September 2021

Purpose:

To signal the failed energy policies of the UK and Europe.

Background.

Currently the UK House of Lords is conducting an inquiry into the cost of Net Zero.

The Critical Issue

John Constable of the Global Warming Policy Foundation (GWPF) has questioned the UK Government’s cost of achieving Net Zero, claiming that is significantly underestimated, citing former Chancellor of the Exchequer, Lord Lawson’s suggestion that the cost will be 2 to 3 times the estimate of 1.4 trillion pounds.

Constable confirmed that the GWPF is currently undertaking a detailed analysis of the Government’s calculations and he noted that many of the assumptions are not supported by empirical evidence and indeed fall well short of the audited financial accounts of 350 wind companies.

From Fortune 11 September 2021 –“ Europe’s ambitious net-zero pledges hit home—with eye-watering energy bills”.

Running out of gas as the cost of energy hits record highs – Europe is facing a “power crunch”— one that has been years in the making. As the global demand for gas soars, Europe’s uptake of intermittent renewable energy sources such as wind and solar, combined with its aggressive shutdown of coal and heavy EU carbon taxation, has caused its electricity supply to tighten. 

The continent’s gas crunch is causing extreme volatility, with the U.K. on Thursday seeing its electricity price jump 10-fold during one seven-hour period, to a record high of £2,300 ($3,180) per megawatt-hour (MWh), as Ireland, which regularly exports wind energy to the U.K., itself faced supply shortages. 

They’re not alone. 

This volatility has brought higher prices, hitting record highs across Spain, Germany, and France. Residential users, meanwhile, bear the brunt of the cost.

Conclusion

We have a lot to learn from the European failures of their push for renewable energy.

Recommendation.

There is still time for Australia to focus on the use of the abundant, high quality coal and uranium resources we are blessed with to deliver reliable, affordable and dispatchable electricity to meet the needs of its citizens and businesses.

Reliable, affordable and dispatchable electricity is fundamental to a prosperous future for our children, grandchildren and beyond.

SUPPORTING INFORMATION

John Constable – evidence to the House of Lords Costs of Net Zero Inquiry.

https://youtu.be/Ana39417SUU

Fortune – 11 September 2021 – “Europe’s ambitious net-zero pledges hit home—with eye-watering energy bills.”