By Paul Homewood
h/t Ian Magness
A lull in wind speeds over the summer was felt in boardrooms across Europe. As it blew at its weakest for around 60 years, major energy companies lost millions of pounds in electricity sales.
By September, households started to feel the pain. Coal and gas-fired plants were switched on to make up for loss of wind, compounding a global shortage of gas and pushing electricity prices to record levels.
“It’s very serious,” Mads Nipper, chief executive of Danish oil-turned-wind giant Orsted, told the Financial Times in August, as he warned shareholders of a hit to profits. “It is like you’re a farmer and it doesn’t rain.”
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