Illuminating (heh) story from this morning’s Wall Street Journal:
LONDON—Britain’s six biggest power companies have been overcharging customers by about 5%, a U.K. government investigation said Tuesday, but the report blamed green-energy subsidies, a lack of competition and transparency and ineffective regulation for higher prices. (Emphasis added.)
Only government can subsidize something and still make its retail price go up. Of course—whenever a government scheme backfires, you always go with Ralph Nader Hymnal Refrain Number One, sung in C-major, and call for More and Better Regulation!
It’s not just limited to Britain:
Governments across Europe have been seeking to address public outrage over higher energy prices amid green-energy subsidies and other measures. The U.K., Spain and Greece have moved to cut renewable-energy subsidies as part of steps designed to reduce electricity bills in the past year, after consumer power costs in Bulgaria sparked protests that toppled the government in 2013. . .
Regulations designed to simplify prices aren’t working, the authority said, adding that it was considering whether to bring in “transitional” price caps on the most expensive prices to protect customers until other measures have led to a more competitive market.
Regulations not working? As I say, start singing the Nader Hymn #1. But remember, Obama’s “Clean Power Plan” will lower consumer energy costs according to Gina McCarthy and the EPA. If you like your utility rates, you can keep your utility rates.