The Promises of ‘Cheap’ Wind Power Have Utterly Failed
German offshore wind farm developers turned their noses up this week at the Government’s auction for new contracts to supply the country’s power. Much like Britain’s Contracts for Difference (CfD) subsidy scheme, Germany’s older green energy commissioning process asks developers to offer competitive bids for the power they will supply for the next 20 years. “German offshore wind market is currently not interesting for investors,” explained Managing Director of German offshore wind industry association BWO to Bloomberg. “The current auction design forces developers to bear risks beyond their control without any protection.”
The expectations of the green energy sector for the public to pick up the tab for “protection” from risks, to ensure ‘investor confidence’ and other forms of ‘support’ speak loudly to the collapse of market principles throughout the continent. Cake shops owners don’t ask for ‘support’. Doggie parlour entrepreneurs don’t expect their investments to be ‘protected’. And institutional and retail investors in companies that provide reliable forms of energy have been told that they are bad people whose profits are immoral as they are exposed to increasing political risks that could leave their assets stranded.
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