DOCSLIB.ORG

How to Overcome Financial Barriers to the Participation of Europe in a Global Electrical Grid? a Feasibility Study on a ‘Global Grid’

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
How to Overcome Financial Barriers to the Participation of Europe in a Global Electrical Grid? a Feasibility Study on a ‘Global Grid’ Louvain School of Management How to overcome financial barriers to the participation of Europe in a global electrical grid? A feasibility study on a ‘Global Grid’ Auteur : Maximilien de Le Hoye Promoteur(s) : Sabine Denis Année académique 2019-2020 i First and foremost, I would like to thank Prof. Sabine Denis for her continuous support throughout my thesis. I was fortunate to receive spot-on advices and remarks from before idea sprouting to final submission. I am equally grateful for the flexibility and understanding she has shown during this time. I would also like to take the opportunity to thank Mr Damien Ernst from whom I have got the topic idea and who has shared a lot of documentation with me. Further, I would like to thank Mr Brice Libert, Mr Samson Hadush, Mr Bert Maes, Mr Kristof Sleurs, Mr Jan Kostevc, Mr Jan Hoogstraaten, Mr Gérald Sanchis, Mr Maximilian Rinck, Mr Oliver Koch and Ms Isabelle Gerkens for their time and the knowledge they shared with me. It was at times difficult to communicate due to faltering internet connections and I am thankful they took time to answer my remaining questions further by email or to send me additional resources or contact details. Finally, I would like to thank my friends and family from the bottom of my heart. This thesis has been a real journey at many levels, and I could not have done it without them. Special remarks of gratitude go to my parents, my sister, my grandmother and my friend Marie-Charlotte. It always seems impossible until it’s done Nelson Mandela ii Table des matières List of abbreviations ................................................................................................................................. i Introduction ............................................................................................................................................. 3 Literature review ..................................................................................................................................... 4 The concept of a global electrical grid ................................................................................................ 4 The importance of energy for society .................................................................................................. 5 The energy problem ............................................................................................................................. 9 Renewable energies: benefits and setbacks ....................................................................................... 15 Advantages and challenges of a global electrical grid ...................................................................... 18 Advantages .................................................................................................................................... 18 Challenges to the realization of the global grid: ............................................................................ 21 Financing a global electrical grid ...................................................................................................... 22 Background information on electricity transmission ..................................................................... 23 Main investment schemes.............................................................................................................. 24 Institutional context ....................................................................................................................... 26 Finance basics ................................................................................................................................ 29 Electricity and capacity markets .................................................................................................... 31 Financial barriers to transmission investments .................................................................................. 32 General barriers ............................................................................................................................. 32 Barriers inherent to regulated investments .................................................................................... 37 Barriers inherent to merchant investments .................................................................................... 40 Potential solutions ............................................................................................................................. 43 Alternative/Hybrid schemes .......................................................................................................... 49 Concluding remarks from the literature analysis ........................................................................... 49 Practical part .......................................................................................................................................... 51 Methodology ..................................................................................................................................... 51 Interviews .......................................................................................................................................... 51 Results ............................................................................................................................................... 52 Main barriers to the participation of Europe to a global electrical grid ......................................... 52 Financial barriers to the participation of Europe to a global electrical grid .................................. 58 Solutions ........................................................................................................................................ 67 Conclusion ............................................................................................................................................. 72 References ............................................................................................................................................. 77 Appendices ............................................................................................................................................ 80 iii Table of illustrations Figure 1: Example of a global electrical grid ............................................................................................ 5 Figure 2: GDP and power consumption .................................................................................................. 