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energy and fields

FRACK TO THE FUTURE UK is sitting on gas gold mine which would blitz bills & Putin monopoly – so it’s madness not to frack, says Matt Ridley

by P. Homewood, Mar 3, 2022 in NotaLotofPeopleKnowThat

THE price of gas is through the roof thanks to Vladimir Putin, who has Europe’s energy market by the throat.

Britain is on track to spend a staggering £2BILLION on imported liquefied natural gas from Russia this year as war rages in Ukraine.

Household bills will skyrocket even more than they already were — and could hit £3,000 a year.

This is what happens when you rely on imported foreign energy.

And what makes it more maddening is that we don’t need to do this. We have supplies here.

Under Lancashire and Yorkshire lies one of the best reservoirs of natural gas in the world, known as the Bowland Shale.

At current prices, just ten per cent of this gas is worth several trillion pounds and could keep Britain supplied with gas for five decades.

energy and fields

The renewable energy policy Paradox

by J. Blazquez et al., Feb 2018 in ScienceDirect

Abstract

One major avenue for policymakers to meet climate targets is by decarbonizing the power sector, one component of which is raising the share of renewable energy sources (renewables) in electricity generation.

However, promoting renewables –in liberalized power markets– creates a paradox in that successful penetration of renewables could fall victim to its own success. With the current market architecture, future deployment of renewable energy will necessarily be more costly and less scalable. Moreover, transition towards a full 100% renewable electricity sector is unattainable. Paradoxically, in order for renewable technologies to continue growing their market share, they need to co-exist with fossil fuel technologies. Ignoring these findings can slow adoption and increase the costs of deploying new renewable technologies.

This paper spots the incompatibility between electricity liberalization and renewable policy, regardless of the country, location or renewable technologies. The Paradox holds as long as market clear prices with short term marginal costs, and renewable technology’s marginal cost is close to zero and not dispatchable.

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