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Senator Matt Canavan asking Sarah Altman (representing an offshore wind developer) if their project can help lower electricity prices. TLDR: they need subsidies for the life of the project

Ben Beattie

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30,775 views • 9 months ago •via X (Twitter)

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The UK bet its energy future on offshore wind. Massive projects like Hornsea and Dogger Bank were sold as the backbone of Net Zero. Billions were spent in subsidies. But the industry has just hit a wall. In the latest government auction, there wasn't a single developer bid. Turbine and maintenance costs went up, but subsidies didn't. Developers ran the numbers. The projects were unprofitable. Major offshore plans were cancelled or delayed, with companies like Orsted writing off billions in losses. Consumers are paying for those losses, via higher curtailment fees, for starters. Britain's cheap wind promise collapsed the moment it met real-world economics. Offshore wind is an expensive disaster.

The UK bet its energy future on offshore wind. Massive projects like Hornsea and Dogger Bank were sold as the backbone of Net Zero. Billions were spent in subsidies. But the industry has just hit a wall. In the latest government auction, there wasn't a single developer bid. Turbine and maintenance costs went up, but subsidies didn't. Developers ran the numbers. The projects were unprofitable. Major offshore plans were cancelled or delayed, with companies like Orsted writing off billions in losses. Consumers are paying for those losses, via higher curtailment fees, for starters. Britain's cheap wind promise collapsed the moment it met real-world economics. Offshore wind is an expensive disaster.

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Senator Matt Canavan is riding the wave of success and says the Nationals have their mojo back since they dumped Net Zero. Forget about polling it’s about the best policies for Australians. ‘I don’t really care what the United Nations thinks.’ 🔥🔥

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Wind and solar have a built-in economic problem: the more of them you build, the less their electricity is worth. On sunny afternoons, solar panels all produce at the same time. Supply surges and wholesale prices collapse as a result. Then the sun sets, supply vanishes, and so prices rise. But the panels are no longer producing electricity to sell at those higher prices. Wind does the same thing. When it blows, turbines generate together and crush the price they receive. Then whenever the wind drops, supply tightens and prices rise. Renewables 'cannibalize' their own revenues. High output equals low prices. High prices means low output. The economics depend on subsidies, guaranteed contracts, curtailment payments, and backup generation. The more weather-dependent power you add, the bigger this system flaw becomes.

Wind and solar have a built-in economic problem: the more of them you build, the less their electricity is worth. On sunny afternoons, solar panels all produce at the same time. Supply surges and wholesale prices collapse as a result. Then the sun sets, supply vanishes, and so prices rise. But the panels are no longer producing electricity to sell at those higher prices. Wind does the same thing. When it blows, turbines generate together and crush the price they receive. Then whenever the wind drops, supply tightens and prices rise. Renewables 'cannibalize' their own revenues. High output equals low prices. High prices means low output. The economics depend on subsidies, guaranteed contracts, curtailment payments, and backup generation. The more weather-dependent power you add, the bigger this system flaw becomes.

Electroverse

15,575 views • 27 days ago

Albo’s right. Not a single coal plant was built in a decade of LNP rule, for good reason. The bush crowd can groan all they like, but that’s like booing gravity. If they want someone to be angry at, try Senator Matt Canavan - he was Resources Minister for much of that coal-free decade.

Albo’s right. Not a single coal plant was built in a decade of LNP rule, for good reason. The bush crowd can groan all they like, but that’s like booing gravity. If they want someone to be angry at, try Senator Matt Canavan - he was Resources Minister for much of that coal-free decade.

Aaron Smith

88,475 views • 1 year ago