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Energy: Stumbling towards crisis

How did the politicians let this happen?

By Dieter Helm   April 2013

“To meet targets, Britain has to build wind farms, no matter what the consequences for security and price”

Energy crises are often triggered by surprises—from the Arab oil embargo in the early 1970s to more recently the Fukushima disaster. Britain’s energy crisis is, however, unlikely to be a surprise. It has been coming for a long time, masked by the economic recession, and seriously exacerbated by a combination of fundamental misunderstandings about markets and market design, poor regulation, an enormous bet on marginal and expensive technologies, and a stubbornness in…

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