Renewables Overview Transcript
The renewable energy sector across Europe has grown from occupying a small sliver of the power-generation-mix pie chart a decade ago, to occupying a substantial chunk today.
It’s importance on the energy supply market has been even greater than its share of the supply mix would suggest.
Governments right across the continent have moved to develop renewable energy sectors, driven by European Union legislation, for a number of reasons.
Firstly, it is widely accepted that a diversified power generation mix is a vital facet of energy security.
Secondly, renewable power generation is cheaper than more traditional forms of production, because the fuel -- that’s the wind, the sun or the movements of the tide is -- free.
Thirdly, over fears of what the mass-release of carbon in to the atmosphere as a result of burning fossil fuels may be doing to our climate.
Now the impact of the sector on the energy markets has been huge. Markets have had to largely feel their way along as the technology has evolved fast to the level of full-scale commercial deployment. And many renewable sources of renewable generation, are by their very nature intermittent. Therein lies the challenge for the market; how to ensure energy security 100% of the time at an affordable price, while simultaneously cutting carbon emissions.
The energy markets have evolved very much in line with the growth of renewables but the sector, and the wider market itself, still has much further to go.