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Electricity prices across Europe to stabilise if 2030 targets for renewable energy are met
National targets for solar and wind power will see reliance on natural gas plummet, reducing electricity price volatility across Europe, with major
The Cambridge researchers used the University’s high performance computing facilities to model a wide range of factors – from fluctuations in weather patterns and energy demands to fuel capacity – to map the current and future grids of all 27 EU nations plus the UK and Switzerland. While the study’s authors caution that trends in electricity prices depend on factors that are “impossible to predict”, they say their results are in line with recent outputs by institutions such as the International Energy Agency. In fact, Navia and Anadon say their modelling may even underestimate the potential for electricity price stability across Europe, as the projections were calculated using data from 1990-2021 – before the energy crisis created by Russia’s attack on Ukraine.
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