On June 2, 2005, California governor Arnold Schwarzenegger announced an initiative to curb greenhouse gas emissions in California as a step toward addressing global warming. In his speech, the governor declared: “The debate is over. We know the science. We see the threat, and we know the time for action is now.” He often pointed to Britain as an example that California should follow in curbing CO2 to stop anthropogenic global warming. He launched AB-32 which we live with today prompting renewable energy, which is driving up the cost of energy. As the cost of energy increases and become more unreliable companies are leaving the state, seeking location with cheaper energy and fewer regulations that stifle business development and growth.
Now the renewable model the that former Governor Arnold Schwarzenegger wanted California to follow is a “Deepening Energy Crisis: Britain Has Become ‘Uninvestable’, Analyst Warns”
Danny Fortson, The Sunday Times
The German owner of Npower is set to write off hundreds of millions of pounds on the value of its British power plants in the latest sign of a deepening crisis among the big six energy suppliers. RWE, one of Europe’s largest power companies, will reveal the British loss as part of an expected £4bn writedown of the value of its fleet of power stations.
The loss arises from pollution taxes that are forcing the closure of old coal-fired plants. Big subsidies for renewable energy, meanwhile, have made even gas-burning plants, which are much cleaner than coal stations, loss-making.
The hit will alarm Whitehall, which is increasingly worried about the lights going out. Companies have stopped building new power stations amid a political and regulatory backlash, sparked last year by Ed Miliband’s pledge to freeze energy prices.
RWE, for example, has not commissioned a new plant in Britain since 2009, when it broke ground on a big wind farm and a gas-fired plant in Pembroke. Since then it has sold out of a consortium to build new nuclear plants, closed down plants capable of lighting more than 4m homes, and cancelled a proposed £4bn offshore wind farm. […]
Peter Atherton, analyst at Liberum Capital, said Britain had become uninvestable as political pressure over soaring household bills has intensified. “I can think of a dozen very good reasons not to invest in the UK, and not one good one to invest here this side of the election,” Atherton said.
Now I ask you is this the model we want to follow? Is CARB creating a state which no reasonable person would consider investing in?