Thread by @7Kiwi

The Government said they reduced the indexation rate for renewables because they'd been over-compensated. That's not even half the story.
New analysis shows wind farms have already received more in subsidy than the build cost, enriching overseas investors. A thread (1/n)

Starting with the six offshore wind farms that have received most subsidies under the ROC scheme: Greater Gabbard, Gwynt y Mor, London Array, Race Bank, Sheringham Shoal and West of Duddon Sands (WODS). (2/n)

Greater Gabbard has received £2.2bn in subsidies but it only cost £1.4bn to build it (exc. OFTO sale proceeds). London Array has received £2.9bn in subsidies but net cost as ~£2.3bn. WODS received £1.8bn subsidies vs £1.1bn net cost (3/n)

Many of these windfarms are owned (or part owned) by overseas investors. UK bill and taxpayers are being fleeced to send the money abroad to line their pockets (4/n)

Even the newer, supposedly cheaper, CfD windfarms have either already received more subsidy than build cost, or are on track to do so soon (5/n)

Dudgeon has received £1.5bn in CfD subsidies but the net cost was £1.2bn. Walney Extension will likely have received more in subsidies than build costs by end March 27 (6/n)

The other early CfD offshore wind units - Beatrice, Burbo Bank Ext, East Anglia 1 & Hornsea 1 are on track to receive more in subsidies in the next few years, well before their subsidy contracts expire (7/n)

Miliband has recognised the "overcompensation" problem, but is just tinkering at the edges. ROCs need to be abolished in line with new Tory policy (8/n)

CfDs are harder to deal with, but natural justice should say that subsidies are withdrawn once the initial build costs are covered (9/n)

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