To maintain priorities, please read the Anzac day post down the page before this story.
A US study reveals some of the staggering costs of renewable energy. From the desk of Jo Nova.
Greenstone, McDowell and Nath have analysed all 29 states in the US where there are laws demanding a certain percentage of energy be renewable. On average a 4% increase in renewables led to a price rise of 17% and the impost was wildly high compared to any remotely sensible cost-benefit analysis. Renewables are the car insurance bill that costs 3 times as much as your car. Any serious environmentalist would hate renewables.
Michael Shellenberger, Forbes
The cost to consumers has been staggeringly high: ”All in all, seven years after passage, consumers in the 29 states had paid $125.2 billion more for electricity than they would have in the absence of the policy,” they write.
Greenstone et al analyze the RPS (Renewable Portfolio Standards) in the US. This is like the RET in Australia and the Renewables Obligation in the UK. Like any market destroying rule, it ensures the system finds a more expensive way to supply electricity.