After Brexit blow, wind parks at sea undermine carbon prices

London

IN SHALLOW waters off the Dutch coast, you will soon see why the world's biggest carbon market is struggling with slumping prices.

Dong Energy A/S plans to build two offshore wind parks there, supplying as many as one million homes. The cost of the projects are about 60 per cent cheaper than average rates estimated only a year ago by Bloomberg New Energy Finance in London. If they stick, the tariffs could be a "game changer" because they are showing lawmakers fighting climate change just how quickly energy economics are changing and the range of options that they now have beyond the emissions market, according to Barclays plc.