Global Energy Crisis Series – 2nd Article
Since the start of the Russian invasion of Ukraine, the stress on diverse commodities and products has increased and expanded worldwide: wheat, petroleum, and gas have seen growth in prices. Besides these disruptions, global systems such as supply chains, trading businesses, and energy supply have been impacted substantively by many consumers and businesses, affecting entire global-scale economies.
However, these increased tensions in the energy sector are starting to accelerate the efforts to rely on renewable energy not only in Europe but also worldwide.
In our first Article of the Global Energy Crisis Series published in early May, we talked about the Natural Gas Crisis Triggers: What you should know.
In this second delivery, Eco Green Energy summarized the impact of this on the acceleration renewable energy sector and particularly solar.
Current Energy Scenario of Global Energy Crisis
With over 11.3 million barrels of petroleum each day during January 2022, Russia reaches the same production level as the US and Saudi Arabia (IEA, 2021). Furthermore, it represents 25% of the global supply (gas and petroleum).
Source: Energy Trend, 2022
According to Figure 1, petroleum and natural gas are two dominant energy sources in Europe at 59% of energy consumption. Moreover, petroleum sits at 33.8%, and natural gas is over 25%. Another key energy source is coal at 12.2%, while renewable energy has reached only 11.5%.
Russia mainly exports energy to Europe, where the export of petroleum and natural gas to Europe accounts for 50% and 78% of the country’s total export. In 2021, the exports reached 762.8 billion m³ in natural gas production with an estimation of over 80% destinated to European markets.
In parallel and since the end of 2021, it has been an increase in electricity bills across Europe. Some countries exceeded EU€300/MWh in average electricity prices as of December 2021, while in January 2020, the highest was EU€60/MWh. Such an energy trend stimulates the EU region to discover a new energy market.
Source: Statista,2022
Fast track toward 2030 fully renewable energy supply
“The faster we push ahead with the expansion of renewable energies, the better,“
German Chancellor Olaf Scholz.
Additionally, many European countries are implementing a package of laws set to come into force as early as July. It will enable a full supply of electricity from renewable sources by 2035. Particularly for Germany’s Solar energy is expected to more than triple to 200GW.
Europe defined a new energy policy where each EU member proposed a respective target in renewable energy development and accelerating the initial 10 priorities indicated in the European Energy Transition 2030 strategies. Furthermore, the Russia- Ukraine war outbreak also fostered the development of the renewable area in this area.
The European Commission announced an independent energy roadmap in March to extricate from the dependency on Russia’s energy imports before 2030. In fact, they are planning to start with natural gas. This action plan is named “Joint European Action for More Affordable, Secure, and Sustainable Energy”. The European Commission announced RePower EU on March 9th to resolve Europe’s existing energy security and price challenges.
“By 2030 … solar energy in power production capacities should double from the current level of 33% to 67%. And by then solar energy will also be the largest electricity source in the EU with more than half coming from rooftops.”
Kadri Simson, EU Energy Commissioner
Moving to 740GW by the EU Solar Strategy
Actually, the particular program proposes that accelerated development:
▣ In agreement with the EU Solar Strategy to double the Solar PV energy supply can attain the 740GW solar installation target by 2030.
▣ The recently approved Solar Rooftop Initiative with a phased-in legal obligation to install solar panels on new public and commercial buildings and new residential buildings by 2027 and 2029 respectively.
The unprecedented EU Solar Strategy sets out a 592 GWac target for EU solar by 2030. It is equivalent to 740 GWdc, the unit preferred by the industry. This target is higher than SolarPower Europe Global Market Outlook business-as-usual projections of 672 GWdc by the decade’s end. From initial Fit for 55 package proposals translated into 420 GWac, today’s new 592 GWac goal increases EU solar ambition.
Among countries, Germany has reached 53GW installed solar capacity, Italy followed with 21GW, and the Netherlands respectively with 10GW.
Source: Visual Capitalist, 2021
Choosing EGE modules to accelerate the energy transition
Eco Green Energy believes renewable sources will positively impact European power systems. Throughout these 15 years, have received positive feedback from our distributors worldwide. Many our partners are eager to implement their projects with EGE panels such as ATLAS 550W, HELIOS PLUS 455W, and HELIOS PLUS 375W with + 5W positive tolerance and better performance in total power output detected compared with other models.
The ATLAS 550W has mono 144 half-cut cells in size M10 and 10BB delivers up to 21.28% efficiency. Also, HELIOS PLUS 455W/ 375W with 144/120 mono half-cut PERC cells in M6 (9BB) sizes deliver up to 20.81% efficiency.
For detailed information about EGE Panels having lower LCOE/BOS and giving more rentability to your business, visit our product page. Also, you can model your projects using our panels’ data on PV Syst.
More information: info@eco-greenenergy.com
References:
- IEA, 2021, https://www.iea.org/countries/russia
- Statista, 2022, Which European Countries Depend on Russian Gas? https://www.statista.com/chart/26768/dependence-on-russian-gas-by-european-country/
- Energy Trend, 2022, Aggravated Conflict between Russia and Ukraine to Accelerate Development of Renewable Energy in Europe
