At breakfast this morning, I did something I hadn’t done in years–I read a physical newspaper, the Sunday Telegraph. The headline on the front page reads, “U-turn on ‘excessive’ green taxes.” The story documents one more step in the inevitable unraveling of “green” energy policies. Britain’s new Conservative government has something to do with it, too:
The cost of subsidizing new wind farms is spiraling out of control, government sources have privately warned.
Officials admitted that so-called “green” energy schemes will require a staggering £9 billion a year in subsidies–paid for by customers–by 2020. This is £1.5 billion more than the maximum limit ministers had originally planned.
Of course it is. The numbers inevitably will get worse, too.
The mounting costs will mean every household in the country is forced to pay an estimated £170 a year by the end of the decade to support the renewable electricity schemes that were promoted by the coalition.
George Osborn, the Chancellor, believes the figures demonstrate the need to rein in the cost of policies to tackle climate change.
As a first step, he will use this week’s summer Budget to announce that he is abandoning targets set under the coalition to increase the level of environmental taxes in a move he hopes will save customers and businesses billions of pounds.
Green energy isn’t dead yet–not while billions can still be made through cronyism–but the handwriting is on the wall.