The article is only worth noting for this, incredible, section - which is a masterpiece of the Comment is Free genre:
"In March the EU agreed a target of 20% renewables in the energy mix; 27 leaders signed up, Blair among them. The EC costed the switch to renewables at €24bn to €31bn a year, assuming an oil price of $48 a barrel. At $78 there would be no additional cost. Before the year was out, oil almost hit $100."
Does he realise what that is saying? Those are estimates of the subsidy that will be required to make renewable energy work. If we are above the oil price at which renewable energy has 'costs' (i.e. costs more than running on oil) then there shouldn't be any need for a subsidy at all.
Leggett clearly thinks the EC estimate is credible or he wouldn't be citing it. Fantastic! Let's scrap the various subsidies to renewable power and let those fine people in the renewable power industry outcompete expensive, peaked oil.