Norway remains in top position in the decades to come
28.10.2020 | news
Statnett, the system operator of the Norwegian power system have released their long-term market analysis of the Nordic countries and Europe 2020-2050.
The analysis states that the power sector will be central in the transition to an energy system with continuously lower CO2 emissions, and that a target of zero emissions in 2050 is within reach.
Enhancing factors, such as EUs stricter demands, increase in CO2 prices, tech developments and not to mention the increase in green initiatives investments, will increase the pace towards zero emission energy mix in 2050.
Statnett concludes that an increased electrification will result in significantly higher consumption, and in the analysis's basic scenario for the Nordic region, consumption will increase by 40% by 2040.
Flexible production of hydrogen in periods of high production of intermittent renewable energy is central to Statnett's long-term market analysis. Statnett mentions a strong connection where more solar and wind power increases profitability of green hydrogen.
Even with a substantial increase in consumption - through electrification, expansion of power intensive industries and hydrogen production facilities, the Nordic region will still have a power surplus in 2040.
This means that Norway’s current situation with surplus of flexible, renewable electricity will remain.