The Cost of Germany's Energiewende [Summary and Analysis_Part II]
An Energiewende that is predicated on forcing utilities to generate power unprofitably can’t be sustained for long. And indeed, Harvey acknowledges this reality both when he observes that the traditional utility business model will be unsustainable should the Energiewende continue to move forward and when he calls for capacity markets to provide an adequate revenue stream to keep the centralized plants upon which the grid depends in service. Wholesale prices that reflect neither the direct subsidies for renewables deployment nor the capacity markets and enormous new transmission costs necessary to keep an intermittent grid operating reliably tell us nothing about the real cost of electricity.
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