UK electricity bills are heading sharply higher — despite all the “clean energy superpower” promises. My new article reveals how subsidies & grid costs will explode to £40bn+ by 2030/31. Tory and Reform policies will not be enough to reverse the trend. A thread 🧵(1/11)
We have the highest industrial electricity prices. The Government claims renewables will bring down energy bills for good. But Octopus & E.On bosses said to Parliament that even if wholesale gas prices halve or go to zero, bills will rise. (2/11)
OBR (& DESNZ) forecasts show direct subsidies (ROCs, CfDs, FiTs, Sizewell C, GGL etc.) rising from £11.8bn to £15.2bn by 2030/31 (3/11)
OBR and NESO forecasts for grid integration costs (backup, balancing + transmission) explode from £8bn in 2024/25 to £25bn in 2030/31. (4/11)
Combined, these costs double from £19.8bn in 2024/25 to a staggering £40.1bn by 2030/31. That’s equivalent to ~£700 extra per household — with no end in sight. (5/11)
Reform and Tory policies (cancel AR7, scrap carbon taxes, end ROCs early) are welcome but fall short. If they get in power by Autumn 2028 & fully implement by April 2029 they might manage to cut costs by ~£12bn/yr (6/11).
Overall, costs would still be £8.2bn higher than today by 2030/31. (7/11)
The claim that more renewables = cheaper bills is false. Gas for power costs ~£5bn and is trivial compared to the renewable subsidy + grid overhead. We’re de-industrialising and paying a fortune for unreliable power. (8/11)
UK has the highest industrial electricity prices in the world. Continuing this path risks economic catastrophe. Drastic action - far beyond current opposition plans - is needed. Laws need to be repealed, subsidies removed, contracts broken and assets left stranded (9/11)
Net Zero must be stopped. The pain of reversing subsidies and ending contracts for the green industrial complex will be tiny compared to the pain being inflicted on the rest of the economy by sky-high energy prices. (10/11)
If you enjoyed this thread, please like and share. You can sign up for free to read the full article on the link below (11/11):
open.substack.com/pub/davidturve…
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