Strong climate action agenda and related development of renewable energies to boost investment in integration of smart grid infrastructure in Europe in 2020
Europe’s energy sector is shifting from a fossil fuel-dominated and supply-centric model to a clean, digitalised and electrified consumer centric system with many distributed resources. These significant changes are driven by a strong climate action agenda and related development of renewable energies. Also, the European Union (EU) has taken a leading role in the energy transition wherein the European Commission has proposed a long-term strategy to achieve climate neutrality by 2050. Hence, to support the green power development in European countries, the development of supporting infrastructure like power transmission grid is quintessential to greater stability and reliability of the power market.
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Key Highlights
As Europe countries are pushing for integration of renewable capacity into the grid specially offshore wind in key countries like United Kingdom, Germany, Netherlands, the deals in upgradation and modernization of transmission grid is expected in Q1 2020.
Higher renewables’ penetration goals in European countries likely to bring in fresh investment in establishing power transmission corridors. Furthermore, the deals for cross-country interconnectors is likely to be freezed.
Report Insights
The European Commission (EC) has awarded EUR 2.2 million to GE Grid Solutions (a GE Renewable Energy business), through the climate action programme.
The Macedonian Transmission System Operator (AD MEPSO) has signed two contracts for a total of EUR35 million worth of projects with Bosnia’s engineering company Energoinvest.
TenneT develops first 2GW offshore grid connection with suppliers in Netherland which requires a new platform design and HVDC transmission system that allows increased power transfer.
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