8 Figure 3: Energy inequality ...................................................................................................................... 9 Figure 4: Human Development Index and energy consumption .......................................................... 11 Figure 5: GDP/capita and electricity usage ........................................................................................... 12 Figure 6: Greenhouse gas emissions per energy type ........................................................................... 15 Figure 7: Energy Return on Investment per energy source .................................................................. 16 Figure 8: Private and social revenues of interconnection capacities .................................................... 26 Figure 9: Electricity exchange timeline.................................................................................................. 32 1 List of abbreviations ACER: Agency for the Cooperation of Energy Regulators ADP: Adenosine Diphosphate ATP: Adenosine Triphosphate CAPEX: Capital Expenditure CEER: Council of European Energy Regulators CIGRE: Conseil International des Grands Réseaux Electriques CPI: Consumer Price Index CREG: Commission de Régulation de l’Electricité et du Gaz CRR: Congestion Revenue Rights DG ENERGY: Directory General Energy of the European Commission EC: European Commission EGI: Elia Grid International ENTSOE: European Network for Transmission System Operators for Electricity EROI: Energy Return On Investment EU: European Union FTR: Financial Transmission Rights GDP: Gross Domestic Profit GEI: Global Energy Interconnection GEIDCO: Global Energy Interconnection Development and Cooperation Organization GENI: Global Energy Network Institute HDI: Human Development Index HVDC: High-voltage direct current IEM: Internal Energy Market ISO: Independent System Operator MENA: Middle East-North Africa MS(s): Member State(s) MTI: Merchant Transmission Investment NIMBY: not-in-my-backyard opposition NRA: National Regulatory Authority 2 PCI(s): Project(s) of Common Interest RAB: Regulatory Asset Base RES(s): Renewable Energy Sources SDG(s): Sustainable Development Goal(s) TCC: Transmission Congestion Contracts TEN-E: Trans-European Networks for Energy TO: Transmission Owner TSO: Transmission System Operator TYNDP: Ten-Year Network Development Plan UN: United Nations USA: United States of America USD: United States Dollar WHO: World Health Organization WACC: Weighted Average Cost of Capital 3 Introduction Our world is facing unprecedented challenges. Among them are the climate crisis and the need to decarbonize energy. These problems require systemic changes that will shape societies and the way they function. I believe one must be brave and propose bold solutions to tackle these issues. This is exactly what I enjoyed from Damien Ernst’s talk at a conference I had organized with my student association Academics for Development in Louvain-la-Neuve. To solve problems from current energy systems and remove barriers to the development
Load more

Recommended publications
  • October 2017 1
    1 OCTOBER 2017 1 2 The EuroAsia Interconnector A Bridge of Friendship and Prosperity Unitizing Networks The EuroAsia Interconnector offers the creation of a reliable energy transfer alternative for Europe, extending the energy market beyond its borders. It is a major energy infrastructure project aiming to establish itself as one of the most ambitious interconnector schemes. Furthermore, being the first energy bridge between Europe and Asia it unifies electricity networks in the two continents. The electrical systems of Israel, Cyprus and Greece (via Crete) will be connected through sub-marine High Voltage Direct Current (HVDC) cables of capacity in the order of 2000 MW. Voltage Source Converter (VSC) stations will be located in each terminal in order to aid in assimilating the power into the respective countries in the form of alternating current. The complexity resulting from the great depth and long distances as well as the nature of the link will put into practice the latest technological advancements when it comes to cable and electrical infrastructure developments. 2 3 Project History and Key Drivers The Perception of the Idea While the Mediterranean region displays a great diversity of cultures and populations it nevertheless is a place of convergence. Furthermore, the energy sector in this geographical area has a high degree of interdependence both for electricity and gas. It is thus incomprehensible for Cyprus to remain electrically isolated from the rest of the European Energy Network as an energy island, similar to Israel and Crete. Adding, the EU’s Renewable energy directive sets a binding target of 20% final energy consumption from renewable energy sources by 2020 and for that reason each member country has to adopt action plans for the implementation of changes to meet these targets.
    [Show full text]
  • Euroasia Interconnector - Final Detailed Studies ENERGY Prior to Project Implementation
    Connecting Europe Facility EuroAsia Interconnector - Final Detailed Studies ENERGY Prior to Project Implementation 3.10.1-0004-CYEL-S-M-16 Member States involved: Part of Cluster of the Projects of Common Interest 3.10 Cyprus, Greece Non-EU country: Israel Implementation schedule Start date: June 2017 End date: December 2020 Budget: Estimated total cost of the action: €29,000,000 Maximum EU contribution: €14,500,000 Percentage of EU support: 50% Beneficiary: EuroAsia Interconnector Limited http://www.euroasia- interconnector.com Additional information: European Commission http://ec.europa.eu/energy/infrastructu re/index_en.htm The Action contributes to the implementation of the cluster of projects of common interest 3.10. The EuroAsia Interconnector consists of a 500 kV DC Innovation and Networks Executive underwater electric cable and associated equipment for interconnecting the Agency (INEA) Cypriot, Israeli and Greek transmission networks. The first phase of the http://inea.ec.europa.eu interconnector will have a capacity of 1,000 MW and a total length of around 1,518 km. Agency for the Cooperation of Energy Regulators (ACER) Building upon the preparatory studies financed under CEF Action 3.10.1- http://www.acer.europa.eu 0028-CY-S-M-14, the objective of this Action is to finalise the design of the interconnector and to procure the associated works contracts. The scope European Network of Transmission entails the Detailed Geophysical and Geotechnical Route Study; the System Operators for Electricity Submarine Power Cable Installation Study; the Territorial Civil Works Study; (ENTSO-E) the Front End Engineering Design Study; and procurement consultancy http://www.entsoe.eu services.
