Renewable energy isn’t as cheap as advertised – so far
JULY 30, 2023
By Paul Homewood
Liam’s article begins with a summary of UK inflation, but then progresses onto the role that energy price inflation is having:
But the main reason UK inflation remains exceptionally high is our still elevated energy costs – a serious problem, which shows little sign of being resolved.
The UK’s domestic energy production has been 14pc below pre-pandemic levels over the last year, according to the latest Digest of UK Energy Statistics. Oil production was down nearly 30pc on 2019.
During 2022, high energy prices saw energy consumption – down 11pc on pre-Covid levels – fall further across all sectors, impacting broader economic growth. And energy prices have been slow to fall.
Wholesale gas prices in the US were 80pc below those across Europe during 2022 – and remain much lower now. That’s because the US has hugely expanded energy production, exploiting shale reserves.
https://notalotofpeopleknowthat.wordpress.com/2023/07/30/renewable-energy-isnt-as-cheap-as-advertised-so-far/
