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[–] fixedpoint 0 points 0 points (+0|-0) ago 

Everything is fine as long as it's expressed in formulas that let us calculate predictions and compare to observations. If we can describe in detail how exactly energy is not conserved, and it matches observations - so be it.

See here for how energy is not conserved and for the answer to your specific redshift question: http://physics.stackexchange.com/questions/7060/redshifting-of-light-and-the-expansion-of-the-universe