Articles filed under Impact on Economy from Europe

British Steel’s Green Death

Start with a suite of renewable-energy policies that keep ratcheting up electricity costs. The so-called renewables obligation, which requires utilities to buy a steadily increasing share of their power from trendy green sources such as solar and wind, is driving up wholesale power prices. So is the feed-in tariff, which forces utilities to pay a minimum rate for renewable electricity that’s higher than the cost of fossil-fuel-fired generation.
7 Oct 2015

Government faces multi-billion pound black hole in budget to pay for clean energy supplies - which could mean your electricity bill rises

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.
16 Jul 2015

German backlash grows against coal power clampdown

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.”
14 Apr 2015

EU slipping on economic competitiveness, employers say

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.
17 Mar 2015

Angela Merkel dashes loss-making power plants' aid hopes

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. 
15 Jan 2015

The Big Drop: Cheap oil burns green energy

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.
17 Dec 2014

Expensive green energy a 'bad gamble' as ministers slash gas price forecasts

Ministers cut forecasts of gas prices for the rest of the decade by as much as a fifth, meaning green energy will remain relatively far more costly. ...“Year after year [energy secretary] Ed Davey has been banging on that one of the core reasons [for backing green energy] is to protect ourselves against inevitably high and volatile fossil fuel prices. Now their own forecasts are saying fossil fuel prices are going to be very affordable,” he said.
3 Oct 2014

Germany's expensive gamble on renewable energy

"Germany's current path of increasingly high-cost energy will make the country less competitive in the world economy, penalize Germany in terms of jobs and industrial investment, and impose a significant cost on the overall economy and household income," warned Daniel Yergin, vice chairman of research firm IHS.
26 Aug 2014

https://www.windaction.org/posts?location=Europe&p=2&topic=Impact+on+Economy&type=Article
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