    [Show full text]
  • Euroasia Interconnector Congratulates Partner Countries Signing East Med Gas Forum Charter
    ANNOUNCEMENT EuroAsia Interconnector congratulates partner countries signing East Med Gas Forum charter Photos: At left, Energy Minister of Greece, Kostis Hatzidakis signing the charter in Athens. At right, Cyprus Energy Minister Natasa Pilides signing the charter in Nicosia. Nicosia, September 23, 2020 – EuroAsia Interconnector, project developer of the European Union Project of Common Interest (PCI3.10), interconnecting the electricity grids of Israel and Europe, through Cyprus and Greece (Crete), congratulates the seven energy ministers who signed the charter turning the East Med Gas Forum into an international body. This historic event, with the ministers of Egypt, Greece, Israel, Cyprus, Italy, Jordan and the Palestinian Authority signing the charter during a virtual ceremony, paves the way to cooperating on infrastructure and facilitating development of regional energy markets. In Nicosia, the charter was signed by Cyprus Energy Minister Natasa Pilidou, in the presence of the ambassadors of Jordan, Italy, Egypt, Israel and the United States. “We congratulate the leaders of the partner countries who had the vision to establish this platform that will develop a sustainable regional gas market,” said EuroAsia Interconnector Strategic Council Chairman and former Cyprus Foreign Minister Dr. Ioannis Kasoulides. Page 1 of 3 The East Med Gas Forum was originally founded in 2018 following the discoveries of large natural gas deposits near Egypt and Israel. It was officially established as an international body on January 16, 2020 and it was agreed that the headquarters be located in Cairo, Egypt. The Forum’s aim is to serve as a platform that brings together gas producers, consumers and transit countries to create a shared vision and establish a structured systematic policy dialogue on natural gas through cooperation in the technical and economic fields.
    [Show full text]
  • The West's Strategic Opportunity in the Eastern Mediterranean
    DECEMBER 2014 Energy: The West’s Strategic Opportunity in the Eastern Mediterranean BY SETH CROPSEY & ERIC BROWN Energy: The West’s Strategic Opportunity in the Eastern Mediterranean 1 DECEMBER 2014 Energy: The West’s Strategic Opportunity in the Eastern Mediterranean BY SETH CROPSEY & ERIC BROWN © 2014 Hudson Institute, Inc. All rights reserved. For more information about obtaining additional copies of this or other Hudson Institute publications, please visit Hudson’s website, www.hudson.org. ABOUT HUDSON INSTITUTE Hudson Institute is an independent research organization promoting new ideas for the advancement of global security, prosperity, and freedom. Founded in 1961 by strategist Herman Kahn, Hudson Institute challenges conventional thinking and helps manage strategic transitions to the future through interdisciplinary studies in defense, international relations, economics, health care, technology, culture, and law. Hudson seeks to guide public policy makers and global leaders in government and business through a vigorous program of publications, conferences, policy briefings, and recommendations. Visit www.hudson.org for more information. Hudson Institute 1015 15th Street, N.W. Sixth Floor Washington, D.C. 20005 P: 202.974.2400 [email protected] www.hudson.org TABLE OF CONTENTS Executive Summary 6 Introduction 8 Who Will Shape the Region’s Future? 11 U.S. Involvement in the East Mediterranean: What History Tells Us 18 Turkey at a Crossroads: Implications for Peace and Stability 21 The Growing Problem of Russia and Iran 28 American
    [Show full text]
  • Cyprus, Israel, Greece Energy Ministers Sign Historic Cooperation Mou for Euroasia Interconnector
    Cyprus, Israel, Greece Energy Ministers sign historic cooperation MoU for EuroAsia Interconnector Cyprus Energy Minister Ms Natasa Pilides (right), Israel’s Energy Minister Dr Yuval Steinitz and Greece’s Energy and Environment Minister Mr Kostas Skrekas (left, by videoconference) at the MoU signing ceremony at the Presidential Palace in Nicosia. Nicosia, March 8, 2021 – The three Ministers of Energy of Cyprus, Israel and Greece – Ms Natasa Pilides, Dr Yuval Steinitz and Mr Kostas Skrekas – signed the historic Memorandum of Understanding (MoU) on cooperation in relation to the EuroAsia Interconnector Project of Common Interest (PCI3.10). The signing ceremony, held at the Presidential Palace in Nicosia, was attended by the Ministers and technical advisors of Cyprus and Israel, and was joined