Astonishing figures show that the total cost of renewable energy infrastructure in Europe to the end of 2012 came to over €600 billion, excluding additional fees for grid connections and upgrades.
And this enormous sum is one and a half times the cost of twice bailing out the Greek economy, which came to €320 billion and the Irish economy with a €70 billion loan, the Irish Energy Blog has calculated.
With Alexis Tsipras in Brussels meeting European Commission President Jean Claude Juncker to discuss the refinancing of the country’s debt, it should be hard to believe that the financial prison the Greek people have been living in could have been spent in a worse fashion. But the money for on and off shore wind turbines and solar panels has not contributed to any meaningful reduction in political energy targets nor has it benefitted households: in fact, it has led to the reverse with higher bills and a less stable supply of energy, essential in a modern economy for both practicality and security.
In the UK there is an average £68 added onto a family’s energy bills to subsidise projects such as wind farms and biomass plants, according to official analysis published last November. And these levies are set to more than double by 2020 and treble by 2030, figures show. These surcharges account for about five per cent on an annual energy bill of £1,369.