Guest commentary
Boom for renewable energy A positive effect of the German nuclear decision is an increase in commercialisation and investment in renewable energy. Good progress has been made in the transition from fossil-based energy in the Nordic region. The challenge is to continue this transition without harming heavy industry and to manage the risks of bringing forward investments in new technology. But the short time perspective will have an impact, for example on financing and on costs.
A recently published PwC study on sea-based wind power, Offshore Proof1
, described problems in
obtaining components and material for the construction of wind turbines. Solutions are needed to these bottlenecks in the supply chain to facilitate growth in renewable energy. There is also a need for massive investment in infrastructure. Whilst financing of such investments is as yet unclear, major new employment opportunities will be created.
The European Commission aims to be at the cutting edge of development of clean energy technology. Success with this goal and in meeting the forecasted need for the expansion of renewable energy sources depends on rapid political decisions regarding investment, subsidies, land use, taxes, etc., all of which must be neutral with regards to competition.
Energy efficiency within the heavy and power industries and also in real estate has not progressed as quickly as was hoped. There is major potential for technological development and commercialisation in the energy efficiency business. Statistics from the European Commission show that only 10% of the overall goal of 20% by year 2020 has been achieved to date.
Three megatrends will affect future development Three megatrends will impact progress in the energy market within the EU and in the Nordic region: political forces; alternative costs; and developments in technology and infrastructure. All of these areas are characterised by major uncertainty. Will other countries follow Germany? How will the nuclear power debate be affected? High on the EU’s agenda is a common energy market; the questions are what form it will take and on what timescale.
This CDP report highlights the creative and innovative approaches taken by Nordic companies to solve the challenges ahead. There are great opportunities for companies that are proactive in finding solutions to the technology and infrastructure issues associated with a European energy system in transition.
‘There is major potential for technological development and commercialisation in the energy efficiency business.’
1. A copy of the study Offshore Proof can be ordered from
www.pwc.com/se/energi
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