by the Minister of Energy and Environment of Greece by videoconference. Also present were senior officials of the Government of Cyprus, the Chairman of the Cyprus Energy Regulator Authority Dr Andreas Poullikkas, the Director of the Cyprus Transmission System Operator Mr Stavros Stavrinos, the Director-General of the Ministry of Energy Mr Marios Panayides, the Chairman of the EuroAsia Interconnector Strategic Council and former Cyprus Foreign Minister Dr Ioannis Kasoulides, ambassadors and other officials. Page 1 of 4 In a joint statement, the three ministers said: “The three Ministries, in recognising the high level of trilateral cooperation in the field of energy between Cyprus, Israel and Greece, view the EuroAsia Interconnector, an EU Project of Common Interest, as a major step forward for providing the necessary synergies that will facilitate the integration of additional renewable energy sources in their respective electricity and primary energy supply mixes, thereby enhancing the ability of the three countries to meet their commitments under the Paris Agreement on Climate Change.
    [Show full text]
  • ` the Emerging Gas Region of the Eastern Mediterranean By
    ` The Emerging Gas Region of the Eastern Mediterranean By Emmanuel Karagiannis, Ph.D. The Eastern Mediterranean is changing fast. Significant gas discoveries near Cyprus and Israel are affecting the political, economic and security dynamics in the region. Indeed, energy development and transportation are an influential factor in determining the nature of interstate relations in the Eastern Mediterranean. New regional patterns of amity and enmity can now be observed. Israel's new relationship with Greece and Cyprus is largely based on shared energy interests. But gas discoveries have also worsened relations between Israel and Lebanon, and Turkey and Cyprus. The imminent economic boon to the region is more likely to exacerbate decades-old territorial disputes rather than create a foundation for solving long- standing problems in the region. The Eastern Mediterranean is once again in turmoil.1 Turkey is becoming increasingly assertive in pressing its claims and strengthening relations with the Muslim world. While it is preoccupied with Iran, Israel finds itself isolated after the outbreak of the Arab Spring revolutions. Greece and Cyprus faced a severe financial crisis from which they have only partly recovered. The Syrian civil war has turned into a regional crisis, drawing other neighboring countries into it. Post-Mubarak Egypt has sought a regional role as a leading Arab country, but the current confrontation between the military and the Muslim Brotherhood is threatening the country’s stability. Against this geopolitical background, a new factor has been added to the equation. Due to the recent natural gas finds, the Eastern Mediterranean will soon become the new energy frontier.
    [Show full text]
  • Greece and the Energy Geopolitics of the Eastern Mediterranean THEODOROS TSAKIRIS
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by LSE Research Online GREECE AND THE ENERGY GEOPOLITICS OF THE EASTERN MEDITERRANEAN THEODOROS TSAKIRIS STRATEGIC UPDATE 14.1 JUNE 2014 THE AUTHOR Dr Theodoros Tsakiris is an Associate of LSE IDEAS and Assistant Professor for the Geopolitics of Hydrocarbons at the University of Nicosia. He heads ELIAMEP’s Energy & Geopolitics Programme and has worked extensively on issues of energy policy, regional security and oil & gas marketing in several governmental bodies and major corporations including the Ministries of Energy, Defence and Foreign Affairs of Greece as well as the Trans Adriatic Pipeline and the Hellenic Natural Gas Transmission System Operator (DESFA). He is the author of nine monographs and over 35 book chapters on issues of energy security, defence policy and the geopolitics of the Caspian Sea and the Eastern Mediterranean. He has been interviewed by and written op-eds for Le Monde, Deutsche Welle, El Mundo and Gazprom’s bi-monthly publication Blue Fuel. CONTENTS Introduction 2 1. Greek Interests & Challenges: Filling the Turkish-Israeli Vacuum? 1.1 The Beginning of the Greek-Israeli Rapprochement 4 (2010-2011) 1.2 The Development of Greek-Israeli Relations 6 Under Antonis Samaras 2. Export Alternatives for Greece: Pipelines and LNG Terminals 2.1 Greece as a Consumer for Eastern Mediterranean Gas 10 via LNG Imports 2.2 Gas Transit to Southeast Europe and Beyond: Pipeline Alternatives 11 2.2.1 The Southeast European Gas Interconnectors 12 2.2.2 The Israel-Cyprus-Greece Gas Pipeline 14 3.
