BAKU, Azerbaijan, May 26. Current European power prices are at their highest, while energy generation from renewable sources is down, Fabian Ronningen, an analyst at Rystad Energy, independent energy research and business intelligence company from Norway, said, Trend reports via the company.
“Last week, the EU released its long-anticipated updated REPowerEU plan, laying out ambitious targets for all parts of the energy system. The strategy aims to bring online 320 GW of solar by 2025 and almost 600 GW by 2030, across the member nations.
However, as the analyst said, the plan hardly mentioned wind power production, and energy storage, while the overall plan lacked many details on how to achieve the target.
“The European Commission needs to define a clear strategy for grid and storage development to ensure a stable supply of energy,” Ronningen said.
Meanwhile, according to the analyst, European electricity prices increased week-on-week to 137 euros per MWh in the UK, to 190 euros - in Germany, and 203 euros - in France.
“The UK is still at a relatively low level compared to the other markets, and the lowest priced of all the big markets, including the Nordic region. For the first time in years, the UK is on track to achieve the lowest average monthly price among the largest five power producers in Europe for May - Germany, France, UK, Italy, and Spain,” Ronningen noted.
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