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Costly fuel and carbon taxes

Oil pumps

Oil is generally considered to be among the costlier energy sources. The cost of the oil itself makes up a more significant part of the overall cost of generating electricity using oil than the upfront cost of building the power station, so any fluctuations in oil prices can cause estimates of the overall cost to vary significantly. Taxes on greenhouse gas emissions are increasing, and oil-fired power stations have a large carbon footprint, so these taxes further increase the cost of generating electricity using oil.

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