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A real energy revolution needs us to look beyond sound bites

The origins of Britain’s impending energy crisis go back half a century. The Beatles were in their heyday, the young Harold Wilson was a freshly elected prime minister committed to “the white heat of technology”. But British consumers experienced power cuts during the winter.

The government announced a massive programme to expand electricity generating capacity. The plan included several coal-fired stations of unprecedented size. But its showpiece was the construction of five nuclear power stations to a newly developed British design, the advanced gas-cooled reactor, or AGR. “I am quite sure we have hit the jackpot,” said Fred Lee, the minister in charge, enthusing about the technology’s export prospects.

The plan was an economic disaster. The stations were subject to horrendous delays and cost overruns. It would be 30 years before they came close to operating efficiently. The shortfall in capacity did not matter much because the electricity was not needed anyway. Needless to say, the export markets did not materialise. In the 1980s the Thatcher government shut down most of the coal industry, built one new nuclear station – to a proven US design – and privatised the industry.

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約翰•凱

約翰•凱(John Kay)從1995年開始爲英國《金融時報》撰寫經濟和商業的專欄。他曾經任教於倫敦商學院和牛津大學。目前他在倫敦經濟學院擔任訪問學者。他有著非常輝煌的從商經歷,曾經創辦和壯大了一家諮詢公司,然後將其轉售。約翰•凱著述甚豐,其中包括《企業成功的基礎》(Foundations of Corporate Success, 1993)、《市場的真相》(The Truth about Markets, 2003)和近期的《金融投資指南》(The Long and the Short of It: finance and investment for normally intelligent people who are not in the industry)。

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