In the last four years, European electricity costs have spiked 17% for homeowners and 21% for industry, according to the Institute of Electrical and Electronics Engineers.
The situation is most acute in the UK, where one in six households was spending more than 10% of its income to “maintain adequate warmth” in 2011, according government statistics cited by Reuters’ John Kemp.
What went wrong?You have to ask? Carbon Emissions targets and the subsidies on renewable energy.
For instance, German utilities just increased the surcharge levied on consumers to fund more renewables by 18% to 6.24 euro-cents per kilowatt-hour. German households now have the third-highest power bills in Europe.
European power suppliers are saying the drive to renewables has caused them to mothball 51 Gigawatts-worth of cheaper fossil fuel-based power sources, or the equivalent to the combined capacity of Belgium, the Czech Republic and Portugal, Bloomberg’sEwa Krukowska, Alessandro Vitelli & Tino Andresen reported.