Date: 04/16/21 Press release, Global Warming Policy Forum
The Global Warming Policy Forum condemned the so-called “obscenity” of wind farm subsidies and called for a complete rethink of energy policy.
GWPF research has shown that only six offshore wind farms share subsidies of £ 1.6 billion in subsidies each year. Three receive annual subsidies of over a quarter of a billion pounds. In a single day in April last year, Hornsea 1 received a grant of nearly £ 1.5 million.
The amount of the subsidy is enough to cover the construction costs of these wind farms in just six or seven years, so that future payments are almost pure profit for the operators.
The cost of the contract for difference system is rising, increasing by £ 0.7bn in the last year alone to £ 2.3bn in 2020. Consumers are already paying £ 6bn under the renewable energy commitment and a further £ 1bn. GBP as part of the capacity market.
Direct subsidies therefore amount to an annual payment of £ 350 per household, an amount that increases by at least £ 25 per year.
There are also other bills to be paid as wind farms destabilize the power grid. The cost of the compensation mechanism that deals with network imbalances is increasing rapidly, costing each household £ 65 per year, a figure that is increasing at a rate of £ 20 per year.
And the consumer also has to pay for the modernization of the power grid.
Lord Lawson, GWPF Director, said:
We are in the midst of an economic crisis and consumers are faced with astronomical costs for unreliable wind energy. These multi-billion dollar subsidies are not only a massive transfer of wealth from the poor to the rich, but they are also damaging the UK economy as a whole. This madness has to stop. “
Full press release here.
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