Extract from Lords debate on the Electricity Market (EAC Report) - July 17

Lord Turnbull (CB):...Fossil fuel prices, which were assumed to continue rising in real terms from the $100 a barrel mark to the point where renewables reached “grid parity”, have instead fallen. With extensive use being made of contracts for difference, the effect has been to raise the cost of the subsidies required. Only last week, Bob Dudley, the CEO of BP, said:

“I think we’ll all look back in history and think the period of three years at $100 per barrel or above was an aberration”...

To read the whole debate, CLICK HERE