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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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约翰•凯

约翰•凯(John Kay)从1995年开始为英国《金融时报》撰写manbetx20客户端下载 和商业的专栏。他曾经任教于伦敦商学院和牛津大学。目前他在伦敦manbetx20客户端下载 学院担任访问学者。他有着非常辉煌的从商经历,曾经创办和壮大了一家咨询公司,然后将其转售。约翰•凯著述甚丰,其中包括《企业成功的基础》(Foundations of Corporate Success, 1993)、《市场的真相》(The Truth about Markets, 2003)和近期的《金融投资指南》(The Long and the Short of It: finance and investment for normally intelligent people who are not in the industry)。

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