Denmark’s plans to export renewables to North West Europe via energy islands in the North and Baltic Seas are beginning to look increasingly promising following growing political support to tackle energy security and volatile prices due to the Ukraine war.
UN Secretary-General António Guterres has proposed what he calls “five critical actions” to jump-start the energy transition, including phasing out subsidies for fossil fuels and tripling private and public investments in renewables to at least US$ 4 trillion dollars a year.
Plans for large-scale green hydrogen blending using existing natural gas infrastructure is at best a “highly inefficient solution for power generation and heating,” according to the Energy Innovation paper.
The declining cost of renewable energy technologies and battery storage coupled with rising volatility in prices for fossil gas has boosted the economics of renewables further. Analysis carried out by TransitionZero found it is now cheaper to switch from coal to green than from coal to gas in power generation.
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