Is UK Wind Power the Best Bet for Investors?

As the G8 leaders thrash out new targets for national energy consumption, a report by consultancy Pricewaterhouse Coopers reminded leaders of the need for "bold, early action".

And investors such as the perfectly named oil tycoon T Boone Pickens in the US, and Blackstone in Europe, are taking note, pouring billions into highly ambitious windpower projects.

The British Wind Energy Association was delighted by the Renewable Energy Strategy,
which aims to source 15 per cent of UK energy from renewables by 2020 and which could create a raft of 'green-collar' jobs in manufacturing. It is pinning a lot of hope onto wind power.

But UK prospects have been dealt a blow (sorry) by a paper written up by the Register.

Former Rolls Royce engineer Jim Oswald has written an article that asks: 'Will British Weather Provide Reliable Electricity?', to which the answer is probably, no -- unless consumers want to start paying even more for their utilities.

Surprising as it may seem, the UK has regular five-day calms and occasional 10-day 'low wind cold snaps' that mean the electricity output of wind farms can sometimes drop below zero, according to Oswald.

Gas turbines would be needed to help deal with the stop-start surges in supply and demand. And the volatile demand on them would mean the turbines used would need to be cheap and resilient -- and probably heavy carbon emitters, as a result.

It's a worry if we are pouring money into the wrong renewable -- wind power is comparatively cheap now, but solar and tidal projects may prove more sustainable in the long term. It would also be a shame if the RES -- which received a cautious thumbs up from business-aware Jonathon Porritt -- were discredited as a result. It's still in consultation -- so you can have your say.