by Gareth Armstrong,
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UNITED KINGDOM, Oct 18 — A lot of criticism has been generated recently from certain parts of the UK press * over so called "green taxes" and the effect that these have on household energy bills. While it’s true that the cost of efforts to promote renewable energy in the UK will ultimately be paid for in the energy bills of householders, I would argue that this is a price worth paying to hedge against future price rises due to changes in the wholesale markets.
Wholesale Marketsand Energy Security
The UK imports almost 60% of it’s energy from oversees **, often from potentially unstable parts of the world.
While investment in UK renewables will need to be partly met by householders in their energy bills, the end result will be a long term reduction in energy prices as we generate more energy independently in the UK, reducing our reliance on expensive imports from oversees
A
lot of criticism has been generated recently from certain parts of the UK press * over so called "green taxes" and the effect that these have on household energy bills. While it’s true that the cost of efforts to promote renewable energy in the UK will ultimately be paid for in the energy bills of householders, I would argue that this is a price worth paying to hedge against future price rises due to changes in the wholesale markets.
Wholesale Marketsand Energy Security
The UK imports almost 60% of it’s energy from oversees **, often from potentially unstable parts of the world. This makes UK energy prices vulnerable to external price shocks and general trends in the wholesale markets. The wholesale cost makes up about 80% of the cost of your gas bill and 50% of your electricity bill ***. Wholesale prices increased by over 60% in 2008 with a corresponding hike in energy bills.
Energy companies are once again attributing the recent ~15% price increases on the ever growing cost of importing energy from oversees. While the press likes to blame these rises on the so called “green taxes” they ignore the fact that energy bills would increase, and will continue to increase, regardless of the government’s renewable energy targets.
Renewable energy is a key part of the solution to the UK’s energy security needs. By reducing reliance on imported energy, householders can be protected against large energy price rises resulting from changes in the wholesale markets. The governments Renewables Obligation, Feed-in Tariff, and the Renewable Heat Incentive are all designed to stimulate investment in the UK renewables sector and drive down prices.
UK Renewable Energy Industry
These initiatives have been invaluable in kick-starting the UK renewable energy industry. The Solar Photovoltaic (PV) market in the UK was the fastest growing in the world for 2010 ****, up 1500% compared to the previous year. This increase was a direct result of the introduction of the Feed-in Tariff, one of the much demonized "green taxes".
While investment in UK renewables will need to be partly met by householders in their energy bills, the end result will be a long term reduction in energy prices as we generate more energy independently in the UK, reducing our reliance on expensive imports from oversees. Talk of “green taxes” causing huge hikes in energy bills should be seen in context and take with a large pinch of salt.
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A lot of criticism has been generated recently from certain parts of the UK press * over so called "green taxes" and the effect that these have on household energy bills. While it’s true that the cost of efforts to promote renewable e
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