A new paper from UK energy think tank Ember has found that linking the European and North American electricity grids via a transatlantic power cable could lead to an efficient energy transition to renewable electricity. It could happen due to the uncorrelated peaks in power demand and wind and solar generation, according to the paper.
The peak power demand on each side of the Atlantic spikes at different times.
The paper examines how transatlantic interconnection could help both North America and Europe to achieve a more secure and efficient transition to renewable electricity.
Future electricity grids
The future electricity grids of North America and Europe will be increasingly impacted by weather as they seek to decarbonize their energy systems.
The paper by Ember explores the weather complementarity between the two grids and concludes there is substantial value in interconnection, which can help provide security and efficiency between the energy systems of these two continents.
Ember maintains that the Europe to North America interconnector would not merely facilitate one-way electricity transmission; rather, it would link two of the largest and most interconnected continental grids.
Exchange of deep energy flows
This connection would allow for the exchange of deep energy flows and enhanced price signals, promoting more efficient market operations across both regions. While this infrastructure might stimulate additional renewable energy investment along its route, this is not a prerequisite but rather a secondary benefit, according to the paper.
It claimed that the primary value lies in integrating the energy markets, optimizing grid resilience, and allowing electricity prices to reflect real-time supply and demand conditions in both regions, smoothing out volatility and improving market efficiency.
The paper maintains that the interconnectors are built to increase system resilience. As cables connecting over longer distances are currently being envisioned, this paper explores the potential value and options of interconnection between Europe and North America.
Two of the world’s largest grids
The North American and European grids are two of the world’s largest, so the potential for interconnection is large. Germany alone is planning to have 374 GW of renewables online by 2030.
The paper mentions two major upfront trends that underpins the value and need for transatlantic interconnection.
First, in the future, power grids on both sides of the Atlantic will be predominantly decarbonized. Much of Northwest Europe, the Northeast US States, and Eastern Canada have charted scenarios and made commitments towards near-zero carbon electricity within 20 years – many as soon as 2035, according to the paper.
Second, electricity demand will grow significantly in the next 10-20 years because of the electrification of transport, heating, and industry, as well as increased electricity demand from data centres and air conditioning, according to Ember.
The think tank claims that the introduction of interconnector capacity between North America and Europe is likely to have a disruptive impact on existing energy markets. It would grant Québec access to a larger and more lucrative market in Europe, where electricity prices are typically higher than in New England and neighboring Canadian regions. This shift could challenge the current market dynamics, prompting a reassessment of future energy trading relationships and pricing structures.
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Publish date : 2024-12-13 06:12:00
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