Germany could be forced to import energy from Britain within a few years, new research shows, as the UK switches to green energy.
Energy generated by offshore wind farms could soon be exported to mainland Europe, as energy prices are expected to rise, especially in Germany, according to S&P Global Platts.
The UK energy market is set to become “structurally longer, as the whole of Western Europe moves in a different direction,” said Sabrina Kernbichler, her European energy analyst.
The UK imports around 7% of its energy from the continent, but that trend is set to reverse as countries like Germany shut down coal and nuclear power plants.
Germany plans to shut down all of its nuclear power plants by next year. They made up nearly 30% of his generation in 2000, but that number had fallen to 11.4% last year.
The UK plans to reduce its greenhouse gas emissions to ‘net zero’ by 2050, and importing low-carbon electricity from countries such as France, Norway and Denmark is among them. of this plan.
Faced with a doubling of electricity demand by 2050, Britain aims to generate 40 gigawatts from offshore wind farms by 2030.
The change will also be facilitated by a series of new interconnect cables connecting the UK to mainland Europe. The cables will increase capacity from the UK to Europe to 18 gigawatts of power by 2030, from 8 gigawatts.
However, Britain is unlikely to remain an energy exporter for long, analysts have warned, as the increased electrification of energy use will push up energy prices in the UK.
Separately, Swedish wind developer OX2 AB plans to raise 3.3 billion crowns (£ 282 million) in a fund to finance the expansion of its marine wind farm and solar panel business.
The company plans to float on the Nasdaq First North Premier Growth Market in the coming months, according to Bloomberg.