Learn more about economics with this collection
How to develop a healthy relationship with money
How to create a budget
The impact of emotions on financial decisions
Energy markets aren’t designed to cope efficiently with sources like renewables which cost a lot to build but far less than fossil fuels to run. Governments offer long-term, fixed-price contracts to generators for their output of renewable energy. This has been the biggest driver of investment, while competitive auctions of these contracts, to companies keen to build renewables, have slashed building costs the most.
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The knock-on effect to energy bills is amplified in the UK and other countries in Europe where electricity is organised through wholesale markets (in which generators bid to operate if the price is right) and in which most homes rely on gas for heating. Average home energy bills in the UK, which ...
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The last fixed-price government contracts offered for offshore wind energy in Britain – hardly the cheapest of renewables – were under 5p per kilow...
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A decade ago, many energy experts projected a “golden age of gas ”. Countries are likely to continue burning gas for some years. But with the drive to cut emissions and the advent of cheap renewables, electricity is li...
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The design of electricity systems has failed to catch up with the revolution in renewable energy. Competitive electricity markets, established in many countries to try and minimise costs, are actually suffering the greatest price rises. This is not because governments elsewhere use taxes to subsi...
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When there isn’t enough renewable power being generated or stored – like on cold and calm winter days – the green power pool would buy electricity from the wholesale market for limited periods and quantities. To minimise those costs, contracts could give discounts to customers who can use electri...
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