European wind power output was already tepid this year entering last week, when the wind stopped blowing in the North Sea. Wind-based electricity generation tumbled. Much of Europe took a hit, but the UK bore the brunt because its imported electricity comes via undersea cables from France. UK prices were already significantly higher than Continental prices when one of those cables caught fire Wednesday, which the National Grid estimates will put it out of commission for half a year. Filling the shortfall are the country’s four remaining coal-fired plants.
[viii] Ultimately, however, we think the real solution will likely be for the wind to start blowing again.