The switch to renewable energy could require more financial sacrifices than previously thought. According to a new study, the green energy transition could cost German consumers up to 60 percent more by 2020 compared to 2011. Overall, the renewables costs may total 175 billion Euros by 2020.And Lawrence Solomon for the Financial Post reports that the US has weathered the worst of the disaster:
A new study suggests that the green energy transition will make electricity significantly more expensive. By 2020, electricity consumers will have to forfeit 21.5 billion Euros in costs caused by the transition to renewable energies. This has been calculated by the energy experts at McKinsey in a recent study. That is 60 percent more than the 13.5 billion Euros consumers had to pay for renewables last year.
McKinsey has also calculated what effect the transition to renewable energy sources will have on the electricity prices. The costs include the difference between the high prices, which are paid for electricity generated by wind and solar power plants based on the Renewable Energy Sources Act (EEG), and the price of electricity at the power exchange. Factored in too are the higher network charges which will finance the additional power lines required. Overall, the renewables cost totals 175 billion Euros between 2011 and 2020, according to the study.
Global-warming-related catastrophes are increasingly hitting vulnerable populations around the world, with one species in particular danger: the electricity ratepayer. In Canada, in the U.K., in Spain, in Denmark, in Germany and elsewhere the danger to ratepayers is especially great, but ratepayers in one country — the U.S. — seem to have weathered the worst of the disaster.
America’s secret? Unlike leaders in other countries, which to their countries’ ruin adopted policies as if global warming mattered, U.S. leaders more paid lip service to it. While citizens in other countries are now seeing soaring power rates, American householders can look forward to declining rates.