🚨NEW: Ed Miliband has just quietly announced the prices he is willing to pay in his next wind auction.
And it's not good news...
He has said he is willing to hand developers contracts that pay up to £120/MWh in today's money for offshore wind...
£97/MWh for onshore wind...
And an eye-watering £390 for wave and tidal.
For context, the electricity price was £72/MWh on average when Labour came to power just two years ago.
There is no way they can meet their promise to cut energy bills by £300.
The prices for intermittent renewables are not getting any cheaper - and on top you need to add on the cost of paying wind farms to switch off when it's too windy, the £100 billion to connect power generated hundreds of miles from where it’s needed, and expensive backup needed for when the wind doesn’t blow.
All of those extra costs are already driving up your electricity bill.
Ed Miliband should pause this auction until he finishes the work I started in the Department to calculate the true cost to the consumer of a renewable-dominated system.
Our absolute priority must be to MAKE ELECTRICITY CHEAP!