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Over the past two weeks, COP29’s purpose was to agree on an annual $1.5 trillion of green financing for ...
Comment on this article
Mihai N
December 23, 2024 at 12:48 pmI would challenge Mr Rowlatt statement by asking where exactly have electricity prices dropped following the introduction and expansion of variable renewable energy sources.
Charlie Bartlett
December 24, 2024 at 1:38 pmHi! I can’t speak for Mr Rowlatt, but energy prices repeatedly went negative (-EUR20) in EU countries this year. https://www.ft.com/content/1f94d0b4-c839-40a2-9c8d-782c00384154
In the UK we use marginal energy pricing, which keeps energy prices pegged to the price of natural gas. If we switched to zonal pricing, which energy companies are calling for, Scotland would have the cheapest energy in Europe. https://www.thetimes.com/uk/scotland/article/scotland-could-have-cheapest-energy-in-europe-if-labour-single-energy-market-ghfdvxhm6
However that didn’t stop energy prices dropping below zero last week: https://www.bnnbloomberg.ca/investing/commodities/2024/12/18/uk-wind-power-hits-another-record-with-weather-warnings-in-place/
Meanwhile IRENA calculates that as much as $409bn in fuel costs may have been avoided globally thanks to renewable energy. https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2024/Sep/IRENA_Renewable_power_generation_costs_in_2023.pdf
Hope this helps. Happy holidays!