By Jo Nova
The Command Economy Fails Again…
Only 6% of government backed wind farms have made it to a committed financial sign off. The “Capacity Investment Scheme” (CIS) was supposed to deliver 40 gigawatts by 2030. Less than a single gigawatt has been finalized. There’s another nearly 13 gigawatts sitting there on the sidelines “in the pipeline” waiting for a cash downpour or a physics miracle.
Anthony Albanese has played whack-a-mole with the free market, but nothing can make this hydra work. Every time he drops a sugar bomb on one part of the market another part gets diabetic. His genius plan to gift rich people with expensive batteries seemed like a great success — smoothing out some of the nightly wild price spikes (and for just $8 billion dollars!). But who could have guessed that the industrial wind plants were counting on making money from those price spikes themselves, and now are struggling to see how to make a profit? (Say, weren’t they the cheapest energy on Earth, and now they can’t compete..?)
Apparently the teams that bid to build wind parks for the CIS didn’t realize wars would drive up the cost of fossil fuels (which […]
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