Mr. Doron is correct that long-term economic growth requires investment in new generating capacity while curbing traditional and global warming pollutants.
How can he expect them, faced with such a threat, to proceed with the massive investment Britain needs in new generating capacity?
But whether we like it or not we are heavily dependent on large-scale investment by the energy industry in new generating capacity in the next 10 years, without which we will run out of power.
The court, an independent agency perhaps analogous to the U.S. Congressional Budget Office, noted that in a practical sense the kind of build-up in new generating capacity necessary to replace the aging reactor fleet was essentially "impossible".
Worldwide, solar and wind power are far ahead of projections, and "since 2010, investment in new generating capacity in renewables has surpassed that for fossil fuels". China is launching a cap-and-trade system, a way of putting a price on carbon emissions, and massive plans are afoot in countries like India and Argentina.
They hope that investment in new generating capacity will be protected from the risk of volatile spot prices.
Thanks to deregulation, help is on the way, according to industry groups that track the state of the utility grid and investments in new generating capacity.
Even now, to maintain current plants while investing in new generating, transmission and distribution facilities, the country needs about $6 billion annually.
And while electricity boards continue to rack up huge losses, what chance is there of finding the money so desperately needed for investment in new generating equipment?
The companies may sell the certificates in a market, and the revenues from certificate sales provide an extra incentive to invest in new generating capacity.
And in January of this year, all of the new generating capacity in America -- every megawatt -- came from renewables, according to the Federal Energy Regulatory Commission.
