ENERGY POVERTY LINKED TO EXPENSIVE RENEWABLES

With the recent rise in the price of natural gas in Europe to five times where it was in early 2021, expect to see many more Europeans and those in United Kingdom plunged into what’s known as “energy poverty.”

From Greece to Great Britain and everywhere in between, the European electricity grid has increasingly been delinked from reliable affordable fossil fuels and hooked up to more expensive and intermittent wind and solar projects.


One result is Europeans pay twice for generated electricity: once for the existing sunk costs of existing fossil fuel (and nuclear in some countries) projects and again for renewable-based electricity projects. Another result is when wind and solar are not available, multiple nations in Europe and elsewhere are chasing the same available oil, natural gas and coal, pushing those fuel prices dramatically higher.