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More renewables best answer to energy price surge, Europe power lobby hears

CommoditiesSep 29, 2021 09:15AM ET
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© Reuters. FILE PHOTO: An aerial view shows power-generating windmill turbines in a wind farm in Graincourt-les-havrincourt, France, November 7, 2020. Picture taken with a drone. REUTERS/Pascal Rossignol/File Photo

FRANKFURT (Reuters) - A faster rollout of renewable energies such as wind and solar is the best response to recent spikes in gas and power prices, speakers at a web event hosted by European electricity lobby Eurelectric said on Wednesday.

Energy prices have surged recently as rising global demand has collided with tight gas and coal supply, unfavourable weather for renewables, and European Union resolve to boost the price of carbon emissions permits.

"The solution, in the longer run, is the accelerated deployment of renewables and improved energy efficiency," said the EU Commissions head of renewables & energy system integration, Lukasz Kolinski.

"We must keep investing in wind and solar to have more days when renewables are setting the price. Today's situation underlines that we have to limit our dependence on foreign fossil fuels as soon as possible," he said.

As fossil fuel prices have soared, the cost of renewable generation keeps falling, the EU's top climate chief said two weeks ago.

Electrification is the bloc's desired route to achieve more ambitious climate targets up to 2030.

It would help cut emissions fast, as the energy sector accounts for 75% of total EU emissions.

"We have to think carefully about a system that provides for consistent low prices for electricity so that we can do the transition in our sector and also electrify while keeping citizens happy about energy prices," said Eurelectric Secretary General Kristian Ruby.

Eurelectric says renewable power can deliver easier and cheaper emissions savings than those to be expected from hard-to-decarbonise industries.

Electricity can directly supply battery-driven vehicles and fuel cells and engines driven with "green" hydrogen derived from renewables via electrolysis.

But the approvals process for new capacity must be quicker, Ruby said.

Two-thirds of EU electricity was carbon-free in 2020 and the percentage should rise to 85% in 2030, Eurelectric projects.

More renewables best answer to energy price surge, Europe power lobby hears
 

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Comments (4)
Fred Smith
Fred Smith Sep 29, 2021 11:50AM ET
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Yep, freeze now and wait 5 years for another 2% increase in "green" energy. Unfortunately must buy solar panels from poluting China
Kaveh Sun
Kaveh Sun Sep 29, 2021 9:26AM ET
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B,s they tax the h out of gas,nat gas and coal is the real reason. 23 of their energy is already renewable. The minority can effect but not much.
Scott Bailey
Scott Bailey Sep 29, 2021 9:26AM ET
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RIGHT!!!! How about move back to Trumps policies! Less than a year ago we were paying a 1.75 for gas. Leave it to the democrates to mess that up, again and again and again! Do i hear the sound of Jimmy Carter speaking!
Jose Maderno
Jose Maderno Sep 29, 2021 9:23AM ET
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Self-serving propaganda courtesy of Reuters.  Dependency on unreliable renewables caused this problem, so the solution is to double down instead of creating a true solution.  The Japanese know this to be true, but the Koch brothers and Al Gore don't make money that way.
 
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