Friday 12 November 2010

A single energy market would be good for consumers, the environment and security

A single energy market would be good for consumers, the environment and
security OIL and gas are being drained from under the North Sea. But its time as
Europe's energy reservoir is not over. Along its shores and on its waters,
thousands of turbines are being built to harness the winds. Next month
ministers from ten countries will sign a pact to start work on an underwater
electrical grid to link up these disparate projects. When one place is
becalmed, a gale may be howling in another; when the turbines are churning
out surplus electricity, hydroelectric stations in Norway can switch into
reverse to become giant batteries.

This offshore grid is the germ of a big dream: a Europe-wide system of
electricity highways. If it makes sense in the North Sea, it makes even more
for wind and solar power from Spain and, one day, solar energy from the
Sahara desert. And as well as Norwegian reservoirs, why not store power in
existing Alpine valleys? This would reduce the need for more power stations
to balance the spikes and troughs of renewables. Moreover if producers could
trade energy over the grid in a single market, the benefits could be bigger
still. European officials reckon energy savings of some 20-25% would be
possible.

http://www.economist.com/node/17463389?story_id=17463389

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