On the 12th July the government published its latest white paper of energy reform The Electricity Market Reform Paper 2011 Here
Although this white paper cements in an absurd commitment to a massive expansion and deployment of wind turbines, the bankers and investors are getting cold feet.
They are blaming this on what they say is a lack of clarity in the white paper. (As described in "The Scotsman" Here)
But there is more to the bankers prevarication, as noted in the above article:
That was partly due to regulatory uncertainty, he said, but funding for wind farms was also being impacted by low average wind speeds over the last couple of years, which has depressed rates of return on existing projects.
Maybe the bankers have started paying more attention to data indicating a reduction in wind speed across the UK. As described in a paper by Wind Turbine enthusiasts Garrad Hassan.
(see Billothewisp post "Wind Speed In Decline: A Blip or a Trend?").
Maybe now they can see that even with their huge subsidies, erratically performing turbines may not be the sure investment bet they were once thought to be.
Whatever the bankers think, one thing is sure, nobody in government would now risk the wrath of the electorate by giving the bankers a guarantee on any continuation of the currently flawed ROC scheme let alone an increase. If they want a cast iron guarantee on what is really very risky high return investment, they are going to be dissapointed. (at last)
What if these grubby little investors attempt to blackmail us by threatening to take their "green" investments elsewhere?
Billothewisp has two words to say to them