Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Renewable energy’s share on German power grids reaches 55% in 2023

by Staff GBAF Publications Ltd
0 comment

Renewable energy’s share on German power grids reaches 55% in 2023

FRANKFURT (Reuters) -The share of renewables on Germany’s power grids rose by 6.6 percentage points to 55% of the total last year, the sector’s regulator said on Wednesday, as Europe’s largest economy moves closer to its 2030 target.

Germany wants green power to account for 80% of its energy mix by 2030. It has ditched nuclear power and aims to abandon most of its coal generation and use its remaining gas plants mostly for grid back-up.

Within renewables, offshore wind contributed a 31.1% share, solar 12.1% and biomass 8.4%, while the remaining 3.4% came from hydropower and other renewables, regulator Bundesnetzagentur said in a statement.

The 2023 rise was helped by capacity expansion as well as weather, it said.

“We have broken the 50% mark for renewables for the first time,” Economy Minister Robert Habeck said in a statement. “Our measures to simplify planning and approvals are starting to take effect.”

Power grids, which are consumer-funded and supervised by the regulator, must facilitate the ongoing transition from central fossil fuels-based generation to millions of decentralised low-carbon production units relying mainly on wind and sun.

The total load on public power networks in 2023 fell by 5.3% to 456.8 terawatt hours (TWh) last year, reflecting weaker demand and green power taking priority over generation using fossil fuels.

Germany is still suffering from a contraction in economic activity in the aftermath of Russia’s invasion of Ukraine, with the ensuing slump in Russian energy imports triggering sharp energy price rallies in 2022.

Last year, the benchmark day-ahead power price fell by 60% to 95.18 euros per megawatt hour (MWh), returning to 2021 levels.

(Reporting by Vera Eckert and Riham Alkousaa, editing by Louise Heavens and Json Neely)