Ukraine MP on Germany financing Russian gas sales
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Since Russian forces invaded Ukraine last month, European countries have been looking for alternatives to Russian oil and gas. The EU is heavily reliant on Moscow’s fuel, with the country supply the EU with about 40 percent of its gas. It is this reliance that has left countries like Germany and Hungary hesitant to sanction Putin, for the fear that Russia may cut Europe’s supply of gas.
A new report from Wärtsilä, a Finnish energy technology company, suggests that building renewable energy supply in Europe will not only help boost the bloc’s energy independency, but also help them save money.
The report says that Europe can cut its power sector gas consumption in half, reduce energy costs by €323 billion (£273 billion) and increase energy independence by 2030 if it rapidly scales up its renewable capacity.
The company has urged EU leaders to implement a “monumental but achievable level of cross-country coordination and investment” to generate up to 80GW per year of renewable capacity.
In a statement, they said: “The ambitious approach modelled in the report would see renewable energy share in electricity generation increase from around 33% today to over 60% by 2030 and would have a direct impact on reducing electricity bills in the short and long term, potentially by up to 10%.”
Energy experts have previously noted that the UK could play a crucial role in helping Europe along on their energy transition, and even become a major energy exporter through its massive supply of wind power.
Speaking to Express.co.uk, Håkan Agnevall, President & CEO of Wärtsilä said: “The UK is already seen as a world leader in wind energy, and this report shows that there is potential to go even further, as the UK can reduce energy bills and increase energy independence in the next decade by replacing baseload gas with renewables and flexibility at scale.”
According to this report, the continent, including the UK could achieve a net-zero power system by as early as 2040, a decade ahead of the net zero targets set by the EU.
The report, Europe’s Energy Future, demonstrates how accelerating renewables could also help solve the immediate energy crisis.
The modelling of 33 European countries, including 27 EU member states, plus UK, Norway, Switzerland and the Balkans, shows that if renewables are scaled up to 50 percent of the capacity mix by 2025 then Europe could save EUR 98 billion (almost £83 billion) in energy costs.
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Mr Agnevall added: “The report makes it abundantly clear that renewables coupled with balancing technologies should power Europe’s future.
“Not only can they help us to halve our carbon emissions, but as the cheapest form of energy generation, they can reduce energy costs by over 300 bn EUR by 2030 to save consumers money.”
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