That’s a question I’ve been wondering about since UK retail electricity prices started rising and suppliers started going bust in droves. And I am not the only one. Here’s Enel CEO Francesco Starace speaking to CNBC back in the summer:
If you look at Europe this [electricity price spike] was quite easy to predict. 2021 is the first year in which the ETS (Emissions Trading Scheme) gets into this mechanism of cutting quotas as the slack shows up, and that’s working, and I think that is something that everyone was expecting to work and it’s doing the job. The question is whether this will become too much, or whether politicians will be able to understand that they have to be part of this game, and use fiscal levers to mitigate the impact on the most vulnerable customers.
No doubt there are also other factors at work, but one way and another we here in the
United Kingdom seem be losing “this game” by many a mile at the moment.
Those “most vulnerable customers” are currently feeling the impact, as indeed are we when perusing our own electricity bills. I’ve been documenting that impact via videos of our own local friendly neighbourhood wind turbine at Upper Tremail when the wind is blowing, thanks to both Storm Arwen: