Norwegian energy market in relation to EU
Given the ambitious European climate and energy policy targets, a massive shift from fossil to renewable sources is underway. Today, the share of wind and solar power is already significant and the European Commission proposed an EU target of 27% of renewable electricity for 2030.
Given the ambitious European climate and energy policy targets, a massive shift from fossil to renewable sources is underway. Today, the share of wind and solar power is already significant. Furthermore, in its Clean Energy Package (2016) the European Commission proposed an EU target of 27% of renewable electricity for 2030 - a goal that probably will be increased with the implementation of New Green Deal. This target will mostly be achieved by feeding-in significant amounts of variable wind and solar power into the European power system. Hydropower will be able to complement these increasing shares of variable renewables with its flexibility, firm capacity and the ability to back up variable generation.
This will, however, not happen by itself. The same way as for other initiatives in Norway the success is very dependent on the initiatives and goals of the EU. With a "Green restart" after the Coroan-crises on the continent as well as in Norway it is even more important to do the right things at the right time!
Toril H. Christensen is Head of Analysis in BKK Produksjon, delivering market and price analysis for hydropower generation and trade both in the physical and financial markets. This includes keeping an overview of the energy- and climate policies both in Norway and the EU and working with the hydropower industry's regulatory frameworks through Energy Norway and Eurelectric.
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