As the @BMWK considers continuing the subsidization of #energy prices; back in the real world power prices in #Germany will be zero for a large part of the weekend, as they are every second weekend.
Meanwhile in the #netherlands today you can be paid EUR100/MWh to take power…
#spain will also have zero power prices as it did yesterday
Even #France which has had massive problems with its #nuclear fleet will have zero prices this weekend…
What we need to do is embrace #flexibility and change the way we think about electricity. We need to enable demand to follow the changing weather and thus supply…We need to enable #storage in the system
This requires massive changes in regulation including #smartmeter rollouts, changes in how energy pricing works, reduction in unnecessary bureaucracy, change in thinking by heavy industry.
#Flexibility is a state of mind: it implies the readiness to abandon old ways of thinking and embrace new ones; for instance, by creating new market mechanisms that enable technologies such as batteries, hydrogen, and vehicle to grid to be effectively used.
#Flexibility is about the ability, supported by technologies, of participants to dynamically interact among themselves to maximize resources, minimize costs, as well as increasing resilience, energy security and safety.
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One of the biggest challenges for #solar and #wind is integrating more renewable energy into the power system. How can we do this effectively? #renewableenergy#cleanenergy
To encourage the buildout of renewables, we need strong financial incentives. Finding the right mechanisms is crucial for a successful energy transition. #renewableenergy#financialincentives
Impressive! #Denmark consistently meets 85% of its weekly energy needs from #renewables. They are leading the way in sustainable energy production. #cleanpower
Research Report of the Week: The #Global#Electricity Review from Ember which is full of incredible information on what is going on in the world of electricity, #renewables etc
It is ironic that #BASF the the biggest #chemical company in the world and largest #energy user in #europe published its annual results yesterday, on the anniversary of the start of the invasion of #Ukraine by #Russia.
The impact for #BASF is massive. The company:
- Generated a net loss of EUR627 in 2022, down from EUR5.5bn in 2021
- Spent an extra EUR3.2bn in higher #energy costs last year, EUR2.7bn of which was in #europe
The good news for #BASF is that they have over the last years moved the business beyond #germany and #europe with the #Chinese business now more important and profitable than the #europe.
Why do I say that? Because #smartmeters and #smarttariffs give #energy customers the ability to control their own destiny by enabling them to switch off and on devices depending on how expensive #powerprices are.
Earlier today, #EU agreed on a badly needed reform of the EU Emissions Trading System (#EUETS) which is the system of cap-and-trade of #carbonemissions allowances for #energyintensive industries and the #powergeneration sector. The most critical points are:
1. Agreement to make it compulsory for #EU members to dedicate all their auctioning revenues to #climateaction#investments
Picture of the Week: Speed of change around #energytransition is accelerating. Last year the @IEA projected that #renewableenergy installations would be 1800GW over the next five years. Now they are saying that it will be 2,400GW which is the installed capacity of #China.
Why is the #energytransition accelerating: 2. Opportunity - #EVs, #batteries, #heatpumps and #Solar are multi-billion dollar markets growing at circa 40% per annum and are attracting the best entrepreneurs and businesses across the world