Wind Inflated Energy Bills
Consumers are facing even higher energy bills to fund “extremely generous” incentives for companies to connect offshore wind farms to the electricity grid, MPs have warned.
The Public Accounts Committee has said in a report that new transmission licences have been designed “almost entirely to attract investors at the expense of securing a good deal for consumers”.
Estimated returns for investors of between 10 per cent and 11 per cent are “extremely generous”, the MPs’ report said, given that their investment is low-risk.
Additionally, operators that do not provide transmission to the grid as required can be fined only up to 10 per cent of their expected annual income, which the report described as being too low.
The Government has to attract an estimated investment of £110 billion over the next decade to pay for new power stations and wind farms and to overhaul the electricity and gas networks. With other countries also need to revamp their energy infrastructure to keep the lights on and cut carbon emissions, governments are competing to attract the limited investment available by offering high returns.
But concerns are growing about the impact on households, which will have to pay for the investment through higher energy bills ..........
Remember, cold kills. The old and poor will be the first to suffer.