RIYADH: As Europe continues to fight soaring energy costs and pursue transition to cleaner fuel sources, countries such as China are either curbing electricity shortages or investing in green energy.
Looking at the bigger picture:
- European power costs for February are forecast to decline as favorable weather conditions are set to boost renewable energy output via wind power generation, Bloomberg reported. This fall in power prices is expected to ease the pain of rallying energy prices on households and small businesses across the continent.
- France recorded a fourfold increase in new rooftop solar installations last year as demand for solar panels and extra insulation in Europe surged. The drive has been sparked by people attempting to curb soaring energy bills, Bloomberg reported, citing Rystad, an energy research and business intelligence firm.
- Additionally, governments of EU members such as Italy and Spain dedicated $13.7 billion and $3.9 billion respectively to enhance energy efficiency in households up until 2026, Bloomberg reported, citing figures from the Bruegel think tank.
- China’s record coal spree, which pushed annual production in 2021 to over four billion tons, is capable of averting energy supply crisis and electricity shortages, according to Bloomberg. This comes as the country has secured enough fuel supply to cater to local needs.
Through a micro lens:
- Chinese state-owned power firm China Three Gorges Corporation is set to spend $6.5 billion on three off-shore wind farms in the Guangdong province amid a scheme to diversify its portfolio, the Financial Times reported. While the hydropower giant has a current capacity to generate up to 26 gigawatts of electricity from solar panels and wind turbines, it aims to push this figure to 70 or 80 gigawatts by 2025, according to Bloomberg.
- Belgium based metal supplier Eurometaux has turned to EU policymakers for help as it seeks the support of member states in boosting local productions of aluminium, zinc, and silicon amid energy transition efforts, Reuters reported. This comes in line with the Union’s 2050 net zero plans which include electric vehicles requiring aluminum as well as renewable energy that call for zinc and silicon.
