Europe’s big plans for wind are being undermined by the failure of its financing scheme.
As the EU plans to expand wind power from 5% to about 50% of its power generation by 2050, according to a leaked report, the carbon market that makes wind possible is tottering.
Bloomerg reports that,
Carbon prices in the UN-administered market have fallen 36 percent so far this year, undermining the profitability of wind farms and other emission-reduction projects in developing nations that rely on CERs for revenue.
EU consumers will be paying for all this failed central planning. As reported by the Financial Times:
European businesses and consumers face at least 20 years of electricity price rises, according to a leaked European Commission report on how the region can meet its green energy targets.
This planning will, of course, result in disaster as it is a fool’s errand to formulate energy policy extending two generations into the future.
Also, as Tim Wilson points out in The Australian,
Economically sustainable markets are built on the back of secure property rights, but because secure property rights cannot exist for greenhouse gases, emissions trading has a structural flaw that will ultimately unravel.