> When oil hits US$300 and one or two major nuclear disasters happen,
> the 0.7% will increase ...
>   
 From what I can gather very little electricity production comes from 
oil anyway because oil is the most expensive of the fossil fuels 
already. Afaict the big sources are coal,  natural gas, dam based hydro 
and nuclear.

Dam based hydro is a very nice source of power in terms of running 
clenliness and output control but availible sites for new installations 
are very very limited and the inital installation is a political and 
environemntal nightmare (forests rotting underwater produce a lot of 
polloution).

Most other renewables generate on thier own relatively unpredicatable 
schedules making them a grid operators nightmare, a small ammount of 
sources like that is tolerable but ultimately unless storage costs come 
down dramatically it will be very difficult to run a whole grid off them.


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