Spot market prices for electricity have been breaking all records, as European leaders and their ministers intensify their discussions on how to deal with the crisis. Simon Göss at cr.hub, writing for Energy Brainpool, starts by explaining how the markets work, noting that price rises are indeed being driven by fossil prices and not CO2 certificates. Göss looks at how prices have climbed in Germany, France, the Baltics and Spain, and how the … [Read more...]
Electricity market re-design should focus on the root cause of the crisis, Europe’s dependence on fossil fuels
Amidst the perfect storm of the pandemic, war in Ukraine, and extreme weather events, Bruce Douglas at Eurelectric urges us all not to lose focus on our decarbonisation targets. Energy savings, electrification and renewables are more important than ever to help reduce dependence on fossil fuels. Douglas explains that Europe’s electricity sector remains totally committed to the drive towards clean energy, citing examples. He summarises the … [Read more...]
What will an international marketplace for Hydrogen look like?
Though any nation can in theory make its own hydrogen, some will be able to do it much more cheaply than others. Herib Blanco at IRENA summarises their study that looks at the factors that determine the difference, along with the hydrogen transport costs that will influence the global trade that should emerge. By 2050, those transport costs could reach levels below $1/kgH2 once economies of scale are reached and supply chains are fully developed. … [Read more...]
Will price caps on Russian oil work? Three experts debate
Whatever the G7 does, the objective is to cut revenues flowing into Russia, not oil flowing out. And whatever the sanctions, getting compliance from neutral and pro-Russian countries will need a strong positive incentive. Hence the idea of a price cap which would keep prices low. Here, three experts – Edward Fishman and Brian O’Toole at the Atlantic Council, and Mark Mozur at S&P Global Commodity Insights (with background by Atlantic … [Read more...]
Event summary: “45% RES by 2030: EU’s latest investment challenge to DSOs”
Sara Stefanini provides a written summary of our panel discussion held on Thursday June 30th 2022. It’s a full summary of the 90 minute discussion (including audience questions), but it begins conveniently with a summary of the highlights. Investment in and the modernisation of the electricity distribution grid is one the biggest challenges the EU has to overcome in the next decade. It’s a €400bn investment challenge by 2050 says Eurelectric, an … [Read more...]
4 ways to cut whole system electricity costs with flexible Demand Side Management
Right now, energy system costs are driven by generation capacity, infrastructure upgrades, network reinforcements, curtailment and constraint payments, and imbalance costs. What’s missing is the investment in a raft of demand side management assets that are ready to go but are not part of the market, therefore not rewarded, and therefore not being invested in. Laura Sandys at Energy Systems Catapult, writing for WEF, explains why flexibility must … [Read more...]
Electricity markets with high shares of Wind and Solar will need Nuclear
When electricity markets have high shares of wind and solar – the goal of many regions around the world – is it more efficient to build a nuclear power plant instead of investing further in more renewable capacity? The answer is yes, according to a study by Machiel Mulder, Xinyu Li and Arjen Veenstra at the University of Groningen. In essence, it’s because nuclear benefits from the high (scarcity) prices when there’s little wind or sunshine. Here … [Read more...]
China’s impressive growth in Renewables and Transmission now needs Market innovation
***REGISTER NOW for CHINA: Carbon Neutral by 2060 - INNOVATION*** - China has the world’s largest power plant fleet for both coal and renewables. Together they make up most of the total power capacity of over 2,200 GW... STOP PRESS: China's Transition is the biggest single opportunity for managing climate change and also for those businesses who are ready with the innovations that will ensure the best possible outomes in an incredibly … [Read more...]
Seven ways for the U.S. and Europe to enhance energy security and advance climate goals
Ending reliance on Russian fossil exports will need the U.S. and Europe to work together, explain Joseph Majkut, Nikos Tsafos and Ben Cahill at the Center for Strategic and International Studies. The U.S. is the world’s largest oil and gas producer and is able to increase output. At the same time, it must meet global emissions targets. The way to do it is to increase fossil exports temporarily whilst improving its carbon reduction measures (e.g. … [Read more...]
Solar + Storage Hybrid plants are poised for explosive growth in the U.S.
At the beginning of 2021 the U.S. had 73 solar and 16 wind hybrid projects, amounting to 2.5GW of generation and 0.45GW of storage. By the end of 2021, over a third of the 675GW of solar in the grid connection queue were hybrids, and 19GW were wind hybrids. Only one in four typically get approved, built and connected. But that still points at a twenty-five-fold increase in hybrid generation. It’s why Joachim Seel, Ben Paulos and Will Gorman at … [Read more...]
Piloting peer-to-peer electricity markets in China and the EU
Peer-to-peer (P2P) electricity trading is being promoted, to varying degrees, in both the EU and China. It allows individual citizens and businesses to produce and trade their own solar power (local, rooftop), while enabling the close-to-real-time balancing of supply and demand to maintain system stability. Helena Uhde at the ECECP gives an insight into the current status, implementation, regulations and policies in both regions. She cites two … [Read more...]
Gas crunch causes electricity crisis despite record cheap clean energy. Time to create a “green energy pool”?
In the UK and similar nations, the gas crisis is ballooning electricity prices too. That’s because the UK operates a wholesale electricity market where the most expensive power sets the price. As we enter an era where renewables are getting cheaper every year, it’s time to change that model so that consumers see the benefits, argues Michael Grubb at UCL. The design of electricity systems is not keeping up with the revolution in renewable energy. … [Read more...]
Where can Europe get its Gas if Russia cuts off supplies?
What impact will the confrontation between Russia and NATO over Ukraine have on Europe’s energy security? Russia provides nearly half of Europe’s natural gas, and Moscow could tighten the flow if hostilities break out. If that happens, where would Europe get its gas from? Amy Jaffe at Tufts University looks at the constraints on global LNG supply (mainly liquification and regasification capacity), the global ability to redirect shipments to … [Read more...]
Piloting green shipping corridors: Australia-Japan and Asia-Europe
The shipping industry is diverse, disaggregated and part of the logistical chain of 80% of global trade. So reducing its emissions (3% of the global total) will be complex. One way to cut through this complexity is to create a limited number of green shipping corridors between major port hubs, to pilot solutions. This can shrink the challenge of coordination between fuel infrastructure, vessels, firms and national policies down to a manageable … [Read more...]
The Gas Crunch: EU and China can share lessons on Energy Security and Renewables Integration
With adversity comes opportunity. The global gas crunch has hurt countries around the world but has also made them appreciate their common concerns. That has provoked policy-makers to take a serious look at current and future energy security policies. In the EU the competitive gas markets, enabled by short-term spot markets, has reminded us of the value of long-term contracts when prices are volatile and rising. Meanwhile, China’s … [Read more...]
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