Energy bills are set to soar as almost all major studies on Net Zero contain serious modelling errors that grossly underestimate the cost, a new report from Net Zero Watch reveals.
The report, which presents a new model of the 2050 electricity system that corrects these errors, shows that official studies have suppressed the apparent cost of Net Zero still further by using extreme speculations about the costs and efficiencies of all the equipment required in the 2050 grid.
According to Andrew Montford, the Director of Net Zero Watch:
The Royal Society, for example, assumes that the cost of almost everything will halve, and the efficiency of almost everything will soar. It’s not impossible, but it is imprudent to assume that it will happen.
If you correct the modelling errors, and use known costs and efficiencies rather than speculation about what might be available in 2050, you get a very different picture of the future.
The report warns that with current technology, the cost of a Net Zero grid would approach £8,000 per household per year. Montford adds:
The costs may come down somewhat, but policymakers need to be told what it would cost if they don’t. The numbers are staggering. The failure to explain the extreme nature of the underlying assumptions is culpable.
Net Zero Watch is calling for the Royal Society to withdraw its recent “misleading” report on electricity storage.
The Net Zero Watch report can be downloaded here.