Three offshore wind farms due to start generating power in 2017 were last year awarded contracts at £150 per megawatt-hour of electricity, while two others due to be running by 2018 or 2019 were offered £140.
There simply isn’t any justification for those prices.
Absolutely the maximum that we should be willing to pay is the coal price of electricity plus the social cost of carbon emissions. That’s what the whole Stern Review was about. The entire justification for doing anything at all in fact. And those prices are well above that: therefore we shouldn’t be doing it.