Power profiteers
Wind farms, either under construction, or newly completed, in the North Sea all agreed to sell power to the grid at low fixed prices under the government’s “Contracts for Difference” (CfD) scheme. However newly completed wind farms are delaying taking up their CfDs because they can earn much higher prices on the open market.
Moray East, a huge wind farm off the Scottish coast, recently reached full operational capacity, but announced that it was delaying taking up its CfD contract until 2023. Electricity consumers will potentially have to pay this one wind farm an extra £500 million in its first 12 months of operations. CfD contracts allow a great deal of flexibility on start dates, with delays of up to three years possible so £500 million could turn out to be £1.5 billion.
Remember this is just for one wind farm, with more to come. I never thought I would say this but surely it is time to nationalise the wind industry, which is mostly owned by foreign investors.
Clark Cross, Linlithgow, West Lothian
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