska utilities as much as $4 billion to upgrade the state’s electricity transmission system to support the export of wind-generated power to other states.
An average household is expected to pay as much as £250 more for electricity – mainly through consumer subsidies – to pay for the Government’s green energy schemes, while an electrically heated house could be as much as £440 a year worse off.
This is an error with ugly consequences. The energy revolution, as it is now applied, results in dirtier air. It ensures that Germany fails at its self-imposed climate goals. The energy revolution inadvertently promotes the use of dirty coal plants and destroys the relatively clean gas power plants. "In retrospect, it all makes sense," says Graichen.
While experts continue to tout wind energy as a diversification target for many West Michigan manufacturers, companies that supply the industry say they’ve faced a period of stagnant demand, especially now that a key federal incentive no longer exists. ...Part of the boom and bust felt by Michigan’s wind energy manufacturers can also be attributed to the state’s inability to attract an original equipment manufacturer like GE Corp. or Vestas Wind Systems to locate a production facility here,
But the city-owned utility, Austin Energy, has balked at the council’s proposal and said it would be too expensive for ratepayers. And since then, a debate has ensued over how to be politically progressive and economically practical at the same time. ...“It’s good to have aspirations except if the aspirations are so far afield that they are simply going to be ignored.”
Former environment secretary, Owen Paterson, will argue that the 2008 Climate Change Act, which ties Britain into stringent targets to reduce the use of fossil fuels, should be suspended until other countries agree to take similar measures. If they refuse, the legislation should be scrapped altogether, he will say.
Nearly half of New England’s electricity is now generated by natural gas, compared with just 15 percent in 2000. But officials say the region doesn’t have the pipeline infrastructure to match the need. The problems arise during the winter, when electric power generators and home heating companies are both vying for natural gas, which is funneled to the region through pipelines coming from the Pennsylvania area.