Sweden Is On Track To Meet 2030 Renewable Energy Goals At The End Of This Year
Swedish utility and power companies have installed so many wind turbines that Sweden will reach its 2030 renewable energy target this year. By December, 3,681 wind turbines will be installed, according to estimates from Swedish Wind Energy Association.
These turbines will provide enough power to meet a target to add 18 terawatt-hours of new, renewable energy by 2030. Sweden shares its renewable certificates market with Norway, who will also be building some new plants. This renewable energy has existing power companies concerned, as they are currently relying on subsidies to ensure their projects are viable.
It is estimated that energy prices will by 70% lower in 2021 than they will be in 2020 due to new installations. Swedish Wind Energy Association spokesman Mattias Wondollek said; “For Sweden to remain interesting for investors ahead of markets with higher revenues but greater political risks, it is important for policy makers to show that they care about past investments. This is done best by introducing a volume-based stop rule.”
This would mean that once the 2030 target has been reached, any new investors would not be able to receive subsidies. The group estimates that turbines producing 7,056 MW will be installed by December 2018, with a majority of this being on land. Turbines producing 2,609 MW will be added in 2018-19 on-shore, compared to 970 MW for 2017-18.