    [Show full text]
  • Relations Between Israel and the South Cyprus Greek Administration: a New Alignment in the Eastern Mediterranean? A
    Relations Between Israel and the South Cyprus Greek Administration: A New Alignment in the Eastern Mediterranean? A. Murat AĞDEMİR* Abstract Key Words Important changes have shaped the Eastern Israel, South Cyprus Greek Administration, Mediterranean since the discovery of energy Greece, Gas, Foreign Policy. resources and the disintegration of Turkish- Israeli relations. The widening divergence in interests between Turkey and Israel provided Introduction the geopolitical impetus for the development of a rapprochement between Israel and the South The Eastern Mediterranean region Cyprus Greek Administration (SCGA). Shortly has a special place in the politics after the 2010 Gaza-bound Freedom Flotilla, Israel began forming ties with the SCGA. of the Middle East and the whole In particular, the relations between Israel Mediterranean area. Today, conflicting and the SCGA have blossomed over mutual issues in the region are central to concerns about the energy resources in the strategic debates, and security concerns Eastern Mediterranean, while at the same time have had a prominent place on the political, military and economic cooperation policy agendas of the related countries among Israel, Greece and the SCGA have significantly increased. Moreover, regional for some time. The Arab Spring and instability prompted by the Arab Spring left the discovery of gas in the region have the Jewish state with little choice but to form shaped the geopolitical dynamics, alternative friends among the states close to its the effect of which is especially clear geographical vicinity. In many ways, Israel’s in the region, and the changes in the developing relations with the SCGA seem to geopolitical environment of the Eastern constitute a precursor of broader political and military cooperation, and an alignment of Mediterranean have pronounced interests.
    [Show full text]
  • The Euroasia Interconnector and Israel's Pursuit of Energy
    Supercharged: The EuroAsia Interconnector and Israel’s Pursuit of Energy Interdependence Gabriel Mitchell February 2021 A. Introduction Contemporary analysis of Eastern Mediterranean geopolitics tends to focus on the discovery of offshore hydrocarbons, and how a desire to maximize commercial profits has spurred a realignment of regional interests. There is similar emphasis on how this realignment pushed some Eastern Mediterranean states into conflict with one another over maritime boundaries and drilling rights. But while natural gas pipelines may dominate political and analytical discourse, there are other infrastructure projects that deserve attention and shed further light on the region’s evolution and Israel’s role in this transitionary period. One example to support this claim is the EuroAsia Interconnector, an ambitious infrastructure project that intends to connect the European electrical grid via undersea cable from Greece to Cyprus, and Israel. Few in Israel are familiar with the interconnector. Unlike the much-publicized EastMed pipeline, the interconnector garners little attention. Ironically, there is a greater chance that the interconnector – whose cable would run along a similar route as the EastMed pipeline – will successfully link Israel and Europe in the Eastern Mediterranean, and not the more recognizable natural gas project. This paper attempts to outline the principal reasons why Israel is interested in the EuroAsia Interconnector (EAI) and why an undersea electricity cable may be a more feasible project than the EastMed pipeline (EMP). In the process, it hopes to contribute to current research on Israel’s engagement in the Eastern Mediterranean, as well as its transition from energy dependency to a new era of energy independence and interdependence.
