Solar Economy
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Theme: Solar Economy. A look at the pros and cons of the theme’s sub-areas. of the future energy system Paula Durston Janne Harju Transitioning to Solar Economy takes time Energy sector investment cycles are long, and existing capacity is not being replaced with new capacity until the end of a plant’s life-cycle. Moreover, in growing markets, like India and China, most of the new capacity in upcoming years will continue to be based on fossil fuels because so much new production is needed that it will be impossible to cover the demand exclusively with solar economy production forms. Technology is still somewhat in the development phase Some of the Solar Economy’s production forms – like technologies utilising ocean energy and, to some extent, also solar energy – are still being developed. Their development will take time and financial investments. As the share of renewable energy grows and energy production becomes more distributed, electricity storage solutions and transmission connections also must be developed. Building new production requires investments Renewable energy production very much depends on various support mechanisms that offset the cost differences between renewable energy technologies and conventional production technologies. However, the costs in many of the Solar Economy production forms are weighted towards the construction phase; the actual production costs less than it does with conventional technologies. absence of a uniform subsidy policy Targets for reducing CO2 emissions as well as increasing renewable energy and energy efficiency have been agreed on at the EU level, but the member countries individually decide on the means used to achieve the targets. Consequently, there is a great variety of different solutions which vitiate each other’s effectiveness. National subsidy systems easily lead to situation where investments go to wherever the highest subsidies are being paid rather than, say, wind power being made where the wind conditions are best. One target – reducing CO2 emissions – and uniform steering system would be the most efficient way to lead the development. Fortum forAgendA 9
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