January 17, 2022
SIMPLE ECONOMICS:
UK energy crisis is a fossil fuel crisis - and gas is the villain (Phil MacDonald & Sarah Brown, 17 January 2022, Renew Economy)
New analysis by energy think tank Ember reveals that the skyrocketing price of fossil gas was responsible for 85% of the increase in UK wholesale electricity prices in 2021. In just one year, wholesale electricity prices quadrupled and it became almost five times more expensive to generate electricity from gas plants."Gas is the villain. Not the green investments that can end the UK's dependence on this costly and polluting fossil fuel," said Ember COO Phil MacDonald.Monthly average UK wholesale electricity prices jumped by almost £190/MWh in 2021 - from £55/MWh (December 2020) to £245/MWh (December 2021). The cost of fossil gas was responsible for £162/MWh (85%) of this spike.
Posted by Orrin Judd at January 17, 2022 12:00 AM