    [Show full text]
  • Euroasia Interconnector Remains Committed to Timely Implementation of Attica-Crete-Cyprus-Israel Interconnection
    PRESS RELEASE EuroAsia Interconnector remains committed to timely implementation of Attica-Crete-Cyprus-Israel interconnection Nicosia, 18 March 2019 – The Project Promoter of the Israel-Cyprus-Crete-Attica electricity interconnection under European Regulation 347/2013 is working tirelessly to implement the European PCI 3.10 EuroAsia Interconnector project within the approved timeframes, including the section of the Crete-Attica interconnection PCI 3.10.3, within 2022. The timely implementation of the entire project, the priority being the Crete-Attica interconnector with the 1000 MW subsea cable, enjoys the trust and support of the European Commission and the relevant institutions of the European Union. As the project enters the final stage of its implementation, reports in the Greek media as well as allegations and statements by various public officials have cast a doubt over the timely implementation of the project, the stage of maturity of the interconnection, as well as the financial and technical capabilities of the Project Promoter, which the Project Promoter EuroAsia Interconnector wishes to clarify: 1. “National project” In response to allegations that the Crete-Attica interconnection should be a national project that rightfully belongs only to ADMIE, the Project Promoter notes that since 2013 the Greek and Cypriot Governments, the Regulatory Authorities and the Transmission Operators of Greece and Cyprus have agreed that the project is implemented by EuroAsia Interconnector within the framework of European Regulation 347/2013 as a cross-border project in its entirety, which was also confirmed by the political decisions at the level of Heads of State and the inclusion of the project in the PCI lists of 2013, 2015 and 2017.
    [Show full text]
  • Greece and Cyprus Development Plan for Electricity Interconnection Projects
    Greece and Cyprus development plan for electricity interconnection projects Cyprus is the only EU member state without electricity grid interconnections. Greek and Cypriot Minister of Energy, Kostis Hatzidakis and Natasa Pilides discussed the development of the wider region’s two major electricity grid interconnections, the EuroAsia interconnector, intended to link Greece, from Crete, with Cyprus and Israel, and EuroAfrica interconnector, a complementary project to link Cyprus with the African continent via Egypt. Progress of EuroAsia interconnector project, whose launch is scheduled for late 2023, was held back by a Greek-Cypriot dispute over the withdrawal of the Crete-Athens segment from EuroAsia interconnector, by Greek electricity transmission system operator ADMIE. The Crete-Athens segment is now being developed as a national project by ADMIE and its subsidiary Ariadne Interconnection. EuroAsia interconnector and EuroAfrica interconnector are aimed to develop Cyprus into an electricity hub. A 310 kilometers long cable from Israel and a 498 kilometers long line from Egypt will converge at coastal Kofinou, in Cyprus’ south. From this hub, an 898 kilometers long cable is planned to link Cyprus with Crete before reaching Athens. At the meeting, the Greek and Cypriot Energy Ministers primarily focused on EuroAsia Interconnector, the Crete-Cyprus-Israel project, which is at a more mature stage. Budgeted at 2.5 billion euros, this project, regarded as an EU Project of Common Interest, will promote regional energy security and further RES penetration in all three participating countries. The EU will need to contribute at least half the project’s value. serbia-energy.eu Greece and Cyprus development plan for electricity interconnection projects.
    [Show full text]
  • Natural Gas Prospects in Egypt, the East Mediterranean and North Africa* IGU Executive Committee Workshop Cairo, 19 April 2018
    Natural Gas Prospects in Egypt, the East Mediterranean and North Africa* IGU Executive Committee Workshop Cairo, 19 April 2018 1. The evolving nature of natural gas in Euro-Mediterranean relations 1.1 Features and prospects of the energy landscape in the Mediterranean - Mediterranean countries account for 7% of the world’s primary energy demand. The latter is expected to grow substantially over the next 25 years spurred by sustained population (+105 million compared to 2013) and economic growth (+2.3% per year on average) in the region1. - According to OME, final energy consumption would double by 2040 in the South Mediterranean countries and electricity consumption would triple, notably on account of the increase of air conditioning and new electrical appliances. Carbon dioxide emissions would increase by 45% for the whole region and more than double in the South Mediterranean. - The Energy transition Scenario, developed by MEDENER and OME, assumes the implementation of those measures that are currently the most technically, economically, and politically mature for large- scale rollout of the energy efficiency and renewable energies. Compared to the business-as-usual scenario, the transition scenario would lead to a sizeable reduction in primary energy demand (-30%) and final energy consumption (-23%), a substantial increase of the share of renewables in the energy mix, mainly solar and wind (27% in 2040), and a decrease in CHG emissions of 38%. - Expected trajectories for energy demand are very contrasted in the Mediterranean: o Northern Mediterranean countries have embarked upon a transition path with substantial levels of renewables and effective demand-side management. The energy demand has indeed decreased by 4% since 2010, to be put in relation with low population growth (+0.5) and decreasing GDP (-2%).
    [Show full text]